Lot 3491
1902, $5 National Bank Note. Douglass NB of Chicago, Illinois. . Fr-608. . KL-1165. PMG Gem Uncirculated 65, Exceptional Paper Quality, Signatures Type: Stamped Elliott/White A lovely note on this scarcer Chicago bank. At the time the bank shuttered its doors during the Chicago Bank Panic of 1932 (the actual close date was May 21, 1932), this establishment had a mere $9,930 in large size notes outstanding. Few are as fresh and bright as this handsome specimen, with its clear stamped signatures and excellent centering. The 1863 National Banking system was the precursor to the more formal Federal Reserve banking system introduced in 1913. The two systems overlapped until 1935, when the National banks (those that hadn't gone bankrupt) were folded into the Federal Reserve system.
Estimated Value $2,000 - 2,250.
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| Realized $1,783 |
