Sensational Serial Number 1 $10 Red Seal From Monterey
One of Five Large Size Notes Recorded on this Institution
Monterey, California. $10 1902 Red Seal. Fr. 613. First NB. Charter #7058. PMG Very Fine 30. Serial Number 1.
A town whose very name conjures images of idyllic seaside homes, pristine rocky beaches, abundant marine life and the renowned Monterey Bay Aquarium, the town of Monterey can trace its history back hundreds of years. First discovered by the Spanish in 1602, the Spanish would later return in 1769 later establishing a permanent settlement in 1770. Monterey would see itself under the flags of multiple nations before falling under American influence in 1846 during the Mexican-American War when the American flag was raised over the Old Custom House on July 7, 1846. Between the American seizure and the organization of the First National Bank, Monterey prospered and grew accordingly becoming a major fishery supplemented by a number of canneries. As with any comparable town of the period that saw steady growth; a National Bank followed with the organization of the First National Bank. First chartered in 1903, the First National Bank of Monterey was among the glut of banks that proliferated after the passage of the Gold Standard Act of March 14, 1900 which allowed for the formation of banks with circulations as low as $6,250 against a minimum capitalization of $25,000. Like many banks of its era, the First National kept a relatively small circulation of $12,500, but would soon outgrow that figure rising to $25,000 in 1906 and later a staggering $80,000 in 1931 before reaching a high of $100,000.00 in 1932. These figures are reflected today as the calculus for collecting notes from this institution is one of diametric opposites. A total of 59 notes are recorded from here by the National Bank Note Census. One might readily expect that acquiring a note from here is relatively easy. Such an assumption is otherwise correct, but underpinned by a major caveat as alluded to above with regard to the bank's circulation. Where one might be able to locate a small size note with relative ease from this institution, to locate a large size example is a different matter entirely. Out of the 59 total survivors, just five of those are large size notes including this example which can trace its lineage to the very first $10-$10-$10-$20 sheet ever issued. And so what was once saved as a souvenir is now a veritable trophy ripe for the taking at the hands of a well-heeled collector seeking to assemble the next great collection of California Nationals. With the eye appeal to support such an assertion, this note stands as a plainly attractive example of a short-lived type. A rich red overprint contrasts nicely with the bright paper which remains attractive despite the passage of time while traces of handling consistent with being folded for storage makes its presence known to the viewer. Extant signatures from Cashier A.G. Metz and President Battista G. Tognazzi remain deftly penned and quite original as a testament to the penmanship of both men who have long since faded into obscurity and add a layer of originality to this remarkable item destined already for a great collection once the hammer falls.
From the Eric Agnew Collection.

Estimate: $20000.00- $30000.00