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Lafayette, IN- Government Stock Bank $5 Oct. 2, 1852 Proof PMG Superb Gem Unc 68 EPQ.. ...
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$720.00
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Description
Lafayette, IN- Government Stock Bank $5 Oct. 2, 1852 Proof PMG Superb Gem Unc 68 EPQ.The Government Stock Bank was organized in late 1852 under Indiana's recently enacted 1852 Free Banking Act. The bank, like many of its peers, had failed by mid-1855. Its notes were redeemed at 80ยข on the dollar until securities proceeds were exhausted. The story, however, does not end there. In addition to $1s, $2s, and $3s, the bank also had a 5-5 plate produced whose notes were virtually identical to those issued in Ann Arbor, MI. These $5s were apparently mainly placed in circulation in Michigan, but would only be redeemed in Lafayette some 250 miles away unless a 2-3% discount was charged. This "bait and switch" design features an early view of the United States Capitol and a portrait of Zachary Taylor. A vignette of Liberty seated is at right and a state banking die is at left. Note that State of Indiana appears in very small letters in the upper left corner. Another sign of intentional deception. The note is printed on India paper mounted on cardstock with six POCs in the signature lines. Sixteen examples of this note appeared in several lots in the 1990 ABNCo Archives sale. We last auctioned this note as part of The Charles R. Pease, Jr. Collection in 2020 for $576.
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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: 10
Lot Tracking Activity: N/A
Page Views: 158
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