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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 2069

Estimate: 150'000 USD   |   Starting price: 90'000 USD Price realized: 228'000 USD
Incredible $20 Petaluma National Gold Bank Note Rarity
The Finest Example of the Type
Petaluma, California. $20 1875. Friedberg 1157 (W-2062). The First National Gold Bank. Charter #2193. PCGS Currency Extremely Fine 45.
Offered is one of the greatest National Gold Bank Notes we have ever had the honor of presenting at auction. This 1875 $20 from the National Gold Bank of Petaluma is the finest example of the type graded by either PCGS or PMG. Furthermore, it is one of the finest known examples from the entire series of National Gold Bank Notes.

The face design is very similar to that of Original and Series of 1875 $20 National Bank notes with the Battle of Lexington, 1775 vignette at left and Loyalty at right. The back displays an assortment of period U.S. gold coinage at center including an 1871 double eagle.

While most National Gold Bank Notes show extensive wear, this note is an exception, as just faint traces of circulation are observed. The darkly printed design is perfectly framed with full margins. The overprints on the face are bold red and the bank officers' signatures are both neatly penned in sharp inks.

Roughly 60 $20 National Gold Bank Notes are known from all banks combined. Of those approximately half come from the National Gold Bank of San Francisco. The present note is one of just two $20s known from the National Gold Bank of Petaluma. The other is graded Very Good and realized $43,475 in an April 2017 auction. The presently offered note is far superior and was last sold at auction for $230,000 in June 2007. The market for great rarities is much stronger now and we expect the price for this note to reach well into the six-figure range.

About the Bank

The First National Gold Bank of Petaluma was chartered on October 12, 1874, with an authorized capital of $200,000. I.G. Wickersham was the founding president and H.H. Adwater was the first cashier. It transitioned to become the The First National Bank of Petaluma on April 17, 1884. It was placed in voluntary liquidation on September 25, 1894, with the capital of $200,000. It was succeeded by the Wickersham Banking Company, which operated under a state charter.

PCGS Population: 1; none finer.
From B. Max Mehl 1953; Ex. Amon Carter; Lyn Knight's sale of February 2003, lot 2126; Lyn Knight's sale of June 2007, lot 95.

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