National Bank Notes - Lots 204-252
The Harry W. Bass, Jr. Collection - Part I
National Bank Notes - Lots
204-252
National Bank Notes (1863 Onward)
The National Banks
Beginning in 1861-2 there was strong agitation to set up a National Banking system. Under these proposals, banks that were to be chartered by the Treasury Department would agree to certain safeguards that, hopefully, would prevent losses from being incurred by the general public. Prior to the Civil War, the long path of banking was littered with the carcasses of hundreds of financial institutions that failed, causing great hardship to citizens. Even Uncle Sam did not shine, and the first United States paper money, that issued by the Continental Congress in the Revolutionary War and in denominations from $1 to $80 had been repudiated, as had certain obligations of the Bank of the United States. By 1861, as has been related under the earlier description of Demand Notes, most people wanted "hard money," and that meant silver or gold coins.
However, by 1863 there was not a silver or gold coin in circulation anywhere in the Eastern or Midwestern United States. America was destined to live on paper for the next decade, indeed until December 1878 when dimes to double eagles were once again seen in banks and were worth the same amount as paper money.
In the meantime, on February 25, 1863, the "Loan Bill," better known as the National Banking Act, passed Congress. Under its provisions, all banks granted charters by the national government were allowed to deposit government bonds with the treasurer of the United States, after which they could issue notes in an amount limited to 90% of the par value of bonds so deposited. As circumstances would have it, the First National Bank of Davenport, Iowa, organized on June 22, 1863, Charter No. 15, was the very first National Bank in America to open its doors, not by intention but by mistake. Authorities in Washington, D.C., had instructed banks under the new charter system to start business on a given Monday, but someone misunderstood the directions. Apparently the notice arrived on Saturday, and the bank threw open its doors on that very day, beating everyone else by 48 hours!
National Bank Notes and Numismatics
The first National Bank notes were issued in 1863, and the last in 1929. While the Friedberg text gives an excellent overview of National Bank notes, and while specialized texts by Hickman and Oaks and Kelly go into detail, the following comments may be of interest.
National Bank notes are divided into three design groups, called the First Charter Period, Second Charter Period, and Third Charter Period. These pertain to the eras in which certain designs were first issued, although some were carried on through later charter periods.
First Charter Notes
The First Charter Period extended from February 25, 1863, until July 11, 1882, and covered the first 20 years in which the Treasury Department granted charters to National Banks. Generally, a bank chartered during this time span issued First Charter notes from 20 years after its charter. Thus, a bank chartered at the beginning, in 1863, would issue notes of these designs for 20 years, until its charter was renewed, in 1883, and then it would issue notes of the Second Charter Period design. This has the anachronistic result that a bank that was chartered late in the First Charter Period, say in 1881, would issue First Charter notes for the next 20 years, or through 1901. In actuality, some First Charter notes were issued as late as 1902. Within the First Charter Period, those of the earlier style are called "Original Series," with later notes, with some small variation in the Treasury Seal, designated as "Series of 1875." By July 1, 1882, $358,742,034 worth of First Charter Period notes had reached circulation.
First Charter notes were issued in denominations of $1, $2, $5, $10, $20, $50, $100, $500, and $1000. Each note bore the name of the issuing bank, two serial numbers (a federal serial number of many digits PLUS a bank serial number, often of low digits from 1 through several thousand). Designs varied with the denomination, with the $2 being the most famous, as the digit is very large and is horizontal, called the "Lazy Two" or "Lazy Deuce." Each note had as part of its back design a representation of its state or territorial seal.
In practice, most banks issuing First Charter notes ordered from the Treasury Department currency of the $1 denomination through $10. Higher values were not made in quantity, and today any note of $50 upward is rare, any note of $100 upward is particularly so. Unlike earlier private bank notes, all National Bank notes were backed by the full faith and credit of the federal government. If a National Bank failed or went into receivership-as many eventually did-the Treasury Department would still redeem the notes at face value.
Although various denominations were authorized, many were never issued within a given state or area. Thus, in Florida, Indian Territory, Oklahoma Territory (and state), and Washington Territory, no denominations above $10 were issued by any banks, and as the values increased, fewer entities issued them.
Today, First Charter notes are usually collected by basic design types (one of each denomination, typically $1 to $20, sometimes higher), or by location (one from each state or territory), or, specialty by banks within a given state. The elusive quality of certain western and territorial notes of the First Charter Period has given some of them an aura of fame and great value. Only a tiny fraction of the notes originally issued still exist at the present time.
The Bass Collection includes many important First Charter notes, highlighted by what is the most magnificent offering of First Charter notes from Texas to be offered in our generation.
Second Charter Notes
The Second Charter Period extended from July 12, 1882, to April 11, 1902, and notes of these designs were issued as late as 1922.
By this time, the Treasury Department had gained experience with National Bank notes. Apparently, keeping track of the low $1 and $2 denominations on Treasury books was a nuisance, as was the printing of large quantities of these, and they were discontinued. At the other end of the spectrum, there had been little call in the earlier charter period for $500 or $1000 notes, and these, too, were eliminated. Thus, the denominations produced in the Second Charter Period were $5, $10, $20, $50, and $100.
Designs varied and fell into three classifications: "Brown Backs" with the back printed in brown, with the bank's charter number in large numerals at the center; "Date Backs" inscribed 1882-1908 and issued under special legislation; and "Value Backs" with the denomination spelled out at the center, such as TWENTY DOLLARS. Each note depicts the appropriate state or territorial seal of its issuing bank.
As a class, Second Charter Period notes are more plentiful than First Charter Notes, as the economy had expanded by that era, and more banks had been chartered. As is the case with other National Bank notes, they are collected by types, states, or towns within states.
Third Charter Notes
The Third Charter Period extended from April 12, 1902, to April 11, 1922, with notes issued through 1929, when the new small-size notes replaced all large-size currency. Denominations were the same as before: $5, $10, $20, $50, and $100. No longer were state or territorial seals included. Several variations of seals and imprints were made.
As a class the Third Charter Period notes are the
most plentiful of all today, and for some states with many banks-such as New York
or Pennsylvania-many different pieces can be collected from a wide variety of institutions
and towns. Notes from some areas such as Alaska and Arizona Territory are scarce
and expensive as are certain high denominations.
204 California, San Francisco. The Bank of California, National Association, San Francisco. $20 F-645. Third Charter Period. Date Back. Vernon-McClung. Charter: 9655. Serial: U822011/38815. Choice Uncirculated-63 (CGA). Excellent fresh colors and boldly stamped bank signatures in black ink.
