Finest PMG Graded National Gold Bank Note Offered in the Stack’s Bowers Galleries March Baltimore Auction

As a
highlight of our offering of the fabulous Vanderbilt Collection of United
States Currency, we are delighted to present the finest National Gold Bank Note
graded by PMG. The Fr. 1136 1870 $5 from the First National Gold Bank of San
Francisco, Ch. 1741, is graded Extremely Fine 40 EPQ and is the finest graded
by PMG of the entire National Gold Bank Note series.

note is bright with strong body and appealing freshness that highlights the
distinctive light golden color of the paper used for these issues. The face
vignettes are sharp, and the penned signatures are clear. The red ink of the
overprinted charter, serials and Treasury Seal is vivid. One of the most noted
features of these issues is always the gold coin vignette that graces the back.
It is often well worn, but here it is boldly printed and beautifully preserved,
with clear features throughout. This piece is nicely centered on both sides,
fairly well margined for the issue, and is noted on the PMG holder to have
excellent color and embossing in addition to the EPQ designation.

National Gold Bank notes were authorized by Congress in 1870 to allow for
circulating paper money in California, which was largely a gold-based economy
that did not accept National Bank notes except at a discount. These issues were
backed by gold and traded on par with gold coins. As such, they circulated
freely in California, but were little known elsewhere. Today the relatively few
that survive tend to be well worn, generally graded Very Good to Fine for all
denominations. A high-grade Very Fine is a rarity, and this note is unique in
the PMG records among all National Gold Bank Notes as an Extremely Fine. No
examples from any of the Gold Banks have ever graded above EF at either major

Stack’s Bowers Galleries last offered this note
as part of the Herman Halpern Collection in March 1993, before third-party
grading was available to the paper money market. It has been housed in the
Vanderbilt Collection ever since. The note carries an estimate of $50,000-$75,000
as part of Stack’s Bowers Galleries’ Official Currency Auction of the Whitman
Coin & Collectibles Spring Expo being held March 22-23, 2018. To consign to an upcoming Stack’s Bowers auction,
contact Director of Currency Peter Treglia at or
Currency Specialist Brad Ciociola at​​

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