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    Description

    The Piedmont Collection of North Carolina National Bank Notes.
    The Piedmont Collection is one of the finest collections of North Carolina National Bank Notes ever assembled, and certainly the finest presented at public auction. A total of 107 large size, and one small size note are included. In addition to unique notes, serial number one, type note, and high grade rarities abound in this collection. It is being offered as a single lot and includes among other things a number of post cards and a few other pieces of ephemera.

    Asheboro, NC - $10 1902 Plain Back Fr. 626 The First NB Ch. # 8953
    The First National Bank of Asheboro begins this impressive collection of North Carolina Nationals as our consignor focused almost primarily on large size notes from this very scarce state. This institution in Randolph County opened its doors in 1907. Track & Price indicates this is just the fourth large size note to make an auction appearance and the first in nearly half a decade. What's more, it is the finest of the large size notes recorded in the census. The paper is attractive and problem free and adorned with deep, dark signatures. PMG Very Fine 25. An old black and white post card of the bank is included in the PMG holder.

    Asheville, NC - $10 1882 Brown Back Fr. 489 The Blue Ridge NB Ch. # (S)5110
    Until this auction, the only other note we had ever handled from this very scarce Buncombe County bank was a $50 Brown Back. This piece is an absolutely stunning Brown Back with deep brown hues on front and back. Full margins are seen and the paper is wholly original, earning the Premium Paper Quality descriptor from PCGS. PCGS Very Fine 35PPQ.

    Asheville, NC - $20 1902 Red Seal Fr. 641 The American NB Ch. # (S)8772
    In 2007 we sold a $10 Red Seal from this bank for $18,400. Kelly's most recent census indicates there are just around 22 Red Seals known from all banks in North Carolina. Eight of those notes are included in this collection. The overprint remains bold as does the signature of the president. A color postcard of the interior view of the bank lobby is included in the PMG holder. PMG Choice Fine 15.

    One of Three Known $50 Plain Backs From North Carolina
    Asheville, NC - $50 1902 Plain Back Fr. 677 The American NB Ch. # 8772
    Only two charters issued $50 Plain Backs in North Carolina. To date, only three notes are known, all from the American National Bank. This piece is a solid, mid grade example with full stamped signatures. Most recently we sold a PCGS Choice New 63 $50 Plain Back from this bank for nearly $30,000 in our January 2009 FUN Auction. PMG Very Fine 20.

    Asheville, NC - $5 1902 Plain Back Fr. 609 The NB of Commerce Ch. # 12244
    The National Bank of Commerce in Asheville was chartered in 1922 and changed its title in 1931, adding Trust Company to its name. Ultimately it was liquidated in 1933 and when the doors shut, there was a total of $2,140 in large size outstanding. According to Track & Price, only one other Large Size note has made an auction appearance, and that was a paltry Good back in March of 2005. This piece is an attractive PMG Very Fine 25 with bright paper and deep stamped signatures.

    Benson, NC - $5 1902 Plain Back Fr. 609 The First NB Ch. # 12614
    Organized in 1924, this Johnston County bank operated for just four short years before it was liquidated. It issued only $5 notes and in the last 20 years about a half dozen notes have been offered to collectors. So far, none of the reported survivors have graded nicer than Fine. PMG Fine 12 Net. The net grade is due to some minor discoloration.

    Burlington, NC - $10 1902 Red Seal Fr. 615 The First NB Ch. # (S)8649
    A lone Red Seal is known from this Alamance County bank. It is also the last large size note to be offered at auction from this institution and that offering was nearly three years ago. Despite some paper blisters that are noted by PMG and some minor soiling, this piece faces up very well. Regardless, this piece is a coveted North Carolina Red Seal that will always receive attention from state and rarity collectors. PMG Choice Fine 15 Net.

    Burlington, NC - $10 1902 Plain Back Fr. 626 The First NB Ch. # 8649
    This bright and attractive piece has a far nicer appearance than the grade suggests. The paper is attractive and the overprint is a deep midnight blue. Fewer than half of the large size notes in the census have made auction appearances from this bank. A postcard of the First National Bank Block is included in the third party holder. It is postmarked from High Point on March 23, 1917. PMG Choice Fine 15.

    Charlotte, NC - $20 1902 Plain Back Fr. 651 The First NB Ch. # 1547
    Though many of the large size notes from this bank are recorded in the census without grades, this is one of the finest. The paper is bright and original with full embossing and dark stamped signatures. A pleasing piece. PMG Choice Very Fine 35 EPQ.

    Charlotte, NC - $10 1882 Brown Back Fr. 484 The Merchants & Farmers NB Ch. # 1781
    Vibrant colors and strong penned signatures are seen on this fully margined and bright Brown Back. The last example of this type to be offered at auction was another $10 back in 2003 in our September Long Beach Signature Auction. This $10 brings the total number of Brown Backs known from the bank to three. PMG Very Fine 25.

    Charlotte, NC - $10 1902 Plain Back Fr. 627 The Merchants & Farmers NB Ch. # 1781
    Prominent stamped signatures and bright paper are seen on this large size $10 from the Merchants and Farmers of Charlotte. This bank succumbed to the pressures of The Great Depression, and in 1934 the receiver closed its doors. PMG indicates some staining which is seen on the back of the note only. PMG Fine 12.

    Charlotte, NC - $5 1902 Date Back Fr. 597 The Commercial NB Ch. # 2135
    Remaining stamped signatures are seen on this fully margined and bright $5 Date Back. Statewide, only about three dozen $5 1902 Date Backs are known, compared to over 350 Plain Backs. PMG Choice Fine 15.

    Charlotte, NC - $20 1902 Plain Back Fr. 658 The Charlotte NB Ch. # 5055
    In the last five years, only two other large size notes from this bank have been offered at major auction. This piece is a very nice representative, with full stamped signatures, and fully printed details. PMG Very Fine 20.

    Charlotte, NC - $5 1902 Plain Back Fr. 600 The Union NB Ch. # 9164
    Much of the note's original embossing is still present on this wholly original piece. The colors are bold and deep. This is the finest note in at least three years to be offered from this institution. PMG Choice Extremely Fine 45 EPQ.

