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    Prestonburg Red Seal- One of Two Large Notes Known From Here

    Prestonburg, KY - $10 1902 Red Seal Fr. 613 The First NB Ch. # (S)7254
    A fantastic Red Seal rarity from one of the smallest issuers in the state. This institution, the only bank chartered in this coal country county seat, issued just 383 sheets of Red Seals along with a literal handful of Blue Seals and Series 1929 examples as it clung to the minimum $6500 capitalization the law required. With its limited circulation, it is no wonder that the amount of large notes outstanding from here had dropped to only $370 by 1935. Just two large notes are known, both, amazingly, Red Seals. The Martin collection example was a touch lower grade than this, and realized over $8000. We see no reason why this specimen, in a market that values real bank rarity, will not surpass that figure this evening. Fine, with a couple of minor paper clip stains that barely detract from this note's appeal.

    View all of [The Bill Gale Collection of Kentucky Nationals ]

    Auction Info

    Auction Dates
    January, 2006
    5th-7th Thursday-Saturday
    Bids + Registered Phone Bidders: 4
    Lot Tracking Activity: N/A
    Page Views: 209

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