Melrose, New Mexico. $20 1929 Ty. 1. Fr. 1802-1. The First NB. Charter #8397. PMG Very Fine 20.

This is a very scarce bank, and the only issuer in this tiny Eastern New Mexico village. With a population of only 655 in the 1930 census, the rarity of notes from this bank is clear. In April 2006, another only slightly better Type 1 $20 from this bank brought $4,887.50. While we don't expect this note to achieve that, we do think it speaks to the rarity and desirability of this issue.

Estimate: $800.00 - $1200.00