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Theresa, NY - $10 1902 Red Seal Fr. 614 The Farmers NB Ch. # (E)8158. ...
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Sold on Sep 8, 2016 for:
$4,935.00
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Description
Serial Number 2 Red Seal - Third Large Size Reported
Theresa, NY - $10 1902 Red Seal Fr. 614 The Farmers NB Ch. # (E)8158One of the highlights of tonight's sale, this is a wonderful discovery item from an obscure issuer that operated in the far northern hinterlands of upstate New York. Like many other small towns around the country, a group of businessmen in Theresa took advantage of the amendment to the National Banking Act that was enacted in 1900 which allowed for the establishment of banks with just a capitalization of $25,000 in communities of less than 3000. Thus, the Farmers National opened its doors in 1906 in this village of several hundred people about fifteen miles northeast of Watertown. However, unlike many of its unsuccessful brethren, this bank managed to sustain a marginally profitable existence, maintained a circulation of $25,000, and survived the note issuing era. Then, like many other small town banks, it disappeared during the post-World War II merger era. Until this evening, just two large size were reported from here, both $20 Plain Backs that are moderately circulated. That total dramatically changes with the addition of this beautiful Red Seal that has been held by our consignor since he quietly acquired it in a private transaction from paper money dealer Bill Donlon in 1971. Fortunately, it is as pretty as it is rare with bright paper, vivid color, and delicate pen signatures. It also has the added enhancement of low serial number 2 indicating that it was likely kept as a treasured souvenir by a bank employee. PMG has mentioned a few tiny pinholes but they are of no consequence when considering the rarity and desirability of this great New York national that is fit for the finest of collections. PMG Extremely Fine 40.
From A Private New York Collection, Part I
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View all of [A Private New York Collection, Part I ]
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Auction Info
2016 September 7 - 12 Long Beach Expo Currency Signature Auction - Long Beach #3548 (go to Auction Home page)
Auction Dates
September, 2016
7th-12th
Wednesday-Monday
Bids + Registered Phone Bidders: 4
Lot Tracking Activity: N/A
Page Views: 325
Buyer's Premium per Lot:
17.5% of the successful bid per lot.
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