    Charlotte, NC - $10 1902 Date Back Fr. 618 The Union NB Ch. # (S)9164
    The blue stamped signatures of the cashier and president are seen on this moderately circulated piece. While not quite as scarce as $5 Date Backs, $10 Date Backs are still fairly scarce with about 50 known statewide. PMG Choice Fine 15.

    Cherryville, NC - $10 1902 Plain Back Fr. 626 The First NB Ch. # (S)9548
    Founded in 1909, this Gaston County institution issued large size notes only before being liquidated in 1927. The name Cherryville conjures up fantasies of the perfect rural life. This note boasts Gem sized margins, lightly stamped signatures, and bright paper. A lack of distracting folds gives this note the overall appearance of a full CU note. Almost five years ago, we sold the consecutive serial number to this piece, but we can argue that this piece is marginally nicer. PMG About Uncirculated 50 EPQ.

    Concord, NC - $5 1882 Brown Back Fr. 470 The Concord NB Ch. # (S)3903
    The census of notes for this bank is misleading. A number of large size survivors have been recorded, though according to Track & Price, a lone large size note has made an auction appearance in the last 20 years. This piece, a richly toned $5 Brown Back is perfectly signed and evenly margined. PMG Very Fine 25.

    Creedmoor, NC - $10 1902 Plain Back Fr. 626 The First NB Ch. # (S)8902
    This one bank town has few survivors, just six total, with two of the survivors listed in the census without grades. This piece is an evenly circulated piece with light but remaining signatures and problem free paper. PMG Choice Fine 15.

    Dunn, NC - $10 1902 Plain Back Fr. 624 The First NB Ch. # 7188
    Much of the original embossing remains on this bright white piece. The overprint is a deep midnight blue color and the stamped signatures remain. PMG Choice Very Fine 35 EPQ.

    Durham, NC - $10 1902 Red Seal Fr. 615 The First NB Ch. # (S)3811
    The First National of Durham opened in late 1887 and operated into 1932. Before it closed its doors, it issued more than $9 Million in National Currency. Today, this note is the lone surviving Red Seal from the bank and one of about 22 known from the entire state. It was last offered to collectors in a 1996 auction where it sold for $1,787.50, less than a tenth of what the average Red Seal from North Carolina is likely to fetch at auction today. The overprint is still sufficiently bright and low serial number 40 is seen below McKinley's portrait. PMG Very Fine 20.

    Durham, NC - $5 1902 Plain Back Fr. 598 The Citizens NB Ch. # (S)7698
    Many of the notes in the North Carolina census are listed without grade, which is the case here. This note is easily finer than the rest of the large size notes listed with grades for this bank. The paper is solid for the grade with light blue stamped signatures. PMG Very Fine 20.

    Elizabeth City, NC - $10 1882 Brown Back Fr. 485 The First NB Ch. # 4628
    The First National of Elizabeth City was chartered in 1891 and operated under that title until it changed its name in 1918 to the First and Citizens National. Both titles are represented in this lot. Currently, only eight notes are known with the first title, two of which have made auction appearances before tonight. Strong penned signatures are seen on this example. PMG Very Fine 20.

    Elizabeth City, NC - $20 1902 Plain Back Fr. 658 The First & Citizens NB Ch. # (S)4628
    A postcard of the bank accompanies this fully margined $20 Plain Back that displays this bank's second title. PMG Very Fine 30.

    Elkin, NC - $10 1882 Value Back Fr. 577 The Elkin NB Ch. # (S)5673
    Only a half dozen large size notes are known from this bank. As a type, this note is quite rare. Just fourteen $10 Value Backs are known from all banks in North Carolina combined. This piece features a full penned signature of the cashier, though the president's signature has faded. A comment, "retouched," is mentioned on the holder by the grading service. PMG Very Fine 20. The postcard that accompanies this note is fantastic. The bank's name is in the window of the bank building and an ELKIN CLO. CO. sign appears across the top of the building next to it.

    One of Seven 1875 Aces
    Fayetteville, NC - $1 1875 Fr. 383 The Fayetteville NB Ch. # 1756
    Only four banks in North Carolina issued 1875 $1 notes. Today, seven examples are known from those four banks combined. This bank opened its doors days before Christmas in 1870 and was liquidated on New Year's Eve in 1887. In those 17 years it issued Original Series and Series 1875 notes only. This piece is well worn, though it retains full legible signatures. An expert repair is mentioned by the grading service and is the reason for the net grade. PMG Good 6 Net.

    Fayetteville, NC - $2 Original Fr. 389 The Fayetteville NB Ch. # 1756
    A third of the state's population of Original Series $2 notes is represented in this note and the next. This piece, regardless of grade is very rare and highly desirable. This piece, is original and free of restorations, though there are some minor breaks about the borders and a few pinholes, all of which can be expected for the grade. PMG Good 6.

    Fayetteville, NC - $2 Original Fr. 389 The Peoples NB Ch. # 2003
    This mid-grade Lazy Deuce is a fantastic example of the type for this state. According to the census, only one finer note is known in a grade higher than Fine. The penned signatures on this piece are strong and attractive and the overprint remains bold for the grade. PMG Fine 12.

    Fayetteville, NC - $20 1902 Plain Back Fr. 659 The NB of Fayetteville Ch. # 5677
    Almost four years have passed since the last note from this bank has been offered at major auction. This piece is accompanied by a postcard from the bank which was used around 1910. The grading service mentions some rust, which someone tried to remove and thus it resulted in a net grade. PMG Choice Fine 15 Net.

    Fayetteville, NC - $10 1902 Date Back Fr. 618 Fourth NB Ch. # (S)8682
    This note was previously recorded in the census without a grade. We are happy to report that it is the finest of four notes known from this Cumberland County bank. The paper is solid for the grade with blue stamped signatures. This piece is the scarce $10 Date Back. PMG Very Fine 25.

