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Chatfield, MN- Bank of Chatfield $2 Sep. 20, 1862 G4a Hewitt B080-D2b PMG Choice Fine 15.. ...
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$1,440.00
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Description
Chatfield, MN- Bank of Chatfield $2 Sep. 20, 1862 G4a Hewitt B080-D2b PMG Choice Fine 15.The bank was authorized in 1859, with the first notes being issued on July 5 of that year. A few months later one of the principals from Boston sold almost all of his interest to a Cleveland, OH, investor. The bank convinced state authorities to allow it to issue circulation equal to the full amount of railroad bonds that served as the notes' security. The bank had no office in Minnesota and had its circulation placed solely in Wisconsin. In 1862, the bank was sold to Milwaukee interests who retired the railroad bonds, replaced them with U.S. securities and increased the circulation. Notes were redeemed at par, with $929 outstanding in 1868. The $2 features a farrier shoeing a horse flanked by dual 2 counters and identical end panels whose number of elaborate engraved strips is keyed to the denomination to prevent the note being fraudulently raised to a larger denomination. A red and white TWO protector completes the design. PMG notes a sealed tear at the Cashier's signature at bottom left. Hewitt's census for this variety with red protector and written serial number now stands at four examples, two of which are remainders (one of which is in an institutional collection).
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Auction Info
2025 July 27 Summer U.S. Currency Obsolete Banknotes Showcase Auction #62406 (go to Auction Home page)
Auction Dates
July, 2025
27th
Sunday
Internet/Mail Bids: 2
Lot Tracking Activity: N/A
Page Views: 271
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