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    Incredible First National Bank of Cape May $10 Brown Back

    Cape May, NJ - $10 1882 Brown Back Fr. 490 The First NB Ch. # (E)5839
    In more than four decades of researching and describing National Bank Notes, your cataloger has become, after handling tens of thousands of Nationals, somewhat jaded to say the least...and then, out of the blue, comes a discovery that makes everything fresh and new again. This is one of those notes that this cataloger truly never expected to encounter, coming from a bank which issued Brown Backs only for just under three years between its opening in May of 1901 and its entry into receivership in May of 1904. During that period a grand total of 174 sheets were sent to the bank, 144 sheets of Tens and Twenties along with 30 sheets of Fifties and Hundreds. Of the total issue of $11,700, a mere $270 remained outstanding by 1916. Not a single bank in the State of New Jersey had a smaller total issue, making this institution the likeliest in the state to remain unreported. And then, late last year, a direct descendent of a Cape May founding family contacted Heritage and inquired into the value of a small accumulation of currency she had inherited. Included in that group was this note, which is being offered to the collecting community for the first time in this sale. Little needs to be said about its state of preservation, which is well nigh perfect. The note is crackling fresh, utterly original, and as nice in every respect as the day it left the bank over a century ago. Disregard the PCGS assigned grade of Very Choice New 64PPQ...this piece is a fully margined screaming Gem. Since its discovery, we have seen more interest displayed in this note than in any National we have offered in years, making any attempt to formulate an estimate even more difficult. Whatever the number reached tonight, the new owner of this wonderful item will have obtained something that no other collector in this generation will likely ever get the opportunity to own.

    Auction Info

    Auction Dates
    January, 2015
    7th-12th Wednesday-Monday
    Bids + Registered Phone Bidders: 8
    Lot Tracking Activity: N/A
    Page Views: 2,325

    Buyer's Premium per Lot:
    17.5% of the successful bid (minimum $14) per lot.

    Sold on Jan 8, 2015 for: Sign-in or Join (free & quick)
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