The Bank of California was chartered in February 1910 with the impressive capital of $4,000,000. It issued $4,483,500 dollars in face value in Third Charter notes, with the $5 being by far the most extensive denomination.
From the Robert F. Schermerhorn Collection.
First Charter Period $20
Colorado National Bank of Denver
Colorado Territory
Only 10 Specimens Recorded
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205 Colorado Territory, Denver. The Colorado National Bank of Denver. $20 F-427. First Charter Period. Original Series. Colby-Spinner. Charter: 1651. Serial: 17164/272. About Uncirculated-53 (CGA). A nearly crisp and attractive note with some light aging visible at the edges. Careful inspection reveals several very tiny pinholes in the body of the note, though these are so tiny that they are almost negligible. The margins are uneven, though full on the face. The back lower right corner is trimmed tightly and interferes just slightly with the design border. Bold hand-written bank signatures in brown ink. Desirable as a high-quality $20 First Charter note, but more important as a decidedly rare Colorado territorial in this condition. While the bank issued a sizeable number of First Charter territorials, few have survived. The Kelly census indicates 10 examples extant. A finer specimen may not exist.
Currency collectors commonly think of "educationals" as referring to those Silver Certificates of the Series of 1896. In actuality, National Bank Notes of the First Charter Period may have been the first true "educationals." The artistic engravings found on the back sides of these notes were used for the purpose of teaching the masses about American history. This was suggested by Spencer M. Clark, the first chief of the First Division of the National Currency Bureau. Clark also argued that, if skillfully executed, the engravings would render the notes nearly impossible to counterfeit. The back engraving of the $20 note depicts the baptism of Pocahontas, an American Indian who married English colonist, John Rolfe in 1614. Rolfe is credited with having discovered a method of curing tobacco and having laid the foundation of tobacco culture in the South, an industry which remains important to southern economies today.
The Colorado National Bank was organized in August 1866, successor to the private banking firm of Kountze Brothers. The institution remained in business for a long time and issued additional notes after Colorado became a state. The First Charter Series $20 notes, Original Series, were issued in sheets of $10-$10-$20-$20 to the extent of 415 sheets, equal to 830 notes of each denomination. These were the highest denominations issued during this era. Much more plentiful were $1 notes (11,490 issued) and $5 notes (21,000).
From the Robert F. Schermerhorn Collection.
Unique Original Series Territorial $5
The Bismarck National Bank
Territory of Dakota
Serial #1
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206 Territory of Dakota, Bismarck. The Bismarck National Bank. $5 F-405. First Charter Period. Series of 1875. Bruce-Gilfillan. Charter: 2677. Serial: U823830/1. Very Fine-30 (CGA). "Extraordinary" might be an appropriate beginning to this description, as this note is certainly nothing less. The margins are rather uneven and interfere with the design at both ends. The paper is attractive for the grade, with several vertical creases noted in the body of the note. The cashier signed in red ink, the president in light brown. Punctures from two staples are noted for accuracy. Organized in the Territory of Dakota on May 3, 1882, this institution was rather short-lived having been liquidated on March 1, 1888. The total issue on this bank consisted of territorial notes of the Series of 1875, amounting to just over $33,000. According to the Kelly census only one collector may own a note from this institution, as only a single piece is reported extant. Not surprising, as a mere $255 remained outstanding from this bank in 1910. To the best of our knowledge, this bank has never been represented in any public auction or fixed price list of Nationals. This may be the first opportunity ever to acquire this title.
If the above condition and sheer rarity were not enough to sell this note, one might take into consideration that it is also serial #1! Possibly the prized property of one of the bank officials, though considering the pattern of wear, this probably actually circulated in the channels of commerce. Clearly, this note is one of the most important highlights of the National Currency in this collection. It is a pleasure to have handled, and undoubtedly, a pleasure for the next owner to possess.
The central engraving on the back features a depiction of the Landing of Christopher Columbus, in 1492. At the left is found the seal of Dakota Territory.
From the Robert F. Schermerhorn Collection.
Rare Original Series Territorial $1
First National Bank of Yankton
Dakota Territory
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207 Territory of Dakota, Yankton. The First National Bank of Yankton. $1 F-382. First Charter Period. Original Series. Allison-Spinner. Charter: 2068. Serial: D395391/1271. Extremely Fine-45 (CGA). Appearing upon first glance to be a new note, closer inspection reveals traces of light vertical creases. The top margin is tight and into the design, while the bottom is full. The lower edge is slightly rough, probably the result of tearing this note from the original sheet by hand. Hand signed by the cashier and vice president in brown ink; both signatures are bold. A note of exceptional quality, especially for a western territorial issue.
Dakota Territory was divided into North Dakota and South Dakota (the latter being the location of Yankton), on November 2, 1889. This was the first charter number issued in the Territory of Dakota. Another important opportunity for the discriminating collector who appreciates this unique combination of rarity and quality.
Three National Banks were chartered in the town of Yankton. The First National Bank was literally the first, chartered on December 7, 1872. It is also the only one of the three in existence during the territorial period. On January 25, 1932, this bank changed its title to The First Dakota National Bank and Trust Company, a name it retained throughout the National Bank era.
From the Robert F. Schermerhorn Collection.
208 Territory of Hawaii, Honolulu. The First National Bank of Hawaii. $5 F-607. Third Charter Period. Plain Back. Elliott-Burke. Serial: 57238. Gem Uncirculated-66 (CGA). As bright and fresh as the day it left the press. The paper quality is excellent with no visible flaws and the ink colors are bold, having suffered no noticeable fading. The margins are far nicer than average for a large-size National, being complete all around and as close to perfect as one could expect. Strong signatures stamped in black ink. A superb candidate to represent Hawaii in any collection of National Currency.
The First National Bank of Hawaii is the only readily collectible bank of the five chartered institutions. In fact, the total notes appearing in the census for all of the other banks combined is a mere eight pieces. One bank, the First National Bank of Paia, is currently unknown.
The bank represented in this lot was the first chartered on August 23, 1900. Surviving two title changes, the bank continued to issue National Currency throughout the note-issuing period. The large-size notes fall entirely under the first title of the bank. The second title, the Bishop First National Bank, was adopted on July 6, 1929. The title was changed a second and final time on November 3, 1933, to the Bishop National Bank of Hawaii. This was the only institution in Hawaii to issue the small-size notes of the Series of 1929.
