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    Gorgeous Morton NB of Madisonville Red Seal

    Madisonville, KY - $10 1902 Red Seal Fr. 615 The Morton NB Ch. # (S)8386
    We last sold this note as part of the Bill Gale collection in January of 2006, where we described it as "If ever a Kentucky note had it all, this is it. This beautiful Red Seal comes from a bank which was chartered in 1906 and defunct by 1907. During its brief tenure, it issued a handful of Red Seals, of which only two have survived, this piece and another, which is utterly identical and bears the consecutive serial number to this note. The pair was discovered in 1983, and one went right to Glenn Martin, while the other was consigned to a Hickman-Oakes sale in 1984, after which it promptly disappeared and has not been seen since. This is the Martin example, which Bill Gale purchased at his 2002 auction for $13,800. While certainly not inexpensive, where can another example from this private name bank now be obtained at any price? Extremely Fine-About Uncirculated, with the flash and paper quality of a note printed this morning, and bearing the pen signatures of W.J. Ruby and the bank's namesake, W.C. Morton." Shortly after we sold this piece (which realized $10,350), a third example, which was just a hair lower grade, turned up, with that note selling for an identical $10,350 nine months later. In 2010, the mate to this piece again was offered at auction, this time realizing (surprise!) $10,350. We will be conservative in our estimate here, but a five figure realization for this PCGS graded Extremely Fine 45PPQ example would come as no surprise at all.

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    Auction Info

    Auction Dates
    January, 2012
    5th-10th Thursday-Tuesday
    Bids + Registered Phone Bidders: 1
    Lot Tracking Activity: N/A
    Page Views: 191

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