Lot 4860
1882, $5 National Bank Note. . Fr-467. . KL-1115. The NB of Commerce in New York, New York. F-467. PCGS Gem CU 65PQ. A fresh-appearing Gem. The national banking system, created during the Civil War by Secretary [Salmon P.] Chase and his advisers, was one of the most admirable expedients ever devised in any country. Up to the time of its establishment the whole country had suffered enormously from the wretched currency supplied from the State banks. Even in those States where the greatest precaution was taken to insure its redemption all of it was, in time of crisis or panic, fluctuating and much of it worthless. But in other States the case was even worse. Bankers and merchants often had to resort a book called a 'bank-note detector,' which, when any money was tendered, the recipient was obliged to consult in order to know, first, whether the bill was a counterfeit, as it frequently was; secondly, whether it was on a solvent bank; and thirdly, if good, what discount should be deducted from the face of it. Under the National Banking System, this problem was solved and money from one banking house circulated "at par" everywhere in the country.
Estimated Value $2,500 - 2,750.
|
| |
| Realized $3,680 |