During World War II, all citizens living in Hawaii were ordered to exchange any U.S. currency in their possession for the new issues bearing the HAWAII overprint. In the event of a Japanese invasion, the federal government could then easily demonetize the surcharged notes. This undoubtedly was a significant contribution to the scarcity of Hawaii National Bank notes.
From the Robert F. Schermerhorn Collection.
209 Illinois, Annapolis. The First National Bank of Annapolis. $20 F-654. Third Charter Period. Plain Back. Napier-McClung. Charter: 10257. Serial: X347539B/1512. About Uncirculated-55 (CGA). Nicely margined. The face is bright with good color and strong hand-written bank signatures. The back seems slightly aged with one small spot of foxing in the bottom margin. Just six examples are known from this bank in large size; this is likely one of the finest surviving. A mere $1,200 remained outstanding in 1935, according to the indicative Treasury records, a small fraction of the more than $300,000 originally issued.
One of the popular methods of collecting Nationals is to focus on state capitals. This is for the most part an easy set to collect because, in general, banks in state capitals tend to have large amounts issued. There are a couple of snags however, Annapolis, Maryland, being one. To date, not a single complete set of capital cities is known to exist, as no Carson City, Nevada, notes have surfaced. This Annapolis, Illinois, note is from another town, of course, but we were prompted to mention the one in Maryland.
From the Robert F. Schermerhorn Collection.
210 Illinois, Carrollton. The Greene County National Bank of Carrollton. $5 F-404. First Charter Period. Series of 1875. Scofield-Gilfillan. Charter: 2390. Serial: Y281738/22922. Extremely Fine-45 (CGA). The note appears to be a Crisp Uncirculated note, though careful examination reveals some evidence of light folds. The paper remains fresh and the ink colors are bright. A very attractive First Charter Period note.
As successor to the private firm of David Pierson & Sons, this bank was chartered on July 1, 1878, which was fairly late in the First Charter Period. Notes of this design were made of the Series of 1875 and only of the $5 denomination, of which 102,940 were printed.
From the Robert F. Schermerhorn Collection.
Rare Carrollton, Illinois $5
F-574, Value Back
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211 Illinois, Carrollton. The Greene County National Bank of Carrollton. $5 F-574. Second Charter Period. Value Back. Lyons-Roberts. Charter: 2390. Serial: T412411/4524. Choice Uncirculated-64 (CGA). Crackling fresh paper with bright ink. Just about as nice a Value Back as can be found. Held back from the Gem category by a slight imperfection at one corner, noted for the sake of accuracy and not really detracting from the overall appearance. The margins are very near perfection to add to the equation. Of excellent quality and representing an outstanding opportunity to acquire this major rarity.
In the annals of Illinois National Bank notes, this is one of the great rarities. Only 700 notes were printed, these being issued in sheets of $5-$5-$5-$5. Serial numbers ranged from 4351 to 4525, plus plate letters. Thus, it is seen that the note here offered was among the last to be issued.
From the Robert F. Schermerhorn Collection.
Key Illinois Third Charter $20
First National Bank of Columbia
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212 Illinois, Columbia. The First National Bank of Columbia. $20 F-650. Third Charter Period. Plain Back. Lyons-Roberts. Charter: 7717. Serial: U670299H/5937. Choice Uncirculated-64 (CGA). Trimmed somewhat crookedly, but retaining decent margins. Crisp, fresh, and very attractive. Of the $3,950 that remain outstanding from this institution in large size, only four notes appear in the census. A scarce note and an important opportunity for the Illinois collector.
There were two note-issuing banks in Columbia, Illinois:
1: The First National Bank of Columbia, organized on April 17, 1905, with the meager capital of $25,000, but which managed to stay afloat until the Bank Holiday of 1933; it was placed in conservatorship on March 22, 1933. During its existence it distributed $580,430 face value in notes, a mixture of large and small formats.
2: The successor in interest to preceding, now slightly renamed as the First National Bank in Columbia. This bank had a capital of just $50,000-which, considering inflation in the meantime-probably was not much more effective than the $25,000 of its 1905 predecessor. Although this new bank was late in the note-issuing game, it managed to circulated $69,900 in small-size notes.
From the Robert F. Schermerhorn Collection.
213 Illinois, Litchfield. The Litchfield National Bank. $10 F-620. Third Charter Period. Date Back. Napier-McClung. Charter: 10079. Serial: E639565A/1317. Extremely Fine-40 (CGA). An example with pleasing overall aesthetics and boasting complete margins on all sides. Bold hand-written bank signatures. Only six large-size notes appear in the Kelly census.
This local bank was organized on September 6, 1911, with a capital of $50,000. In ensuing years it issued various large- and small-size notes, including 9,600 of the $10 variety offered here. As is stated above, nearly all have disappeared.
Most large-size National Bank notes were retired in the 1930s when sufficient numbers of the small-size notes (introduced in 1929) entered circulation. However, redemptions continued for a long time thereafter. The writer recalls that in the 1950s quite a few collectors had large-size National Bank notes which they had acquired from friendly bankers and others. However, for the most part these collectors did not wish to retain these notes, and our firm and others were often paid in such notes, with the hope that we could pass them along to someone interested. At the time, territorial and First Charter Period notes were recognized as having value, but there was no collecting forum for the plentiful Third Charter Period notes from populous states, and we simply cashed the notes in at banks.
From the Robert F. Schermerhorn Collection.
214 Illinois, Peoria. The Commercial National Bank of Peoria. $50 F-682. Third Charter Period. Plain Back. Teehee-Burke. Charter: 3296. Serial: B116081/4917. Extremely Fine-45 (CGA). Appears to be a higher grade, but close examination reveals traces of three very light creases. One tiny stain is noted on the central back, just left of the locomotive. An attractive example of the type, representing the third title of this bank. The census reports 16 large-size notes known of this third title period. In any venue, $50 notes are elusive.
As indicated above, this bank went through several name changes. The first charter was issued to the Commercial National Bank of Peoria in 1885. On January 2, 1904, the name became the Commercial German National Bank which it remained until May 24, 1918 when the first title was reinstated. The fourth title, the Commercial Merchants National Bank and Trust Company was adopted on February 21, 1930, and was held through the end of the National Bank era.
From the Robert F. Schermerhorn Collection.
