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    One of Two Reported Fr. 423a 1875 $10 Notes

    Holyoke, MA - $10 1875 Fr. 423a The City National Bank Ch. # 2430 PMG Fine 12.
    This 1875 $10 note is a significant rarity and another scarce Friedberg number achievement within the Mike Coltrane Collection. As a design type, it exemplifies the great craftsmanship seen on the lesser series denominations. Each side of the $10 first charter notes features a marvelous design layout. On the face, the Franklin and Electricity vignette is at the left and America Seizing Lightning is at the right. The green back design frames DeSoto Discovering the Mississippi in the center as adapted from W.H. Powell's painting. The charter issued only large size notes. The type would be rare from this bank in any case. However, as only the second example of this Friedberg number to be reported to the collecting community, it is exceedingly rare. It represents an intermediate listing: these exist only when the title changes, or when an already existing bank orders a new denomination at a specific time, the latter being the reason for this institution's Fr. 423a examples. During its first seventeen years of operation, this Hampden County charter issued only 1875 $5s until it decided to order a $10-$10-$10-$20 plate in 1896 when the Tillman-Morgan signature combination was in use. Just three banks in the entire country issued Tillman-Morgan 1875 $10s, and this was just the second piece to surface from that trio at that time. This example has seen circulation and has a PMG noted "Minor Repair" in its left margin. Otherwise, it is very attractive for the grade with sharp ink colors and boldly penned signatures. In the 2016 Memphis auction, the other known Fr. 423a example, which was cataloged as uncertified "Extremely Fine-About Uncirculated," realized $44,650. Mike took the opportunity to acquire this significant note which has the immense cachet of extreme rarity. Ex: our 2019 Platinum sale, lot 20079 (realized $15,600).
    From The Mike Coltrane Collection.

    Auction Info

    Auction Dates
    June, 2021
    24th-25th Thursday-Friday
    Bids + Registered Phone Bidders: 11
    Lot Tracking Activity: N/A
    Page Views: 197

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