I admit my ignorance of currency laws in effect in 1929 but I'd consider this document to be the equivalent of counterfeit currency. The Federal Government started clamping down on state and bank issued currency before the Civil War. I think it's implausible they'd facilitate the practice by holding warranty funds, and redeeming these notes for a private enterprise. If I saw a recent issue like this my opinion would be that it was a scam.
It's going to be interesting if we get an expert opinion back on this note.
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