215 Illinois, Shelbyville. The First National Bank of Shelbyville. $5 F-604. Third Charter Period. Plain Back. Napier-Burke. Charter: 2128. Serial: M568929E/8508. Crisp Uncirculated-60 (CGA). Excellent color and overall appearance. The paper does seem to be lightly wrinkled, possibly from dampness, though this is only a minor distraction. Top and bottom margins are tight but complete; neither interferes with the design border. Strongly stamped bank signatures.
From the Robert F. Schermerhorn Collection.
216 Iowa, Adel. The First National Bank of Adel. $5 F-600. Third Charter Period. Plain Back. Vernon-Treat. Charter: 8981. Serial: D873926H/7490. Choice Uncirculated-63 (CGA). The margins are full, the face being almost perfectly centered. The back is somewhat low. Fresh and attractive for the grade. One small printing wrinkle is noted, as made. Either this note was never signed by bank personnel, or the signatures have both long since faded. Whichever the case, the signature lines are blank. The census reports just 12 examples extant. To the best of our knowledge, notes from this bank have appeared in auctions or fixed price lists only six times since the famed Grinnell auctions.
The First National Bank of Adel was the only bank chartered in this Dallas County town; Adel was one of only three towns to issue in the entire county.
From the Robert F. Schermerhorn Collection.
Important Iowa $100 Note
First National Bank of Waterloo
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217 Iowa, Waterloo. The First National Bank of Waterloo. $100 F-689. Third Charter Period. Date Back. Lyons-Roberts. Charter: 792. Serial: A922741/2209. About Uncirculated-53 (CGA). Outstanding freshness and color. The paper remains almost fully crisp though some slight wrinkling is noted in the lower margin, probably from dampness. The bank signatures are stamped in light purple ink. A beautiful and highly desirable large denomination National. In addition to its popularity as a type, the bank title is quite a nice addition as there are only five notes reported in the census. Among those known, it is likely that this is one of the finest.
The original issuance was 2,763 notes.
From the Robert F. Schermerhorn Collection.
Extremely Rare Kentucky $50 National
Series of 1875
Citizens National Bank of Louisville
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218 Kentucky, Louisville. The Citizens National Bank of Louisville. $50 F-448. First Charter Period. Series of 1875. Bruce-Wyman. Charter: 2164. Serial: A417515/1397. Very Fine-20 (CGA). Some light discoloration is noted as is some adhesive residue adhering to the back. Some slight roughness is noted in the margins and at the corners. With a few distracting features, though these are outweighed by the rarity and overall desirability of the note. This institution issued large numbers of both Second and Third Charter Period notes, far more than those of the First Period. Considering that only 14 notes are reported on this bank from the time of its first title, this higher denomination note of the Series of 1875 is excessively rare. Only five examples of this Friedberg number have been recorded. Yet another important opportunity for the advanced collector.
As mentioned briefly above, this bank adopted a second title on January 2, 1919. The Citizens Union National Bank of Louisville, as it was called, issued currency of both the Third Charter Period, and the Series of 1929.
The engraving on the back of this $50 First Charter Period note depicts a rather religious scene of the embarkation of the Pilgrims. As their ship sets sail, they have knelt in a circle, laid down their armor and offered a prayer to God for their safe journey. A well-executed engraving from the American Bank Note Company.
From the Robert F. Schermerhorn Collection.
219 Kentucky, Louisville. The National Bank of Kentucky of Louisville. $5 F-537. Second Charter Period. Date Back. Lyons-Roberts. Charter: 5312. Serial: K36946/57134. Crisp Uncirculated-60 (CGA). A fresh and crisp note boasting bold colors and signatures as well as heavy embossing. A short tear is noted in the right margin, though it does not extend to the design border and is only a minor distraction. Not rare as a bank, but the note is of good quality. A very nice Kentucky "type" note.
From the Robert F. Schermerhorn Collection.
Choice Uncirculated "Lazy Two"
Series of 1875
Boston, Massachusetts
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220 Massachusetts, Boston. The Broadway National Bank of Boston. $2 F-390. First Charter Period. Series of 1875. Allison-New. Charter: 551. Serial: A204096/1182. Choice Uncirculated-64 (CGA). An outstanding Lazy Two displaying near-perfect margins, excellent color, a fresh overall appearance and bold signatures. A tiny pinhole is noted in the upper left corner of the face. The paper variety with approximately one third of the face dyed pale blue in addition to the pink and blue silk threads used for security purposes. These security features also create a lovely aesthetic, one which is particularly striking on this note.
Considering the size of the city, Boston seems to have a remarkable number of rare banks. This one is no exception as only five notes are reported in the Kelly census from the $4,551 that remained outstanding in 1916 (as noted earlier, such records are approximate, but indicative ). It is doubtful if many more will come to light, especially in this remarkable state of preservation.
The Broadway National Bank of Boston was organized on October 25, 1864. After doing business for over 30 years and issuing currency of both the First and Second Charter Periods, the institution went into receivership on December 16, 1899.
The blue stained paper was used for National Currency from September 1875, through the third quarter of 1877. The authorization of this paper originates in an Appropriations Bill of March 1875, specifying that National Currency be printed on special paper, and further that the final printing be executed by the U.S. Treasury Department.
The back side of the Lazy Two features a historical engraving of Sir Walter Raleigh exhibiting corn and tobacco to his fellow Englishmen in 1585.
From Lester Merkin's sale of October 1972, Lot 294.
221 Massachusetts, Boston. The Shoe and Leather National Bank of Boston. $1 F-380. First Charter Period. Original Series. Colby-Spinner. Charter: 646. Serial: 143939/944. Extremely Fine-40 (CGA). Tight margins all around as is fairly standard for First Charter Period notes. One sharp crease is noted through the body of the note, as are two light diagonal folds. The top margin has two small burn marks, one more notable than the other, though neither of them has resulted in any loss of paper. The bank signatures are those of the cashier, and the president pro tem, as is indicated by a red overprint of "Pro Tem" at the lower right corner. It appears that at the same time the title of the bank was overprinted in the same ink at the left end of the note. This bank was chartered before the end of the Civil War, and waon December 10, 1901, thus the total issue was in large-size notes. Though the issuance of notes on this bank was formidable, the Kelly census indicates the existence of only 13 notes.
One of the more interesting titles in the National Currency series, unusual titles being one of the many ways to collect these notes. Few collectors have the resources or time to attempt to collect all Nationals, so in most cases collectors narrow their collecting interest. Geographical areas such as states or counties are very popular categories, as are certain types of notes, or perhaps serial #1 notes strike a special interest. Whatever the method, Nationals are a diverse and challenging series as many notes are very seldom offered. Only in recent decades has meaningful rarity information become available.