    First Ever Public Offering of Forest City Notes
    Forest City, NC - $10 1902 Plain Back Fr. 635 The NB of Forest City Ch. # 12461
    After just three short years of operations, this bank was liquidated in 1926. It issued $5, $10, and $20 1902 Plain Backs and today, about five notes are known, the first of which are being offered here tonight. The paper on this piece is a touch finer than on the next piece, though there are some paper pulls and a bit of residue which are mentioned by PMG. The stamped signatures are bold as is the overprint. PMG Choice Fine 15.

    Forest City, NC - $10 1902 Plain Back Fr. 635 The NB of Forest City Ch. # (S)12461
    This is a second example from this very scarce bank. The low serial number 56 and regional sort letter S indicate it was from the first shipment of notes to the bank sometime between the charter date in November of 1923 and the middle of March 1924 when the Treasury stopped using regional sort letters. Interestingly, the note offered above bears serial number 204 and does not bear a regional sort letter, indicating this bank received at least two different shipments of notes, the second of which was after March of 1924. This note is evenly circulated and problem free with full stamped signatures like the note above. PMG Fine 12.

    Forest City, NC - $5 1902 Plain Back Fr. 609 The NB of Forest City Ch. # 12461
    A third example from this bank and from the second shipment of notes delivered to the bank. The grading service indicates residue on the note, which results in a net grade. The blue stamped signatures are visible. PMG Very Good 10 Net.

    Gastonia, NC - $20 1902 Plain Back Fr. 653 The First NB Ch. # 4377
    Much of the note's original embossing is still present. Almost four years have passed since collectors have been offered the chance to bid on a large size note from this bank at major public auction. PMG Very Fine 30.

    Gastonia, NC - $20 1902 Plain Back Fr. 650 The Citizens NB Ch. # 7536
    Deep blue stamped signatures are seen on this wonderfully original $20. No notes from this bank have been offered by a major auction house in over three years. The embossing is bold and the paper is exceptional. PMG Very Fine 30 EPQ.

    Gastonia, NC - $20 1902 Plain Back Fr. 658 The Third NB Ch. # 11477
    Almost a decade has passed since the last offering of a note from this rare bank. To date only five notes have been reported. PMG Very Fine 20.

    One of Seven Known North Carolina 1882 $50 Date Backs
    Goldsboro, NC - $50 1882 Date Back Fr. 560 The NB of Goldsboro Ch. # (S)5048
    Three banks in North Carolina issued 1882 $50 Date Backs. Today, the seven known survivors are known from this bank and the Murchison National in Wilmington. Only two notes are accounted for from this Wayne County Bank. The other was last offered at public auction back in 2000. A deep overprint is seen on this note and the beautifully engraved vignettes remain strong. PMG indicates a tear and closed pinholes, which do not affect the grade. PMG Choice Fine 15.

    Goldsboro, NC - $20 1902 Plain Back Fr. 657 The Wayne NB Ch. # 10614
    This bright and well signed $20 is the finest note from this bank to appear at auction in nearly ten years. Some of the original embossing is still present, and it is ever-so-close to the full EF grade. PMG Choice Very Fine 35.

    Newly Discovered Graham Red Seal
    Graham, NC - $10 1902 Red Seal Fr. 615 The NB of Alamance Ch. # (S)8844
    This previously unreported Graham $10 increases the number of Red Seals from North Carolina to just 22 notes. In last five years, no note finer than VG has appeared at auction. Despite the grade, the overall appearance is decent due to a bold overprint. An old black and white photo postcard is included in the third party holder. Two gents are seen outside the bank with, "NATIONAL BANK OF ALAMANCE, CAPITAL $50,000" seen printed on the window. Just inside the window is a calendar with the date, Saturday April 27th. The photo was likely taken in 1912 as the postmark on back is 1914. PMG Very Good 10.

    Greensboro, NC - $5 1875 Fr. 401 The NB of Greensboro Ch. # 2322
    After opening its doors in 1876, this bank didn't quite complete its first charter, failing a few weeks short of twenty years in business. In that time, it issued nearly half a million dollars in Series 1875 $5's only. By 1910, the comptroller's records indicated only $2,860 was still outstanding from this bank. PMG indicates a restoration, though strong signatures and printed details give the note a solid overall eye appeal. PMG Very Good 8 Net.

    Greensboro, NC - $10 1882 Brown Back Fr. 487 The Greensboro NB Ch. # (S)5031
    Only one other note has been offered from this institution in the last five years. This bank was closed in 1922 and only issued large size notes. This piece features full penned signatures and according to PMG, a closed pinhole. A postcard of the bank accompanies the note and has been encapsulated by the grading service. PMG Fine 12.

    One of Three Known
    Greensboro, NC - $10 1882 Brown Back Fr. 490 The City NB Ch. # 5168
    This note previously appeared in our 2003 Central States Signature Auction. At that time it was described, "One of the great rarities from the Coastal Collection, with this bank having issued Brown Backs only during its short existence from 1899 to 1908. The Kelly census shows just one note extant from here, matching our records, which show just one offering at public sale from here in the past sixty years. Pen signed Very Fine+, with a bit of old tape stain affecting the bottom margin only." Fortunately, the little piece of tape has been removed and is now only indicated as a restoration by PMG. The census has changed, only to indicate that three notes are now known. However, this piece and the aforementioned piece remain the only examples from this bank to make auction appearances. PMG Very Fine 30 Net.

    Unique for the Bank
    Greensboro, NC - $5 1902 Date Back Fr. 592 The Commercial NB Ch. # (S)9123
    This piece last appeared in our September 2008 Long Beach Signature Auction. It realized $43,125 after a spirited bidding war. The description in that auction read, "A wonderful new discovery from a bank which issued Date Backs only during its very brief existence of only three years. Despite decades of searching by every North Carolina collector since the 1950's, no notes from this bank were known until the startling arrival of this specimen, which made its way into a Midwest coin shop earlier this year. In an era when National Bank Note discoveries from previously unknown banks are few and very far between, expect this evenly circulated and quite unique Fine rarity to shine tonight in its first offering ever to collectors." PMG Choice Fine 15.

