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Lot
15457

Fort Morgan, CO - $5 1902 Red Seal Fr. 588 The Morgan County NB Ch. # (W)7832. ... (Total: 2 items)

2012 October 17-23 ANA Currency Signature Auction- Dallas #3520

 
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Auction Ended On: Oct 18, 2012
Item Activity: 2 Internet/mail/phone bidders
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Location: Dallas Convention Center
650 S. Griffin Street
Dallas, TX 75202

Description:
Fort Morgan, Colorado Serial Number 1 $5 Red Seal
Fort Morgan, CO - $5 1902 Red Seal Fr. 588 The Morgan County NB Ch. # (W)7832
Tonight, we offer one of the most spectacular Colorado nationals to ever appear in one of our auctions. It came to us directly from a descendant of the bank's initial officers where it had resided with the family for generations. It originated from the first sheet of Red Seal notes issued by this small Fort Morgan bank that opened its doors in 1905. The bank was the second note issuer to commence operations in Fort Morgan (two years after the First National opened for business in 1903), and, as is usually the case, was the smaller of the two. As was very typical, it was not destined for a long tenured existence and eventually liquidated and merged into the First National in 1927.

This Serial Number 1 Red Seal was signed by M. L. Moore, the bank's president and J. H. Roediger, the bank's cashier. The note was then presented to R. M. Handy who was the bank's vice president. Handy kept the note for 24 years, and then gave it to Miss Virginia Roediger of New Haven, CT as a remembrance of her grandfather who helped establish the bank. The original letter dated October 12, 1929 explaining the details of the bequest to Miss Roediger is included with this lot. The note has resided with the Roedinger descendants until it was consigned to this sale.

From a collector's point of view, this gorgeous note has everything going for it. First of all, it is only the seventh Serial Number 1 Red Seal to surface on any Colorado bank, and the first to appear at public auction since Bill Donlon's inaugural auction in 1971. Secondly, it comes from an uncommon bank, and is only the sixth note to be reported from The Morgan County NB. Last and certainly not least, it is a beautiful note that features wide margins, bright, crisp paper, vibrant color, and bold embossing. The original signatures are dark and clear. The note had apparently been paper clipped to the original 1929 letter for a long period of time resulting in a few rust flecks on the note. These have been deftly removed, but caused PMG to assign a net grade to this well preserved note. One of the highlights of this auction, and certain to be of great interest to all Colorado collectors, as well as anyone who appreciates great Nationals. PMG About Uncirculated 55 Net.

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