From Lyn Knight, March 1973.
222 Massachusetts, Boston. The National Shawmut Bank of Boston. $10 F-545. Second Charter Period. Date Back. Lyons-Roberts. Charter: 5155. Serial: A699643/138513. Extremely Fine-45 (CGA). Aesthetically quite pleasing with bold colors and much of the original crispness remaining. The margins are even and nearly perfect. Evidence of three very light creases is visible.
From the Robert F. Schermerhorn Collection.
223 Massachusetts, Milford. The Home National Bank of Milford. $1 F-383. First Charter Period. Series of 1875. Allison-New. Charter: 2275. Serial: A670338/5434. About Uncirculated-58 (CGA). Plate letter A. The bright red ink of the charter numbers, serial numbers, and Treasury Seal are a pleasing contrast to the black and gray background. Some light wrinkling of the top right corner keeps this from the Uncirculated classification. The colors remain bright and the paper is crisp. Cut from the same sheet as the following lot.
From the Robert F. Schermerhorn Collection.
224 Massachusetts, Milford. The Home National Bank of Milford. $1 F-383. First Charter Period. Series of 1875. Allison-New. Charter: 2275. Serial: A670338/5434. Crisp Uncirculated-61 (CGA). Plate letter C. A nearly identical mate to the previous lot and cut from the same sheet. Slightly better quality of both paper and ink create a pleasing aesthetic. Another high-quality First Charter Period National.
From the Robert F. Schermerhorn Collection.
Crisp Uncirculated 1875 "Lazy Two"
Milford, Massachusetts
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225 Massachusetts, Milford. The Home National Bank of Milford. $2 F-390. First Charter Period. Series of 1875. Allison-New. Charter: 2275. Serial: A670069/5165. Crisp Uncirculated-62 (CGA). Another excellent note from this Massachusetts bank, though this time a significantly more popular "Lazy Deuce." The same light wrinkling is again visible in the upper right corner. It seems that this note was stored with the previous two for some time. Again, there are no creases, and the note is bright and pleasing. The face margins are complete, while those of the back are mostly so. Of high quality and certain to attract much attention as this particular design is arguably the most famous of the entire National Currency series.
From the Robert F. Schermerhorn Collection.
226 Missouri, California. The Moniteau National Bank of California. $1 F-382. First Charter Period. Original Series. Allison-Spinner. Charter: 1712. Serial: C74419/1467. Choice Uncirculated-64 (CGA). A delightful type note from the Original Series. The margins are complete and as even as could be expected for this issue. The paper is fresh and crisp and the ink is bright. Only $3,620 remain outstanding from this bank in large-size notes, though many notes are reported in the census, indicating ready availability. A nice early type note to represent Missouri in a collection of Nationals.
The Moniteau National Bank of California was chartered in 1870, and remained the only National Bank issuing notes in that Moniteau County town through the end of the National Bank era. A small cache must have come to light years ago. However, as is nearly always the case, no specific information reached print.
From the Robert F. Schermerhorn Collection.
Extremely Rare Montana Territorial $5
Series of 1875
First National Bank of Butte
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227 Montana Territory, Butte. The First National Bank of Butte. $5 F-405. First Charter Period. Series of 1875. Bruce-Gilfillan. Charter: 2566. Serial: U971445/2741. Extremely Fine-45 (CGA). The overall quality and appearance of the note is exceptional. Though somewhat uneven, the margins are complete all around and the ink colors are bright. The Kelly census indicates that five territorials are known to exist. These are clearly quite rare and especially desirable in this high grade. It probably goes without saying that this is likely one of the finer examples in existence.
One of two banks located in Butte and the first chartered on September 24, 1881. This institution issued territorial notes until the end of the period for Montana on November 8, 1889. These were all First Charter Period notes, though the bank continued issuing currency throughout the National Bank era. The second bank, The Silver Bow National Bank of Butte, was chartered in 1890 and issued notes only during the period of statehood.
From Stack's sale of June 1972, Lot 1054.
228 Nebraska, O'Neill. The First National Bank of O'Neill. $5 F-469. Second Charter Period. Brown Back. Rosecrans-Jordan. Charter: 3424. Serial: H670689/1689. Very Fine-35 (CGA). A few creases through the body, the center one creating a split in the top margin which just enters the design. In addition slight rounding is evident at the corners. Still a pleasing note from the first issue of this bank. The census indicates 11 known large-size examples extant from just $2,380 left outstanding in 1935, this Treasury record being approximate.
From the Robert F. Schermerhorn Collection.
229 New Jersey, Madison. The First National Bank of Madison. $10 F-420. First Charter Period. Series of 1875. Bruce-Gilfillan. Charter: 2551. Serial: K476227/1967. Crisp Uncirculated-62 (CGA). Complete margins all around, though somewhat tight at the upper back. The paper is crisp and of good quality, though a puncture mark from a single staple is noted at the risiight end. The left corners of the face both have some light orange discoloration, a minor distraction. Only $4,430 remained outstanding in large-size notes from this bank as of 1935, per Treasury estimates.
The First National Bank of Madison, chartered in 1881, remained the only National Bank in this Morris County community through the end of the era.
The engraving on the back of this $10 issue depicts the Spanish explorer Fernando De Soto making his discovery of the Mississippi River. De Soto is on horseback at the center and seems somewhat awestruck at the sight of the Mississippi. Native Americans at the right have more of a concerned look, rightfully so in light of history. A very fine and detailed engraving by the American Bank Note Company.
From the Robert F. Schermerhorn Collection.
Important $100 Brown Back Territorial
Albuquerque, Territory of New Mexico
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230 Territory of New Mexico, Albuquerque. The First National Bank of Albuquerque. $100 F-530. Second Charter Period. Brown Back. Lyons-Roberts. Charter: 2614. Serial: B592834/2537. Extremely Fine-40 (CGA). Nice full margins on all sides. A few light creases account for the grade, but the edges are sharp and there are no visible problems. A very attractive and lightly circulated $100 Brown Back issued during the territorial period in New Mexico. While the Kelly census reports many notes known from this bank, only 15 examples are territorial issues. Probably few, if any, could compare to the present specimen. Clearly a great rarity, and without a doubt worthy of placement in the finest collection of National Currency.
