Lot 4844
1870, $5 Gold National Bank Note. . Fr-1136. . KL-223. PCGS Apparent Very Fine 20. Minor Edge Repair. One of only a handful of known examples without the Charter number overprint. This is the most affordable bank seen, and it is one of the lowest serial numbers reported. (The repair is truly minor, with the appearance overall well above average for the Type.)
Why a GOLD National Bank Note in California, when the other states were happy to use normal Nationals? California was a special case in those days. The Gold Rush of 1849-55 gave the citizens of the state a certain edge in "hard money" and they eschewed any sort of paper substitute as an invention of the devil. When the National Banking System was inaugurated by the Lincoln administration in 1863, California refused to go along unless the notes were specially backed by gold coinage (which, at the time, did not circulate on the East Coast). In 1870, the Federal government gave in to the State's special request, with this handsome note being the result. Very few survive today, and most are no better than heavily circulated rags.
Estimated Value $8,000 - 10,000.
|
| |
| Unsold |
