National currency enthusiasts will be excited by the recent discovery of a serial number 1 1882 $5 Brown Back from the First National Bank of Fernandina, Florida (Charter #4558). The note is now the finest $5 Brown Back known on the state of Florida and is one of just a small handful of serial number 1 Brown Backs from the Sunshine State. It will be featured in the Stack’s Bowers Galleries Official Currency Auction of the Whitman Coin & Collectibles Spring Expo March 30-April 1, 2016.
The Bank of Fernandina opened in July 1887 and received its federal charter in April 1891, when it became the First National Bank of Fernandina. President Fred W. Hoyt led the bank and had the foresight to hold back this important piece of Florida banking history. Hoyt was a teacher, newspaper editor, grocer and ship chandler before opening the bank. He retired from the day-to-day operations of the bank in the early 1910s but remained a fixture in Fernandina until his death in 1928. The note is consigned by a fourth-generation member of Mr. Hoyt’s family.
The First National was a successful bank, issuing nearly $2.3 million between 1891 and the end of the national currency era in 1935. The bank changed hands in 1948 when it became the Florida First National Bank of Fernandina Beach. Today it is part of the Wells Fargo bank chain.
This wonderful $5 is graded Choice Extremely Fine 45 by PMG and features excellent hand signed signatures of Hoyt and cashier R.C. Cooley. The centering and ink tones are ideal. Just a couple of small pinholes are seen on the left side as mentioned by the grading service. The note carries a pre-auction estimate of $40,000-$60,000.
The Stack’s Bowers Galleries Official Currency Auction of the Whitman Coin and Collectibles Spring Expo will be Thursday, March 31 beginning at 5PM Eastern Time.
If you are interested in consigning to a 2016 Stack’s Bowers Galleries auction event, or if you have a currency related question please call 1-800-458-4646 or email Currency Specialist Brad Ciociola at bciociola@stacksbowers.com or Director of Currency Auctions Peter Treglia at petert@stacksbowers.com.