The First National Bank of Albuquerque issued both First and Second Charter notes during the territorial period. After July 6, 1912, the bank continued issuing during statehood, and by the date of its final liquidation on February 7, 1934, this institution had released more National Currency than any other bank in the state of New Mexico.
From the Robert F. Schermerhorn Collection.
Crisp Uncirculated $10 Territorial
Albuquerque, Territory of New Mexico
Serial #1
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231 Territory of New Mexico, Albuquerque. The State National Bank of Albuquerque. $10 F-616. Third Charter Period. Date Back. Lyons-Roberts. Charter: 7186. Serial: D212607/1. Crisp Uncirculated-61 (CGA). A lovely note in all respects boasting excellent color, deep embossing, and a significantly fresh appearance. The top selvage is an additional bonus, bearing the centering imprint, "1902-1908," indicating a Date Back sheet, and a number of miscellaneous small letters toward the left end. Pen signed by both bank officers in black ink. The margins are all full and even. One tiny corner fold is noted for accuracy as is a paper wrinkle, as made. A curious title for a bank chartered during the territorial period. This bank was one of three in this town to issue territorial notes, and while examples from this bank are more plentiful than those of the other institutions, they remain quite scarce with only 15 specimens reported in the census. Certainly the fact that this note is a rare Crisp Uncirculated serial #1 far outweighs the "availability" in significance. An important offering.
From the Robert F. Schermerhorn Collection.
232 Territory of New Mexico, Santa Fe. The First National Bank of Santa Fe. $1 F-382. First Charter Period. Original Series. Allison-Spinner. Charter: 1750. Serial: C209168/12. Good-4. Tape Repaired (CGA). The paper appears from the face to be that of a finer note, though the back shows several old repairs of splits, tears, and a small piece missing from the central top margin. Certainly a well-circulated example though this tends to be more the rule than the exception for western territorial issues, especially those of the First Charter Period. The census reports 23 large-size notes known. In all likelihood the majority of those are of the Second and Third Charter Periods. A two digit serial number is an added bonus.
The First National Bank of Santa Fe was the first of two National Banks chartered in Santa Fe, New Mexico. Both institutions issued territorial notes, but only this first bank survived long enough to continue issuing into the period of statehood. In fact, this bank issued throughout the National Bank era.
From the Robert F. Schermerhorn Collection.
Dramatic Double Denomination Error
Second Charter Period
$50 Face, $100 Back
First of a Matched Pair
Buffalo, New York
233 New York, Buffalo. The Columbia National Bank of Buffalo. $50/$100 Double Denomination Error. F-559. Second Charter Period. Date Back. Rosecrans-Nebeker. Charter: 4741. Serial: A163737/7676. About Uncirculated-58 (CGA). Traces of one light center fold are visible under close examination, but the note is very near Uncirculated. A few tiny pinholes are also noted at the left end, but these are quite trifling. While slightly uneven, the margins are full all around. The ink is bright and the paper remains remarkably fresh. A beautiful note, and considering the error, a truly outstanding piece of National Currency. The back is that of the $100 F-567, and is inverted. Double denominations on large-size currency are rather rare; they are usually on lower denominations. This note is especially rare for its large denominations. Indisputable as one of the most intriguing and important offerings among the many fine notes in this sale, especially when considering it alongside its counterpart offered in the following lot.
Each of the lots 233-234 will be sold on a provisional basis. After 234 is sold provisionally, the total for lots 233-234 will be computed, 5% will be added to the total, and this will constitute the opening bid for Lot 235. If the opening bid is met or exceeded, the provisional awards for lots 233-234 will be canceled. If it is not met or exceeded, then the lots will be sold at the provisional award prices.
From the Robert F. Schermerhorn Collection.
Matching Double Denomination Error
$100 Face, $50 Back
Second Charter Period
Mate to the Previous Lot
Buffalo, New York
234 New York, Buffalo. The Columbia National Bank of Buffalo. $100/$50 Double Denomination Error. F-567. Second Charter Period. Date Back. Rosecrans-Nebeker. Charter: 4741. Serial: A163737/7676. About Uncirculated-58 (CGA). As the previous lot, a few tiny pinholes are noted at the left end, but again these are insignificant. The margins are nearly perfect, though the lower one on the face is trimmed somewhat close. The bright blue ink of the seal, charter numbers, and serial numbers stands out in sharp contrast to the grayscale background. An aesthetic delight. Another astounding National Currency error, this being the mate to the previous lot. The back is that of the $50 F-559, and is inverted. Again, of utmost importance and certain to be a focal point of serious bidding competition.
Each of the lots from 233 through 234 will be sold on a provisional basis, as described in Lot 233.
From the Robert F. Schermerhorn Collection.
Pair of Matching
Double Denomination Notes
Marvelous $50/$100 and $100/$50
235 A pair of Double Denomination Errors from the Columbia National Bank of Buffalo, New York. As individually described in lots 233 and 234 above. At this point in the sale, the provisional awards for lots 233 and 234 will be totaled, 5% will be added, and that will constitute the opening bid for the current lot, Lot 235. If this bid is met or exceeded, the provisional awards will be canceled and the notes will be owned by the successful bidder on the present lot. (Total: 2 pieces)
236 New York, New York. The Fourth National Bank of the City of New York. $20 F-493. Second Charter Period. Brown Back. Bruce-Gilfillan. Charter: 290. Serial: R89905/40874. About Uncirculated-58 (CGA). A very small segment of the lower right corner was lightly folded at one time, not into the design border. This is the only defect worthy of note and this remains an outstanding Brown Back. The paper remains bright and fresh, with good color on both sides. The margins are nearly perfect and the large bank signatures are boldly stamped in black ink. The perfect addition to a high-grade type collection.
The Fourth National Bank of the City of New York was chartered in 1y of 1864.The currency issued from this location was entirely large size. After 50 years in business, the bank was liquidated on June 18, 1914.
From the Robert F. Schermerhorn Collection.
237 New York, New York. The National Bank of Commerce in New York. $5 F-467. Second Charter Period. Brown Back. Bruce-Wyman. Charter: 733. Serial: B234116B/237146. Gem Uncirculated-65 (CGA). An attractive New York City Brown Back. Two small pinholes are noted. Above-average margins and bold colors on both sides. Some original embossing is evident. A beautiful and original note that would be a nice candidate for a quality type collection.
From the Robert F. Schermerhorn Collection.
