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

12799

Stanstead, PC- The Provincial Bank $5 April 1,

Currency:USD Category:Coins & Paper Money Start Price:650.00 USD Estimated At:1,000.00 - 1,400.00 USD
Stanstead, PC- The Provincial Bank $5 April 1,
<B>Stanstead, PC- The Provincial Bank</B></I> $5 April 1, 1856 Ch. # 610-10-06<BR> This short lived bank packed enough drama into its seven years of operation as most banks do into seven decades. Organized in 1856, notes from this bank began to circulate before the bank had even opened in Stanstead, forcing the bank's principal stockholder to direct noteholders to send their notes directly to him in Stanstead for redemption. With confidence restored, the notes became widely accepted. A few years later an application was made for a charter, which was not granted. By late 1862 the institution began to wind up its affairs by redeeming its outstanding circulation, with the notes becoming worthless three years later. No doubt this is why Charlton reports "Notes of this bank are seldom offered, and usually are found in low grades, often with tears or pieces missing. Problem free notes in middle grades are exceptional." Other than one miniscule split, this piece is flawless for its grade. Pleasing <B>Fine,</B></I> a truly rare item in this grade.<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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