Within the realm of National Bank Notes, engraved signatures from the Register of the Treasury and the Treasurer of the United States often take a back seat to other considerations like denomination, type, or geography. Yet there’s almost always an exception.
Take the Jeffries – Spinner signature for example. Current from October 1867 to March 1869 this signature combination is neither the shortest-lived nor did it result from a brief interregnum at the Treasury Department during the early days of a new administration.
One would expect the number of new National Banks to be fairly substantial during this period owing to the rapid growth of the program during the 1860s. However, as history would have it, the number of new National Banks chartered dropped dramatically during the late 1860s, with only 18 new banks chartered during the concurrent tenure of Jeffries and Spinner. Such a figure would drastically reduce the need for new plates bearing this signature combination, while also demonstrating the scarcity of this short-lived signature combination in the present as few notes of this vintage were spared redemption.
Today National Bank Notes featuring the signatures of both Jeffries and Spinner are scarce, with even “common” extensively circulated pieces from the First National Bank of Mankato, MN (Charter# 1683 – Lot 10555) bringing thousands of dollars at auction compared to your typical generic Original Series National.
The last time we offered a Jeffries – Spinner National was just over eight years ago in August 2016 when we sold a $2 “Lazy Deuce” from the aforementioned Mankato bank. That note, graded Very Fine 25 by PMG, realized $23,500 against a rather wide estimate of $12,500 to $25,000. Before that we had offered a $1 from the First National Bank of Hillsborough, NH (Charter# 1688 – Lot 4723) which realized $17,625 in November 2012.
When these rarities appear, collector interest often follows as do strong bids reflective of their rarity. Should you ever have the chance to acquire an example of this short-lived signature combination bid accordingly as it may be years or decades before an example is publicly offered at auction.
For more information about our auctions or to consign your numismatic items, please call 800-458-4646 or email Info@StacksBowers.com.