    Greensboro, NC - $10 1902 Plain Back Fr. 628 The American Exchange NB Ch. # (S)10112
    This well signed and evenly circulated $20 exhibits the first of three different titles used by this bank. After being chartered in 1911, the bank changed its name in 1922 and again in 1928. PMG Very Fine 20.

    Scarce Third Title
    Greensboro, NC - $10 1902 Plain Back Fr. 628 The American NB & TC Ch. # 10112
    Despite the large number of notes available to collectors from this bank, there are only five notes known that bear the third title used by this Guilford County institution. Its third and final title change was in November of 1928, less than a year before the bank was liquidated. PMG Very Fine 25.

    Greenville, NC - $5 1902 Red Seal Fr. 588 The NB of Greenville Ch. # (S)8160
    Four large size notes and one small are known from this scarce Greenville bank. Of the four large size notes known, this note is the only Red Seal, and one of 22 known from the entire state. It is likely the nicest Red Seal in this collection, boasting strong, but delicately penned signatures. The paper is problem free and attractive, with a bright cherry-red overprint. A postcard showing the bank's impressive edifice is included in the third party holder. PMG Very Fine 30.

    Henderson, NC - $20 1902 Plain Back Fr. 650 The First NB Ch. # 7564
    A fully embossed note with blue stamped signatures. With its bright and attractive paper, it ranks as one of the nicest notes known from the bank. PMG Very Fine 30.

    Hendersonville, NC - $20 1902 Date Back Fr. 649 The Citizens NB Ch. # (S)10734
    A mid grade note that is the only $20 Date Back known from the bank, and one of less than two dozen known from the state. PMG Fine 12.

    Hickory, NC - $10 1902 Plain Back Fr. 628 The First NB Ch. # (S)4597
    Full margins and deeply stamped officers' signatures are seen on this $10 Plain Back. A postcard showing a black and white photo of the bank is included with the note. PMG Very Fine 30.

    High Point, NC - $10 1882 Brown Back Fr. 482 The NB of High Point Ch. # (S)3490
    This bank issued Brown Backs and Red Seals only before being liquidated in 1907. This piece was previously one of just two known notes when it was last sold in 2007. Since then a couple of other pieces have surfaced, the last of which, a $5 Brown Back in Fine, realized $17,250 in our January 2010 Auction. This piece has some reconstruction of the top margin as noted by PMG. PMG Fine 12 Net.

    High Point, NC - $5 1882 Brown Back Fr. 472 The Commercial NB Ch. # (S)4568
    One of two banks in High Point, this bank operated from 1891 until 1932 when it went into receivership. The penned signature of R.C. Charles is seen in the cashier's spot, and the stamped signature of the president is still vivid, but a little low and in the border design. PMG Very Good 10.

    Kings Mountain, NC - $20 1882 Date Back Fr. 555 The First NB Ch. # (S)5451
    The colors on front and back of this note are excellent. Bright blue stamped signatures and a deep midnight blue overprint contrast perfectly against jet black printed devices. Full embossing of the seal and the rest of the third printing is still easily seen through the open areas of the back design. PMG Very Fine 30.

    Kinston, NC - $20 1902 Plain Back Fr. 652 The First NB Ch. # 9085
    About ten large size notes are known from this bank, though Track & Price records only two major auction appearances. This piece is by far finer than either of those two pieces. Its paper is bright with some of the original embossing still present. The stamped signatures are still present. PMG Very Fine 25.

    Laurinburg, NC - $10 1882 Date Back Fr. 545 The First NB Ch. # (S)5651
    This discovery piece brings the total of known large size notes from this bank to five. Only two small size notes are known. This piece is the nicest of any notes, large or small, to appear at auction and it is bright and fully colored. A postcard of the bank appears in the third party holder with the note. PMG Very Fine 25.

    Leaksville, NC - $10 1902 Plain Back Fr. 635 The First NB Ch. # 12259
    This wholly original $10 is far nicer than any of the three other large size notes we have handled from this scarce Rockingham County bank. The signatures are bold and the paper is fresh and attractive. PMG Very Fine 30 EPQ.

    Lenoir, NC - $10 1902 Plain Back Fr. 626 The First NB Ch. # 8445
    According to Track & Price, only two other of the five known notes from this bank have ever made auction appearances. This piece is an evenly circulated example that is making its first public appearance. Included in the lot is a postcard of the bank with the local Confederate Monument in the foreground. PMG Very Good 10.

    Unique for Title
    Lexington, NC - $10 1882 Date Back Fr. 548 The First NB Ch. # (S)5698
    After opening in 1901, this Davidson County bank changed its title in 1911 to the First National Bank of Lexington. To date, this is the only note that has appeared bearing this second title. A note with serial number 68 is listed in the census, but a closer look reveals this is actually an error as the Treasury number with that posting matches this note. This piece is attractive overall with solid design details and a deep, midnight blue overprint. There are, however, pinholes with slight hints of rust around them, which resulted in the net grade. PMG Very Fine 25 Net.

    Lincolnton, NC - $20 1902 Date Back Fr. 642 The First NB Ch. # (S)6744
    Fewer than two dozen $20 Date Backs are recorded from all National Banks in North Carolina. This piece is one of four known from the bank, but only the second one to appear at auction according to Track & Price. The stamped signatures are still fully visible and the paper remains solid for the grade. PMG Very Good 10.

    One of Two Notes Known
    Lincolnton, NC - $10 1902 Plain Back Fr. 625 The County NB Ch. # (S)8184
    Until our 2006 Central States Signature Auction, this note was unique. The note that appeared in that auction was similar in grade, and as only the second known piece, fetched $19,550 after a heated bidding battle. PMG Choice Fine 15.

    Louisburg, NC - $10 1902 Plain Back Fr. 624 The First NB Ch. # 7554
    This is likely the finest note offered from this bank in at least ten years. The moderately circulated paper remains bright as do the printed devices. PMG Very Fine 30.

    Louisburg, NC - $20 1902 Date Back Fr. 646 The Farmers NB Ch. # (S)10260
    Our records indicate only two other notes from this large-only bank have made public auction appearances, the last was in 2008. This piece is far nicer than either of those pieces. The paper exhibited here is still bright with some remaining embossing and a bold blue third printing. PMG Very Fine 25.