238 New York, New York. The National Bank of Commerce in New York. $10 F-480. Second Charter Period. Brown Back. Bruce-Wyman. Charter: 733. Serial: U871912/72727. Gem Uncirculated-65 (CGA). Margins slightly uneven, but full and far above average for any large-size National. The paper is fresh and bright creating an outstanding overall aesthetic.
From the Robert F. Schermerhorn Collection.
239 New York, New York. The Saint Nicholas National Bank of New York. $1 F-380. First Charter Period. Original Series. Colby-Spinner. Charter: 972. Serial: D235071/43663. Extremely Fine-40 (CGA). Large black vanity signatures strike the eye immediately. A pleasing note with full margins, not at all common on Original Series notes. A most interesting holiday title on this bank! Curiously the bank was chartered on April 1, 1865, but was liquidated just after Christmas on December 30, 1882. Yes, there is a Santa Claus, or at least a Saint Nicholas, in numismatics!
From the Robert F. Schermerhorn Collection.
240 New York, New York. The Merchants National Bank of the City of New York. $50 F-667. Third Charter Period. Date Back. Lyons-Roberts. Charter: 1370. Serial: A421129/2491. Very Fine-30 (CGA). Some light aging is evident as is light wrinkling along the top edge. Still an attractive note for the grade and a nice type note to represent a higher denomination National. These are always in high demand.
From William K. Raymond.
Continental National Bank of New York
Series of 1875 $1
With Courtesy Autograph of Wyman
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241 New York, New York. The Continental National Bank of New York. $1 F-384. First Charter Period. Series of 1875. Allison-Wyman. Charter: 1389. Serial: A787516/13312. Choice Uncirculated-64 (CGA). Nearly flawless in every respect, though the paper shows slight aging and the margins are a trifle uneven. Perhaps worthy of an even higher grade. The bright red seal, serial numbers, and charter numbers stand out in marked contrast to the grayscale background. The bank signatures of the acting cashier and the president are clear and bold in bright blue ink. This note offers a great bonus, the courtesy autograph of A.U. Wyman, Treasurer of The United States, an asset which increases the desirability of this specimen. Wyman signed his name and title in black ink near the center of the face of the note, below his printed signature. He also wrote the two years in which his two respective terms began, 1876 and 1883.
Chartered on July 5, 1865, this institution issued large-size notes only, having been liquidated May 25, 1901. As of 1910, $23,756 remained outstanding from the total issue of over $3,800,000.
From the Robert F. Schermerhorn Collection.
242 New York, New York. The American Exchange National Bank of New York. $5 F-588. Third Charter Period. Red seal. Lyons-Treat. Charter: 1394. Serial: K175207/53409. Crisp Uncirculated-60 (CGA). Mostly even margins although that of the top face is somewhat thin. The paper and ink are fresh and bright. An attractive red seal from the first title of this bank. A fine type note to represent New York in any state collection of National Currency.
Chartered on July 6, 1865 as the American Exchange National Bank of New York, this institution had a huge total issue of over $86,000,000, all in large-size notes. The title was changed on August 1, 1925 to the American Exchange Pacific National Bank of New York, a title which is a good candidate foore wht qur a m test question. Business continued until the final liquidation on November 8, 1926.
From William P. Donlon's sale of September 1972, Lot 168.
243 New York, Rye. The Rye National Bank. $20 F-581. Second Charter Period. Value Back. Lyons-Roberts. Charter: 5662. Serial: V55979/7831. Extremely Fine-40 (CGA). Very attractive for the grade, and likely deserving a higher designation had it not been for a staple puncture in the lower center of the note. Bright and attractive, retaining a generous amount of crispness. A rarely available title of which the Second Charter Period notes are especially desirable. Only $2,440 remained outstanding in large notes as of 1935, according to Treasury reports (estimates). Of these, just seven examples have been reported.
Rye, New York was a one-bank town having only the Rye National Bank chartered on December 31, 1900. The bank continuously issued currency throughout the National Bank era to the extent of just over $1,000,000. From Westchester County, a popular and highly collected area.
From the Robert F. Schermerhorn Collection.
National Bank of Goldsboro $50
North Carolina; Second Charter
Rare High Denomination
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244 North Carolina, Goldsboro. The National Bank of Goldsboro. $50 F-560. Second Charter Period. Date Back. Tillman-Morgan. Charter: 5048. Serial: A47710/238. Extremely Fine-40 (CGA). Close inspection reveals traces of creases. Some wrinkling of the paper is also evident due to the note having been wet, otherwise good color and margins, though the upper one is trimmed somewhat tight. Only traces of the lavender bank signatures remain visible. A minuscule pinhole is also noted toward the left end. This note represents a rarely encountered denomination from this town. In fact this was the only bank in Goldsboro to issue National Currency in $50 or $100 denominations. Of the nine large-size notes reported in the Kelly census, it is very doubtful if many, indeed, if any others are $50 Date Backs. Fewer than 10 examples of this Friedberg number are known. An important offering for the advanced collector of North Carolina Nationals.
From the Robert F. Schermerhorn Collection.
Intriguing Double Denomination Error
$10 Face, $20 Back
Lumberton, North Carolina
Unique
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245 North Carolina, Lumberton. National Bank of Lumberton. $10/$20 Double Denomination Error. F-623. Third Charter Period. Date Back. Parker-Burke. Charter: 10610. Serial: M531888/190. Crisp Uncirculated-60 (CGA). An amazing National Currency error. The face of the note is that of Friedberg-623, the back being that of a Date Back $20, Friedberg-649. The back is printed in the correct configuration as opposed to the other double denomination Nationals in this collection which have the back sides inverted.
The condition is outstanding, with excellent paper quality and full margins on all sides. The signatures seem somewhat faded, though both remain legible in purple ink. It appears that some bank official discovered the error and marked the back side with a large "X". This was probably in pencil and erased long ago, though traces are visible upon close examination.
The Kelly reference indicates that all notes from this bank are reportedly redeemed, though this is belied by the fact that one is confirmed to exist. To think that the only outstanding note is this incredible error is truly a gift of Providence. Of primary importance, and of course, rarity. An error specialist's dream.
National Currency was printed in four-subject sheets in several different denonimation configurations. The notes from this bank were printed in sheets of four $5, four $10, and three $10 with one $20. This error occurred when the face of a $10-$10-$10-$10 sheet plate was paired with the back plate of a $10-$10-$10-$20 sheet.
The First National Bank of Lumberton was organized on July 21, 1904, and remained active until August 4, 1925, when it closed its doors due to "incompetent management."
