Unique "White Paper Variety" Petaluma $20 National Gold Bank Note
Petaluma, CA - $20 1874 Series 1875 White Paper Variety Fr.
1157 The First National Gold Bank of Petaluma Ch. # 2193
PCGS Very Good 8.
Acquiring any Petaluma National Gold Bank Note is difficult except when significant collections such as Mike Coltrane's cross the auction block. This is an exceedingly rare denomination from the bank. It is one of two $20 National Gold Bank Notes confirmed from the title; both are "Series 1875." Though the condition is typical of most National Gold Bank Notes, there is much to recommend this great rarity. Petaluma is one of three National Gold Banks that issued red stamped "Series 1875" $20 notes (note its engraved plate date is Nov. 10, 1874). This is one of three white-paper printed notes we know of. This paper use is a mystery, but all three notes observed are "Series 1875" examples. The paper used here is similar to the Fr. 1153 $20 First National Gold Bank of San Francisco we cataloged and sold last in our 2017 Eureka Collection offering for $73,437.50 (PCGS Apparent Very Fine 25 with "small repaired tear"). That example was previously in the Amon Carter, Walter Herget, and Jim O'Neal collections over the years. The other $20 Petaluma National Gold Bank Note on the census, serial 57, is on golden-yellow paper and a PCGS Extremely Fine 45 note (Ex: Joel Anderson Collection; Amon Carter; Harley Freeman) which sold for $228,000 in August 2018. That note is one of the finest $20 National Gold Bank Notes known from any bank and is part of The Mike Coltrane Collection.
Plate position A with the red stamped "SERIES 1875" vertically next to the charter number. Despite its wear, this important note is still wholesome. It is evenly soiled from heavy circulation, but retains detail. Margins are trimmed in slightly. The penned signatures are still visible. PCGS noted this as "White Paper Variety" and commented on "Minor Restorations." Ex: our April 2017 CSNS sale, lot 21428 (realized $43,475); Eureka Collection of National Gold Bank Notes; Lyn Knight, June 2013 sale, lot 2030 (realized $54,625). Mike acquired this privately after the Eureka sale. A key note from the entire National Gold Bank Note series. There are few notes from the bank of any denomination, and this is a unique and intriguing example on white paper.
From The Mike Coltrane Collection.
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