A
recently discovered Original Series $100 National Banknote from the Salem
National Banking Company of Salem, New Jersey, Charter #1326, will have
collectors abuzz leading up to the Stack’s Bowers Galleries Official Currency
Auction of the ANA World’s Fair of Money this August in Anaheim, CA. The note
is the first First Charter $100 to come forward from the state of New Jersey
and is now one of just about 40 Original Series $100s known from all note
issuing banks combined.
A
true miracle of survival, this $100 was originally acquired by a family member
of our consignor who worked in banking in New Jersey in the 1960s. The gentleman
played a role in the former national bank’s acquisition and during an audit of
the bank’s vault, vintage notes from the national banking era were discovered.
In a stroke of good fortune he was able to purchase the notes at face value. While
he had no numismatic experience to speak of, he had the foresight to purchase
these odd looking antique notes and hold on to them for the next 40 plus years.
The
Salem National Banking Company was chartered August 1, 1865, and issued a total
of $2,936,280 in both large and small size. They issued a scant 575 Original
Series $100s before doing away with the denomination beginning with the Series
of 1875. The example we have the honor of offering in our ANA auction displays
only moderate circulation and retains bright paper and boldly inked design
elements including the cherry red overprint displaying serial number 518. The
note has been graded Very Fine 35 Net by PMG with the grading service noting
some deftly executed restoration in their assigned grade. The note will carry a
pre-auction estimate of $80,000-$120,000.
Also
offered from the group of notes purchased from the bank nearly five decades ago
are several Original Series and Series of 1875 $5 and $10 notes from the Salem
National Banking Company, as well as a $10 Brown Back from the bank and a
serial number 1 sheet of 1929 Type-1 $5s.
We
are currently accepting consignments for the Stack’s Bowers Galleries Official
Currency Auction of the ANA World’s Fair of Money. The consignment deadline for
this auction is June 20. The Stack’s Bowers currency team will be accepting
consignments to this auction and other events next week at the Memphis
International Paper Money Show. If you cannot attend the show or have a
currency related question please give us a call at 1-800-458-4646 or email
Currency Specialist Brad Ciociola at bciociola@stacksbowers.com or Director of Currency
Peter Treglia at petert@stacksbowers.com.