    Lumberton, NC - $5 1902 Plain Back Fr. 598 The First NB Ch. # (S)7398
    The last major public offering of a note from this bank was in our 2003 Central States Signature Auction. This piece is an evenly circulated, problem free example. PMG Choice Fine 15.

    Non-Inverted Back Double Denomination National-One of Only Three Known
    Lumberton, NC- Fr. 623/649 $10/20 1902 Date Back The NB of Lumberton Ch. # (S)10610 Double Denomination
    This incredible rarity last appeared in our September 2003 Long Beach Signature Auction, where it was described, "A beautiful and unique Double Denomination example which traces its pedigree back to lot 1745 of the fabled Albert A Grinnell sale of June, 1945. Even in that era it was recognized as a major rarity, as the cataloguer for that sale, Barney Bluestone noted, saying 'This is not an inverted back and as such much more rare...Magnificent crisp Absolutely Uncirculated.' Unlike most all other known double denomination specimens, the note on the reverse is not inverted, an error made possible by the simple happenstance that this bank issued notes from a 10-10-10-10 plate as well as a 10-10-10-20 plate. The face here is from plate position "G," the bottom position on an all $10 sheet used when printing was meant to be on a 10-10-10-20 sheet. Interestingly, this bank issued a mere handful of notes in total, with all notes from here listed as redeemed on the ledger books maintained by the Comptroller of the Currency. This example is the only recorded specimen of any kind extant from here." PMG Extremely Fine 40, with mention of some closed pinholes. Included with this note is a small pamphlet encouraging locals in the Lumberton community to use the National Bank to store their savings. On front, it has a September 1917 calendar and on back the bank's officers and directors are listed.

    Marion, NC - $10 1902 Plain Back Fr. 634 The First NB Ch. # 6095
    Nearly five years have passed since a note has been offered from this one bank town. The light blue, stamped signatures are still seen. PMG Fine 12.

    Mebane, NC - $5 1902 Plain Back Fr. 607 The First NB Ch. # 11697
    According to our records, the only major auction appearance of a large size note from this one bank town was a VG $10 in a 1983 Hickman auction. Despite some soiling and pieces missing, the wear on the body of this note is likely commensurate with a Fine grade. PMG Good 6 Net.

    Mooresville, NC - $10 1902 Plain Back Fr. 626 The First NB Ch. # 9531
    The census of notes from this bank includes many pieces with no grades. Of the handful that are left, only one other is listed with a grade that could be compared to this bright and attractive $10. In the census, this piece is listed as an EF, and we can certainly see what someone may have been thinking when they assigned that grade. While no grading service would stretch to that grade, the full signatures and lack of distracting folds make a piece with plenty of eye appeal. PMG Very Fine 20.

    Morganton, NC - $10 1882 Value Back Fr. 577 The First NB Ch. # (S)5450
    This recently discovered $10 Value Back is now one of about 15 known from the entire state. In addition to type rarity, almost ten years have passed since another large size note has been offered from this bank. This piece is attractive with a full penned signature of the vice president. PMG Fine 15.

    Morganton, NC - $20 1902 Plain Back Fr. 659 The First NB Ch. # 5450
    One of the highest graded Series 1902's known from the bank. This piece has solid, bright paper. The signatures are a touch faded and PMG indicates there is some ink on the back, the result of a teller stamp. PMG Very Fine 30. A postcard of a view looking down West Union Street is included. The first building on the left is the First National Bank of Morganton.

    Mount Airy, NC - $20 1882 Date Back Fr. 550 The First NB Ch. # (S)4896
    Fewer than two dozen $20 1882 Date Backs are known from all banks in North Carolina. This discovery piece is the first of the type to be reported for this bank and the first large size note to be offered from this bank in over five years. The face appears fully VF, though PMG indicates the signatures are discolored. A postcard of the bank is included. PMG Choice Fine 15.

    Finest of Two Large Notes Known
    Mount Olive, NC - $10 1902 Plain Back Fr. 631 The First NB Ch. # 10629
    Some of the original embossing is noted on this $10 which has been off the market since it last appeared at auction in 1992. Today, it is the nicer of just two large size notes known from this one bank town. In 1935 the total large size outstanding was just $970. PMG Very Fine 30.

    One of Three Known
    Murfreesboro, NC - $5 1902 Plain Back Fr. 607 The First NB Ch. # (S)11557
    This Hertford County bank operated for just seven short years from 1919 to 1926 and was the only National Bank in Murfreesboro. Today, three notes are known to collectors, only one other of which has been offered to collectors at auction. This piece is a solid PMG Choice Fine 15, with stamped signatures.

    Serial Number 1 $10 Original - One of Eight Nationwide
    New Bern, NC - $10 Original Fr. 412 The NB of New Bern Ch. # 1632
    The survival of the Original Series Notes from this bank is an unlikely story. This Craven County bank ordered sheets of four $5's and sheets consisting of three $10's and a $20. This note and the $20 also offered here were the last two notes on the first sheet delivered to the bank featuring those two denominations. Both notes carry the same Treasury number in the upper right and the coveted serial number one at lower left. The two notes were likely set aside by the same bank employee as a memento of their ownership stake, or even their pride in having signed such a beautiful note. To date, only eight serial number one Original Series $10's have surfaced from all banks nationwide. Our records indicate only two others from this elite group of eight have made auction appearances, and neither of them were within the last decade. This piece is a beautiful PMG Very Fine 30 Net, that has been professionally restored. Any traces of a professional restoration are undetectable, even by the most astute professionals. The colors and signatures are excellent, and likely in the top 5% of Original Series notes we have handled in our years of experience.

