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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 2068

Estimate: 40'000 USD   |   Starting price: 24'000 USD Price realized: 52'800 USD
Finest Graded Stockton $10 National Gold Bank Note

Stockton, California. $10 1873. Friedberg 1146 (W-1324). The First National Gold Bank. Charter #2077. PCGS Currency Very Fine 35.
The $10 National Gold Bank Notes of the early 1870s borrowed heavily on the face design of Original and Series of 1875 $10 National Bank Notes as can be seen by the familiar vignettes of Franklin and Electricity at left and America Seizing the Lightning at right. Printed signatures of Allison and Spinner are near center along with hand signed bank officers' signatures along the bottom. The overprints are in red with the charter number and red spiked Treasury Seal in their typical locations. National Gold Bank Notes differed in back design as an assortment of period gold coins were portrayed at center along with the California state seal at left and an eagle with shield and interlocking US at right. Roughly 95 examples of the $10 denomination are known from all issuing banks combined. Most National Gold Bank Notes circulated heavily and the majority of survivors are well worn and with varying impairments.

This note has long been considered to be one of the finest notes known for the type. It is recorded in the old Martin Gengerke census as Very Fine+. PCGS has affirmed that assertion with their assigned grade of Very Fine 35. No finer graded $10 National Gold Bank Notes can be found in the population reports of PCGS or PMG. Even circulation is witnessed along with four large margins and boldly inked design elements. Deep red color is seen in the overprint, and the bank officers' signatures are well penned and fully legible.

In its last auction appearance in July 2007 the note realized $82,800. We would not be surprised with a realization that approaches or exceeds that number now.

About the Bank

The First National Gold Bank of Stockton was organized in January 1873 and opened for business on April 1. The founding president was Frank Stewart and the first cashier was Henry H. Hewlett. The capital was $100,000 with authorization to go to $200,000 if desired. The bank was profitable from the start and paid 1% per month in dividends to its stockholders. The capital was further increased to $300,000, then in 1875 to $400,000.

In 1879 the bank, then with a capital of $300,000 was liquidated and its business transferred to the new First National Bank of Stockton, charter 2412, with the same capital and management.

PCGS Population: 1; none finer.
From Spink's sale of July 2007, lot 201.

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