This lot is closed. Bidding ended on 12/6/2006.
"National Bank Notes" were a new form of paper money first issued in 1863 to stabilize the war time economy. Private banks were issued renewable national charters for a period of 20 years, and they could issue currency with a face value of up to 90% of their mandatory deposit of government issued bonds with the U.S. Treasury. Thousands of banks were granted charters and issued notes. This large sized $1 National Currency Note was issued in 1875 (original issue) during the first charter period, by the First National Bank of Gloucester, Massachusetts. Notes from this charter period were issued until 1882. Ornately detailed vignettes on the front and back. Overprinted with a red seal on the right and red serial numbers, grades Very Fine. This note is extremely rare and one of the earliest known, with only three examples known to exist.