From Paramount's Auction '85, July 1985, Lot 1325.
246 Ohio, Bucyrus. The First National Bank of Bucyrus. $10 F-613. Third Charter Period. Red seal. Lyons-Roberts. Charter: 443. Serial: D83182/436. Crisp Uncirculated-61 (CGA). The margins are large, save for the top on the face which is trimmed tightly and nearly touches the design border. Some aging of the paper is evident, but only a minor distraction. Close inspection reveals evidence of several tiny pinholes, though these seem to have been expertly repaired. Signed in brown ink by the cashier and the vice president of the bank. An attractive red seal from this small Ohio town. The census reports 11 large-size notes known from $4,490 outstanding.
Bucyrus, Ohio, saw the charter of two National Banks, the present one chartered in 1864. The Second National Bank of Bucyrus was chartered 20 years later, in 1884. Both institutions issued currency throughout the National Bank era. Third Charter Period red seals were only issued from 1902 to 1908, and by a small percentage of those banks chartered prior to 1902. These are considered to be one of the more striking types and are highly prized by collectors.
From Paramount's 1972 ANA Sale, August 1972, Lot 1134.
247 Ohio, Cincinnati. The First National Bank of Cincinnati. $5 F-590. Third Charter Period. Date Back. Lyons-Roberts. Charter: 24. Serial: N626464A/176307. Choice Uncirculated-63 (CGA). Bright colors and excellent paper quality. A lovely Date Back note overall, displaying decent margins and bold midnight blue bank signatures. A popular early charter number as well.
From the Robert F. Schermerhorn Collection.
Rare First Charter Period $100
National Lafayette Bank of Cincinnati
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248 Ohio, Cincinnati. The National Lafayette Bank of Cincinnati. $100 F-461. First Charter Period. Series of 1875. Bruce-Wyman. Charter: 2315. Serial: A444732/3029. Fine-15 (CGA). A scattering of tiny pinholes are visible under a lamp. This note comes from the second title period of the bank, as do all known notes. The Kelly census reports just six examples. The first title yields not a single specimen. Regardless of the bank, $100 Nationals from the First Charter Period are quite scarce. Fewer than five notes have been recorded of this Friedberg variety and fewer than 100 First Charter Period $100 notes are believed to exist nationwide. Add into the equation the decent overall quality of the note and the rarity of the title and we can call this an especially important find. Certainly this will be one of the highlights of the next collection in which it appears.
The National Bank of Commerce of Cincinnati was chartered on December 21, 1875 and commenced issuing National Currency of the First Charter Period. On April 29, 1879, the second title was adopted. Final liquidation came on February 14, 1905.
From the Robert F. Schermerhorn Collection.
Crisp Series of 1875 Ohio $20
Fourth National Bank of Columbus
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249 Ohio, Columbus. The Fourth National Bank of Columbus. $20 F-434. First Charter Period. Series of 1875. Scofield-Gilfillan. Charter: 2423. Serial: K658511/4913. Crisp Uncirculated-60 (CGA). Some wrinkling is noted in the top and bottom margins, as is a small corner fold. Minor distractions on an otherwise attractive note. Both bank signatures are handwritten in brown ink. That of the cashier is most curious as signatures go, appearing more like the results of a polygraph test than a name. A scarce note from this capital city. Only 10 specimens appear in the census, not surprisingly as just $2,670 remained outstanding as of 1910, per estimates.
Having issued only $256,000, this bank had one of the smallest total issues from any institution in this city. In fact, only one bank of the 16 banks chartered in Columbus had a lower issue. The original charter was on April 23, 1879, and all currency was of the First Charter Period, Series of 1875. Doors were closed for good upon liquidation on June 16, 1897.
From the Robert F. Schermerhorn Collection.
250 Pennsylvania, Norristown. The Peoples National Bank of Norristown. $10 F-577. Second Charter Period. Value Back. Lyons-Roberts. Charter: 2581. Serial: U421992/17094. About Uncirculated-58 (CGA). The top margin is trimmed into the design, the others are full. Respectable paper and ink quality. The bank cashier signed in purple ink, the president in an unidentified color of ink which has faded to an unusual olive green. Another scarce note. Only 10 large-size notes appear in the Kelly census from a reported $7,955 remaining outstanding as of 1935.
Norristown, Pennsylvania is situated in the southeastern corner of the state in Montgomery County. Pennsylvania is known for its huge number of issuing banks, and to attempt to collect one note from each of the 1,196 issuing banks would be quite a task indeed. The state is often collected by geographical area, with some being more popular than others; Montgomery County is something of a focal point of collector activity.
From the Robert F. Schermerhorn Collection.
High-Grade $100 Pennsylvania Brown Back
Pittsburgh National Bank of Commerce
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251 Pennsylvania, Pittsburgh. The Pittsburgh National Bank of Commerce. $100 F-520. Second Charter Period. Brown Back. Bruce-Wyman. Charter: 668. Serial: A487179/1931. About Uncirculated-50 (CGA). Excellent quality for this large denomination National, an item rarely encountered. The note retains nice body, and even traces of the deep embossing remain visible. Only a few signs of light use are evident. The margins are full, and the colors are bold. Handwritten signatures in standard brown ink. The $100 note was the highest denomination issued in the Brown Back series. Only 14 notes are recorded in the Kelly census on this bank, actually a nearly insignificant figure when considering a high-denomination note. A very attractive example, certain to arouse much interest from serious collectors.
From the Robert F. Schermerhorn Collection.
Second Charter Pennsylvania $50
The First National Bank of Washington
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252 Pennsylvania, Washington. The First National Bank of Washington. $50 F-508. Second Charter Period. Brown Back. Bruce-Wyman. Charter: 586. Serial: B385761/2520. About Uncirculated-58 (CGA). Only traces of the lightest folds are apparent under close examination. In this cataloguer's opinion, this note has seen no circulation, only minor mishandling and even that is a harsh description. A beautiful note boasting a very fresh and bright overall appearance, as well as full body. The margins are as close to perfect as can be expected. Brown Backs of this denomination are scarce, especially so in this grade, certainly far above average. The Kelly census reports 18 notes known on this bank, though it is probable that only a tiny percentage of this population is $50 Brown Backs. Larger denomination Nationals are always in great demand.
The First National Bank of Washington was the first of four National Banks chartered in Washington, Pennsylvania. The first charter was in November 1864 and the bank continued operations until liquidation in 1927.
From the Robert F. Schermerhorn Collection.