    Serial Number 1 $20 Original - One of Just Three Known
    New Bern, NC - $20 Original Fr. 427 The NB of New Bern Ch. # 1632
    Full penned signatures and the same stunning colors are seen on this Original Series $20 that was cut from the same sheet as the $10 above. It also bears the serial number 1, which can be seen just below the vignette portraying the battle at Lexington. This note belongs to a more elite class of notes. Just three serial number 1 $20 Originals are known nationwide. The other two notes hail from the First National of Denver, Colorado and the First National of Jacksonville, Illinois. The only other recent offering was the piece from Jacksonville back in 1998. This piece and its sheet mate are notes coveted by North Carolina collectors as well as collectors of trophy Nationals from all states. The penned signatures are so bold, there is a hint of ink burn and PMG indicates some restoration has been completed, neither of which affect the eye appeal of this note. PMG Very Fine 30 Net.

    One of Three Large Size Known
    Newton, NC - $10 1882 Date Back Fr. 545 The Shuford NB Ch. # (S)6075
    Only three large size notes are known from this one bank town, and this is just the second piece to make an auction appearance. This example is far nicer than the 1902 Plain Back which was featured in our January 2009 FUN Signature Auction and realized $4,600. Full penned signatures add to the overall eye appeal of this scarce note. PMG Very Fine 20.

    Oxford, NC - $20 1882 Brown Back Fr. 504 The First NB Ch. # (S)5885
    More than a decade has passed since this piece was last offered to North Carolina enthusiasts. The colors are pleasing for a Brown Back and the piece is accompanied by a postcard of the bank building. PMG Very Fine 25.

    Oxford, NC - $10 1902 Plain Back Fr. 626 The NB of Granville Ch. # 8996
    A half dozen notes are known from this large size only bank in Granville County. This note is listed in the census as an EF and it is easy to see why. The paper is bright, well embossed and boasts bright bluish-purple signatures. It is likely a single fold away from a full EF grade. The postcard included in this lot was sent by a bank employee to S.W. Hooker in Durham a little more than a year after the bank opened its doors in Oxford. The penned inscription on the front of the card reads, "'The First National Bank of Granville' Oxford where I am employed at present in the capacity of steno." We presume the word "steno." is short for stenographer.

    Raleigh, NC - $10 1882 Date Back Fr. 539 The Citizens NB Ch. # (S)1766
    This large only institution was liquidated in 1929. To date, only a couple of Date Backs are known from this bank, a $5, and this $10, which was last offered to the collecting community in 1999. The paper is solid, with light, but remaining signatures of the cashier and president. A deep blue overprint is seen. PMG Choice Fine 15.

    Raleigh, NC - $5 1902 Red Seal Fr. 589 The Commercial NB Ch. # (S)9067
    Another Red Seal rarity from the Piedmont Collection that was featured in our May 2003 Central States Signature Auction where it was described in part, "Red Seals from this state lack the publicity (and the stratospheric prices) compared to their brethren in nearby South Carolina, but the census for the two states is nearly equal, with Kelly reporting 15 known examples from South Carolina and 18 from North Carolina. This piece, newly reported and part of the Coastal Collection for over 30 years, is only the third $5 Red Seal recorded on the entire state and the sole Red Seal known from the capital city of Raleigh." Though the numbers have changed slightly with a couple of discovery pieces since, including some pieces being introduced here tonight, this note remains the lone Red Seal known from this bank. PMG Fine 12.

    Raleigh, NC - $10 1902 Plain Back Fr. 626 The Merchants NB Ch. # (S)9471
    Ensconced for over five years, this piece is again being offered to the collecting community as part of the Piedmont Collection. The paper is wholesome for the grade with stamped signatures still visible. PMG Choice Fine 15.

    Reidsville, NC - $10 1902 Plain Back Fr. 632 First NB Ch. # (S)11229
    New to the census, this discovery note is the finest of just four large size notes known from this one bank town in Rockingham County. The First National of Reidsville was chartered in 1918 and survived through the end of the note issuing period of the National Banking era so its circulation also included small size notes. However, when the comptroller's books were last tallied in 1935, only $450 in large size notes remained outstanding. Delicate stamped signatures remain on this attractive $10. PMG Very Fine 20.

    Roanoke Rapids, NC - $10 1882 Value Back Fr. 579 The First NB Ch. # (S)5767
    Originally chartered as The First National Bank of Weldon, this bank requested a title change which was granted in the middle of 1912. Title changes were common, but location changes are scarce. To date, no notes are known with the first title bearing the Weldon location name. This colorful piece shows bold stamped signatures and full margins. PMG Very Fine 20.

    Rocky Mount, NC - $10 1902 Plain Back Fr. 624 The First NB Ch. # 7362
    The open areas of the back design reveal much of the original embossing and bright paper and a deep overprint add to the overall eye appeal. This Edgecombe County Bank was closed just prior to the conversion to small size notes and as a result, it only issued large size. In 2003, we featured three different notes from this bank, and since that time no others have surfaced. In all, seven notes have been accounted for from this scarce bank. Included in the lot is a leather bag with draw string. In gold lettering on the front of the bag reads, "The First National Bank, Rocky Mount, N.C. Capital and Surplus $250,000.00, 442-B". PMG Very Fine 30.

    Rocky Mount, NC - $10 1902 Plain Back Fr. 631 The Planters NB Ch. # 10608
    This bank operated under two titles. The title change came in 1930 meaning all of the large size notes issued by the bank bear the first title used by the bank. This piece is a solid note for the grade with dark stamped signatures. The last appearance of a large size note from this bank was back in 2002. PMG Fine 12.

    Unique for Bank
    Rocky Mount, NC - $10 1902 Date Back Fr. 623 The NB of Rocky Mount Ch. # (S)10630
    In 15 years of operations from 1914 to 1929, this bank managed to circulate $63,430 worth of National Bank Notes under two different titles. The second title, the First National was adopted in late 1929, just nine months before the bank was liquidated. Today, this piece is the lone survivor to have surfaced after years of searching by collectors and dealers. Fortunately for one lucky collector, this is the first ever offering to the collecting community. Light stamped signatures remain despite the note after having been processed according to PMG. PMG Choice Fine 15 Net.

    Salisbury, NC - $5 1882 Brown Back Fr. 467 The First NB Ch. # 2981
    This note is from a small group of original and exceptional $5 Brown Backs that were set aside and never circulated. The full blown embossing is unmistakable and complemented by bright colors and dark penned signatures. PMG Choice Uncirculated 64.

