LOT Old Heritage Auctions  /  2007 May St. Louis, MO (CSNS) CAA Sig. #436  / 

14350

Pueblo, CO - $5 1875 Fr. 408a The Western NB Ch. # 2546

Currency:USD Category:Coins & Paper Money Start Price:3,125.00 USD Estimated At:12,500.00 - 22,500.00 USD
Pueblo, CO - $5 1875 Fr. 408a The Western NB Ch. # 2546
<B>Pueblo, CO</B></I> - $5 1875 Fr. 408a <B>The Western NB</B></I> Ch. # 2546<BR>A title change on this First Charter example has produced both a major Colorado rarity as well as a major signature rarity, with this piece only the second Series 1875 $5 note discovered bearing the Rosecrans-Nebeker signature combination. This institution changed its issuing location from South Pueblo to Pueblo in February of 1893. Five First Charter examples are known from the South Pueblo issue, but this is the first First Charter example of any denomination reported bearing the second issuing title. After the title was changed in early 1893, new First Charter plates had to be prepared bearing the revised title. Although the 1875 issue was long over for newly chartered banks, the new plates for this bank had to be Series 1875 plates as this bank's twenty year 1875 issue would not conclude until 1901, twenty years after it was originally chartered. Therefore, the signatures of the then serving Treasury officials, W.S. Rosecrans and E.H. Nebeker, were placed on the newly prepared plates. Of course, the Rosecrans-Nebeker signatures would appear on Series 1875 plates only if a previously chartered bank changed either its title or location, or elected to issue a hitherto unissued denomination. Only one such note has ever been previously discovered, a $5 example from The United States National Bank of the City of New York, which, although chartered in 1881, decided for some unknown reason a decade later to issue $5 notes instead of fifties and hundreds. That note, although quite well circulated, resided in your cataloguer's personal collection of New York City Nationals until sold to researcher Doug Walcutt, and now, after Doug's untimely passing, resides in a major New York holding. This note grades a bright <B>Fine,</B></I> with one small hole that does nothing to disturb its evident eye appeal. Expect this excessively rare item to see demand from both Colorado and signature collectors, and it would not surprise us at all to see a five figure realization before the hammer falls on this lot tonight.<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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