Exceedingly Rare Bank of the State of Minnesota $5 Issued NoteSt. Paul, MN - Bank of the State of Minnesota $5 Dec. 1, 1858 MN-160 G2b, Hewitt D1-2. PCGS Fine 15 Apparent.
The Bank of the State of Minnesota filed promptly to organize and was the first Minnesota state bank to open for business. They ordered a $1-$2-$3-$5 plate from Wellstood, Hay, & Whiting, New-York to print the notes. The plate used was visually appealing, and a full tint plate was used for security. Proofs and issued notes were printed with a light orange tint. The bank failed when its New York backers went bankrupt in 185 The state was able to pay 70 cents on the dollar for the notes from the funds deposited. The state destroyed the plates and the remainder notes left over from the initial 5,300 sheet order. A very striking central vignette with a Native American hunter, hair flying as his horse gallops, preparing to launch an arrow from his bow. Other riders are in the far distance. At lower left and right, Plenty, with a long cornucopia faces inward. The base vignette shows a young woman's portrait in an oval frame. Fully tinted across in light orange, with micro-lettering FIVE, and two slanting outlined "5" protectors flanking the base vignette. There are only seven issued notes from the bank on the census; of those, two, including this, are listed as $5 notes. Hewitt plates a $5 proof of this type, and its illustrious pedigree included the Herb and Martha Schingoethe and Chuck Parish collections. That proof realized $23,000 at the Stack's Bowers 2012 ANA Auction. The Newman example is noted as "Hole Punch Cancelled," which consists of three, scattered small holes, and with "Minor Stains." Very vibrant color remains and this is certainly among the most beautiful Minnesota issued notes known.
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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