    Salisbury, NC - $10 1902 Plain Back Fr. 626 The Peoples NB Ch. # (S)9076
    Our records show only three other notes from this large only bank have appeared at auction. Bold stamped signatures are seen, though the grading service indicates some minor pinholes and a hint of rust that is confined to the back. PMG Fine 12 Net.

    Salisbury, NC - $20 1902 Plain Back Fr. 652 The Peoples NB Ch. # 9076
    This is one of the aforementioned three notes to have made an auction appearance from this Rowan County bank. It is a problem free example with stamped signatures and paper bright enough to give the piece an overall VF appearance. The cashier's signature is stamped twice. PMG Fine 12.

    Only Known Type II Serial Number One From North Carolina
    Sanford, NC - $10 1929 Ty. 2 The NB of Sanford Ch. # 13791
    In order to be included in a large size-only collection, this note needs to be exceptional and it is. There are almost three dozen serial number one 1929 Type I Nationals from North Carolina known to collectors. The discovery of this piece a few years ago made this note the first serial number one Type II note known for the state of North Carolina. This is a very interesting feat given the fact that bankers often kept the first sheet, or at least the first note of the first sheet of a given issue. While some of those notes ended up in circulation during the depths of The Great Depression, many survived as mementos for family members until they were sold to collectors or dealers for far greater sums in recent years. This note is a three-fold, beautifully embossed $10 that shows off that coveted serial number A000001. PMG Choice Very Fine 35.

    First Ever Public Offering
    Selma, NC - $5 1902 Plain Back Fr. 606 The First NB Ch. # (S)10739
    Three notes are listed in the census for this bank, though the other two are listed without grades and their whereabouts are unknown. As a result, this is the first ever public offering for this bank, which was the lone operating National Bank in town. The edges are a little rough, but that is unimportant given its rarity. PMG Very Good 8.

    Shelby, NC - $5 1902 Plain Back Fr. 598 The First NB Ch. # 6776
    This is a solid note with an appearance leaning towards the VF grade range. Two decks of playing cards, one red and one green, accompany this lot from the First National Bank of Shelby. The decks are boxed, and are in like new condition. PMG Choice Fine 15.

    Shelby, NC - $20 1902 Red Seal Fr. 640 Shelby NB Ch. # (S)7959
    A bold red overprint highlights this rare Red Seal. The penned signature of the cashier and stamped signature of the president are also seen. Of the five notes listed in the census, only one other example has made an auction appearance before this evening. The grading service indicates tape, pinholes and some discoloration, none of which can hinder the fact that this is an incredibly rare note from one of the most popular states in the union. PMG Choice Fine 15 Net.

    Smithfield, NC - $5 1902 Plain Back Fr. 605 The First & Citizens NB Ch. # 10502
    This bank operated under two different titles, the second of which was adopted in 1921, about seven years after the bank opened its doors. The last appearance of a note from this bank, bearing either title, was almost exactly five years ago tonight. This piece has a solid VF appearance, but was likely limited by some staining, which is noted by the grading service. PMG Choice Fine 15.

    One of Two Known
    Snow Hill, NC - $10 1902 Plain Back Fr. 632 The First NB Ch. # (S)10887
    Snow Hill is one of the great names in North Carolina and played an important role in early state history. Situated along the banks of Contentnea Creek, it was a major stop between Wilson and New Bern in early trading. Today it is a tiny hamlet of less than 2,000 and in the teens, it was just large enough to support a single National Bank. The First National opened its doors in 1916 and managed to operate for seven years. Today, just two notes are known to survive. The other piece was offered to collectors in a 1982 Hickman auction and was listed in the catalog as a VG. This piece shows dark stamped signatures and solid paper. PMG Fine 12.

    Statesville, NC - $10 1902 Plain Back Fr. 626 The First NB Ch. # (S)3682
    In the last ten years, only one other large size note has been offered from this Iredell County bank. The paper is bright and attractive, though PMG indicates there is some PVC damage. A postcard featuring the bank is included with the note. PMG Very Fine 25.

    Tarboro, NC - $10 1902 Red Seal Fr. 615 The First NB Ch. # 8356
    Of the twenty or so Red Seals known from North Carolina, most are in the Very Good to Fine range. This piece has long been in the census as a full Extremely Fine and was even called AU in its first auction appearance. That first appearance was in 1945 as part of the famed Albert A Grinnell Collection Sale. The lot tag from that auction accompanies this lot and reads, " 3911 Another Rare Southern, Regional "S", Pen Signatures." This piece certainly has all the eye appeal of a full AU, and easily ranks as one of the top three or four Red Seals known from the state. Its pedigree from the Grinnell auction adds that much more history for any North Carolina collector to want to add this peach to their collection. Luckily it's already part of the finest collection ever formed. PMG Choice Very Fine 35, with mention of a minor split.

    Thomasville, NC - $5 1902 Plain Back Fr. 600 The First NB Ch. # (S)8788
    Embossing of the finest design details and the overprint are easily seen in the open areas of the back design. Deep blue stamped signatures are seen on the front and bright wholly original paper easily earned this note the Exceptional Paper Quality descriptor from PMG. PMG Choice Extremely Fine EPQ.

    Wadesboro, NC - $10 1902 Date Back Fr. 623 The First NB Ch. # (S)4947
    This note was last offered in our May 2003 Central States Signature Auction and described in part, "Common in small size but very scarce in large, with this example from the Coastal Collection the finest by far we've ever handled. While technically only Extremely Fine-About Uncirculated due to its three light folds, the note appears never to have circulated at all, displaying blazing colors, vivid blue signatures, and its full original embossing. It's a premium piece fit for the finest of collections." PMG says it has one too many folds for that AU 50 grade, though they agree with our assessment of its full originality and bestowed upon it the coveted EPQ designation. PMG Choice Extremely Fine 45 EPQ.

    Washington, NC - $10 1902 Plain Back Fr. 631 The First NB Ch. # 4997
    Deeply printed details and much of the original embossing is seen on this wholly original note. The First National was the only bank to issue notes in Washington and was closed by the receiver in 1931. Our records indicate this is the finest note to be presented from this bank in at least ten years. PMG Very Fine 30 EPQ.

