Exceedingly Rare La Crescent Bank $1 ProofLa Crescent, MN - La Crescent Bank $1 July 16, 1859 MN-55 G2, Hewitt B220-D1. Proof. PCGS Very Choice New 64 PPQ.
This is only the second offering of this issuer at public auction and there are only three notes from than bank, all this type, enumerated on the census. The La Crescent bank never opened. Daniel Wells, Jr. from Milwaukee made the proper filings in June 1859, and authorization for the American Bank Note Company to engrave the $1-$1 configured plate came rapidly enough to print India paper proofs. However, the 12,500 impressions ordered never were printed and only the two proofs in the Newman Collection and the falsely signed proof illustrated in Haxby (in a museum collection) are on the census. This "B" position India paper proof is the second ever cataloged and offered at auction. It has a symmetrical, yet dynamic, layout. The central vignette is cupped under the arced title, and shows a woman holding a milking stool, with her pail on the ground beside her. As she shields her eyes from the sun, an enthusiastic boy points toward something in the distance. The scene is flanked by "1" counters with micro-lettering swirling around the edges. They, in turn are adjacent to large, intricate "1" numerals. Noted as "Hole Punch Cancelled" as made. The initial public offering of this type, a slightly finer graded PCGS Gem New 65PPQ, realized $7,050 in the Newman Part VI sale. This is a tremendous opportunity to bid upon one of the elite proof Obsoletes from Minnesota, and is the final example available of the two discovered in the Newman cabinet.
Ex: Eric P. Newman Numismatic Education Society
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A powerful and intimidating dealer of the 1960s, backed by important colleagues, was accused of selling fraudulent gold coins and ingots to unsuspecting numismatists. Who would go up against a man like that and, over the course of decades, prove the fraud? Who would expose a widely respected scholar as a thief, then doggedly pursue recovery of coins that the scholar had stolen from an embarrassed numismatic organization, all over the objections of influential collectors who had bought coins with clouded titles? Eric P. Newman would - and did. Reserve your copy today.
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