Unique Virginia First Charter AceNorfolk, VA - $1 Original Fr. 380 The Exchange NB Ch. # 1137
This unique piece was perhaps the most significant note in the Q. David Bowers collection of $1 Nationals. Mr. Bowers obtained this example from our sale of the Emmett Brooks Virginia collection in 2003, where we described it as: "This is the note that everyone has been waiting for, the true crown jewel of the Brooks Collection. It is the only First Charter ace known from Virginia, and comes from the only bank in the entire state which issued this denomination. It is utterly unique, and has been regarded as such since Elvin Miller acquired it forty years ago. Every collector who has ever collected First Charter ones by state and territory has run up against the stone wall of Virginia, as this note has never been available to collectors at public sale. This piece is, luckily for collectors, a most attractive example, with good color and signatures and no problems whatever worthy of mention, grading a pleasing Fine-Very Fine. With demand for the greatest of Nationals at an all time high, our estimate here may well prove conservative." Against a $20,000 and up estimate, the note then realized $25,300. When it sold in the Bowers sale, it realized a very weak $17,250, perhaps due to its PMG assigned grade of Fine 12 Net, the Net grade awarded for a split repair that affects nothing when it comes to a unique National. The next time this rare ace sold was in our 2011 CSNS auction where it realized $20,700. We must enlighten our audience that a typographical error has crept into one of the major national bank note censuses that makes it look like a second Virginia ace on this bank has appeared, rest assured that this is not the case as the auction venue in question was our 2011 CSNS auction. Back to the important matter at hand, it would not surprise us at all to see this incredible rarity with bold penned signatures reach or exceed its 2003 realization.
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