    Waynesville, NC - $5 1902 Plain Back Fr. 598 The First NB Ch. # (S)6554
    An even half dozen large size notes are known from this one bank town. This piece is a solid example with full margins and a deep overprint. Our records indicate only two other examples of the large size survivors have made auction appearances. PMG Choice Fine 15.

    First Ever Public Offering
    West Jefferson, NC - $10 1902 Plain Back Fr. 632 The First NB Ch. # (S)8571
    In February of 1907 this bank was chartered as the First National Bank of Jefferson. In 1915, the bank changed the location in its title to West Jefferson. One note is known with the prior title and one large and two small are known with the latter. To date, none have made auction appearances until this evening. This piece is a bright, PMG Very Fine 20. The penned signatures of J.R. Roland and Vice President C.M. Dickson are perfect. The appearance is excellent overall, though the grading service does mention some ink and an internal tear.

    First Ever Offering from This Brown Bank Only Bank
    Wilmington, NC - $10 1882 Brown Back Fr. 485 The Atlantic NB Ch. # 4726
    This New Hanover County institution operated from 1892 to 1908 and during that time only issued $10 and $20 Brown Backs. Two other notes are recorded in the census, though their grades are unlisted and our records indicate they have never appeared at public auction. This fully margined and pen signed $10 is the first note to be offered to the collecting public and a note very becoming of this momentous collection. PMG Choice Fine 15.

    One of Four $100 Brown Backs Known from North Carolina
    Wilmington, NC - $100 1882 Brown Back Fr. 530 The Murchison NB Ch. # (S)5182
    The Murchison National of Wilmington is one of the most common banks in North Carolina, though the collector that assembled the Piedmont Collection did not settle for a common note to represent this institution. Eight different banks in North Carolina issued 11,000 $100 Brown Backs, though known survivors now total four, all of which hail from this New Hanover County bank. Our records indicate only one other of the four survivors have made an auction appearance before this evening. This piece is a colorful example of one of the most desirable National Bank Note designs. Accompanying the note is a post card displaying the post office and Murchison bank building. PMG Choice Fine 15.

    First Offering From the American National Of Wilmington
    Wilmington, NC - $10 1902 Date Back Fr. 618 The American NB Ch. # (S)9124
    Traces of original embossing from the deep blue overprint can be seen on this attractive and rare Wilmington $10. Our records indicate this note is the first piece to appear at public auction of the five recorded in the census. With all but one grade unlisted, it is very likely this is also the finest known survivor from that small elite group. PMG Very Fine 25.

    Wilson, NC - $20 1882 Brown Back Fr. 501 The First NB Ch. # (S)2321
    Two banks operated and issued National Bank Notes in Wilson. The First National was chartered in 1876 and operated for more than fifty years before being liquidated in 1932. Months before The First National closed its doors, The National Bank of Wilson opened and issued small size notes only. As the only bank that issued more than $1 Million in large size notes, survivors are incredibly hard to come by. In 1935, only $2,435 in large size notes was still outstanding. In our April 2006 Central States Signature Auction we sold this beautiful and colorful $20 Brown Back for $17,250. This note was the only large size note from this bank to be offered at public auction in almost two decades. PMG Very Fine 25.

    Wilson, NC - $10 1902 Plain Back Fr. 632 The First NB Ch. # (S)2321
    Bright paper, signatures, and a solid overprint are seen on this '02 Plain Back. PMG indicates a restoration along the left edge, which was executed by a professional. Regardless, the note faces up very well and comes from a bank with very few offerings for collectors. PMG Very Fine 25 Net.

    Winston, NC - $10 1875 Fr. 419 Wachovia NB Ch. # 2425
    The banking institution that Southerners knew for over 100 years as a beacon of stability was started in 1879 in Forsyth County North Carolina by William A. Lemly. He chartered The Wachovia National Bank of Winston in June of that year with $100,000 in capital. Shortly thereafter, his bank likely received the first shipment of Series 1875 notes delivered in sheets consisting of three $10's and a $20 to a sheet. Mr. Lemly's duty as president was to sign and issue the notes as he did this piece. His bold signature adorns this beautiful and problem free note. Only a few nationally recognized banking institutions started as fledgling National Banks. Notes from this bank remain one of the most coveted among them because they are so scarce and a glance at the company's history provides the reason why. In 1911 Lemly's Wachovia National Bank was liquidated and merged with Wachovia Loan and Trust Company, ending the issuance of National Bank Notes bearing the Wachovia name. Today, just four notes are known to exist, none of which have been presented at major public auction. From what we can gather, this is likely the finest of the four and the bold founder's signature is the icing on the cake. A truly significant piece of North Carolina and National banking history. PMG Very Fine 25.

    Winston, NC - $10 1882 Brown Back Fr. 484 The Peoples NB Ch. # (S)4292
    This piece has been ensconced in this collection since it was last offered as part of the Coastal Collection in our 2003 Central States Signature Auction. The colors are sufficiently bright for a Brown Back and the paper is solid. A postcard featuring the block the bank building was located on is included with this note. The first building at left is the bank building with the sign at top prominently reading, "First National Bank Building." PMG Very Good 10.

    Winston, NC - $10 1902 Date Back Fr. 619 The Merchants NB Ch. # (S)9916
    To date, only five pieces have been recorded from this bank that issued large size notes only between 1911 and 1919. Our records indicate only one other note from this bank has made a public auction appearance. This piece has solid paper and full signatures and ranks finer than the other notes that have grades listed in the census. PMG Very Fine 20.

    Winston-Salem, NC - $20 1902 Plain Back Fr. 661 The Farmers NB & TC Ch. # (S)12278
    This well margined $20 is easily the finest large size note known from this Forsyth County bank. The paper remains bright and some of the original embossing remains. PMG Very Fine 30.
    From the Piedmont Collection (Total: 109 items)


    View all of [The Piedmont Collection ]

    Auction Info

    Auction Dates
    June, 2010
    17th-21st Thursday-Monday
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