LOT Old Heritage Auctions  /  2008 APR Rosemont (CSNS) Currency #3500  / 

13179

Council Bluffs, IA - $5 Original Fr. 398 The

Currency:USD Category:Coins & Paper Money Start Price:11,000.00 USD Estimated At:7,500.00 - 12,500.00 USD
Council Bluffs, IA - $5 Original Fr. 398 The
<B>Council Bluffs, IA</B></I> - $5 Original Fr. 398 <B>The Pacific NB</B></I> Ch. # 1684<BR> An exceptionally rare Jeffries-Spinner note from a bank of great historical importance. Although this institution was only in business for ten years before liquidating in 1878, it and the city it was headquartered in were intimately associated with the building of the transcontinental railway, as Council Bluffs had been designated by President Lincoln as the eastern terminus of the line. Grenville Dodge, a Council Bluffs native and former U.S. Congressman and Civil War general, served as Chief Engineer of the Union Pacific line during its construction. This bank was organized while the railroad was still under construction, and took its name from that effort. When General Dodge resigned his position with the Union Pacific, he became President of this bank, serving for the last six years of its existence. As described above, this piece bears the very rare Jeffries-Spinner signatures, which were issued by just a literal handful of banks organized in late 1868 and early 1869. The reason this signature combination is so rare is that this period was the only one between 1863 and 1935 that charters were unavailable to most banks which applied, a situation which came about when the 300 million dollars which Congress had originally appropriated to secure the national currency were fully subscribed, and before Congress raised the limit. During that short interregnum, it was necessary for a bank to close and release its bonds before a new bank could open. With just a handful of closures during this period, it is no wonder that the Jeffries-Spinner signature combination is easily the most difficult to obtain of any used on Nationals. Just four examples are known from this bank, a low grade ace and three Original fives, with this bright <B>Fine-Very Fine </B></I>specimen off the market since Tom obtained it in a Hickman-Oakes sale over twenty years ago. This specimen offers a wonderful combination of bank rarity, signature rarity, and great historical importance as well, and should easily reach or exceed our likely conservative estimate of...<BR><I>From The Thomas M. Flynn Collection</B></I><BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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