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Lot
17389

Fr. 897a $10 1914 Red Seal Federal Reserve Note PCGS Extremely Fine 40PPQ.. ...

2011 September Long Beach Signature Currency Auction #3514

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Auction Ended On: Sep 9, 2011
Item Activity: 2 Internet/mail/phone bidders
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Location: Long Beach Convention Center
100 S. Pine Avenue
Long Beach, CA 90802

Description:
Serial Number One Atlanta $10 1914 Red Seal
Fr. 897a $10 1914 Red Seal Federal Reserve Note PCGS Extremely Fine 40PPQ.
Our landmark sale of seven serial number 1 Red Seal Federal Reserve Notes in our May Central States sale brought forth this hitherto unknown $10 serial number 1 Red Seal from the Atlanta district, which comes to us from the estate of M.B. Wellborn, the first Governor of the Atlanta Federal Reserve Bank. Maximillian Bethune Wellborn was born in Lewisville, Arkansas during the Civil War and raised and educated in Eufaula, Alabama before moving to Anniston around the turn of the century. As a young man he became general manager of the Alabama Frog & Switch Company, a railroad supply company, and then entered the banking business, founding banks in Jacksonville and Piedmont before becoming President of the First National Bank of Anniston in 1905, serving in that position until 1914, when he was appointed the first governor of the newly established Federal Reserve Bank of Atlanta. It was in that capacity he obtained this lovely note, which is accompanied by a handwritten notation on the front of a Federal Reserve Bank of Atlanta envelope which states "The first of note issues of Fed R Bank of Atlanta, No 1...Property of M.B. Wellborn, Nov 1914." Wellborn served as Governor of the Atlanta Fed until 1928, and lived to the age of 95 before passing away in 1957.

Prior to our May sale only two $10 serial number 1 specimens were reported, with only one, the number 1 from the New York district, in private hands. That example has not been seen since its last appearance in 1998. The Chicago district number 1 is in the hands of the Chicago Federal Reserve Bank. After that sale, the number in private hands is now three, with each in very strong hands. Like the Dallas number 1 Red Seal we sold in May, this piece has clearly never circulated, but was folded for storage in the envelope that accompanies the note. The colors, margins, and overall appearance are as sharp as the day the note left the press, with PCGS awarding this note its coveted Premium Paper Quality designation, and our estimate of this number 1 beauty along with its unquestioned provenance may well prove conservative in the extreme this evening.

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