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Stack’s Bowers and Ponterio   |   The August 2018 ANA Auction   |   23 August 2018 Sort by Lot-NumberSort by Estimate
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Session 4, Lot 2061

Estimate: 5'000 USD   |   Starting price: 3'000 USD Price realized: 8'400 USD
Appealing High Grade Boston "Lazy Deuce"

Boston, Massachusetts. $2 1875. Friedberg 391 (W-344). The Continental NB. Charter #524. PCGS Currency Choice About New 55 PPQ.
Just light traces of handling are observed on this Series of 1875 "Lazy Deuce" issued by the Continental National Bank of Boston. A bold red overprint featuring a scalloped Treasury Seal is seen on the face along with darkly printed engraved design elements. The engraved signatures of Allison and Wyman are at center while the printed bank officers' signatures of Smith and Ditson are found at lower left and right. Both the face and back are fully framed and display premium paper surfaces. The Continental National Bank was chartered in October of 1864 and issued nearly $2.8 million before being liquidated in January of 1899.

About the Bank

The Continental National Bank of Boston was organized in 1864 with a capital of $300,000, authorized up to $1,000,000. At the time the Treasury Department was very generous in its allotments of capital increases, as each bank had to deposit funds equal to 90% of its capital-in effect an interest-free loan to the government, which was having financial problems.

Oliver Ditson, a local entrepreneur in the music publishing business, was the first president and James Swan was the first cashier. When the subscription books for stock purchases were opened the response was so great that the capital was increased to $500,000. On November 23, 1868, it assumed the assets of the First National Bank of Dorchester, charter 156. By 1869 the capital was $1,000,000.

Under various officers and events the bank remained in business until it was placed in voluntary liquidation on January 9, 1899, after which its business was succeeded by the Colonial National Bank of Boston, charter 5163.

PCGS Population: 1; 15 finer.

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