LOT #95232 |
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Omaha City, NE (Territory)- Western Exchange Fire & Marine Insurance Co. / Bishop Hill Colony $1 Nov. 2, 1857 Owen 22-7 Remain...
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Sold on Jul 27, 2025 for:
$222.00
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Description
Omaha City, NE (Territory)- Western Exchange Fire & Marine Insurance Co. / Bishop Hill Colony $1 Nov. 2, 1857 Owen 22-7 Remainder PMG Superb Gem Unc 67 EPQ.The firm holds the distinction of being the first chartered "bank" in the Nebraska Territory, receiving its charter on March 16, 1855. The bank was owned by Iowa interests and period newspaper reports indicated that more of the company's notes were in circulation in Iowa than in Nebraska. Predictably the bank "exploded" on September 23, 1857, at which time it had on hand $191.30 in specie and $121 in notes of insolvent banks. The charter was purchased by the Bishop Hill Colony of Bishop Hill, IL, and notes were printed for use at the colony's bank in Galva, IL. Unfortunately, this attempt met the same fate as the first. Interestingly, in early 1860, the colony trustee, Olof Johnson, who did the deal for the bank, was removed from office by the colony which also adopted rules that forbade trustees from committing the colony to any ventures for which it would be responsible before obtaining approval by the colony. It is pretty easy to see what happened from this 1860 news item. The $1 design has a symbolic message that Manifest Destiny will eventually prevail as settlement moves westward. In this case, a Native American hunting party looks on as a passenger train disrupts a bison hunt. A portrait of Stephen A. Douglas is at bottom left and a vignette of a Native American mother and child is at bottom right. A large red ONE protector completes the design. The paper used for this note has only minimal toning, unlike many notes from this issuer.
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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: 9
Lot Tracking Activity: N/A
Page Views: 130
Buyer's Premium per Lot:
20% of the successful bid per lot.
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