Description

    Extremely Rare Bank of St. Paul $1 Proof

    St. Paul, MN - Bank of Saint Paul $1 Nov. 1, 1858 MN-155 G2, Hewitt B720-D1a. Proof. PCGS Very Choice New 64.
    The Bank of St. Paul was organized with an authorized circulation of $25,000 to be printed from its $1-$2-$5-$10 plate ordered from Toppan, Carpenter & Co., but with an American Bank Note Company imprint when executed. The bank's issued notes were eventually refused by the officers, but the State Auditor's office had ample collateral (usually railroad bearer bonds in this period) to pay the notes off at nearly par, 98 cents per dollar. Currently in the census are fourteen issued notes, mostly lower grade $1 and $2 notes that originally surfaced at Jules Karp's New York coin shop decades ago. Proofs are much rarer, and this India paper example is one of only three reported. It is the Hewitt Hewitt plate note and likely the finest example known. The moon illuminates the evening view of riverboats at top left under the arced title. At right of center, a farm worker carries a large bundle of wheat on her back. A beehive motif is at lower right. At lower left and top right are "1" counters. No protector; used on proofs only. Noted as "Hole Punch Cancelled" and the Hewitt plate note. The $5 and $10 proofs from the sheet in Newman Part VI realized $5,640 and $6,169. Very stylish, and the only example we believe cataloged for an auction sale.
    Ex: Eric P. Newman Numismatic Education Society


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    Auction Info

    Auction Dates
    October, 2015
    21st-24th Wednesday-Saturday
    Bids + Registered Phone Bidders: 9
    Lot Tracking Activity: N/A
    Page Views: 163

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    Truth Seeker: The Life of Eric P. Newman (softcover)
    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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