A Most Attractive $20 Brown Back Ripe with an Unscrupulous History.
Santa Rosa, California. $20 1882 Brown Back. Fr. 496. Santa Rosa NB. Charter #3558. PMG Choice Fine 15.
One of the highlights from the Eric Agnew Collection comes this unparalleled rarity from the seat of Sonoma County layered in intrigue and legal trouble. First chartered in 1886, the Santa Rosa National Bank was a bank like any other before falling into receivership in October 1918. Staffed by a succession of officers who led unremarkable careers for the most part, save for a father and son duo whose machinations brought about the bank's ruin. The path to ruin for the Santa Rosa National Bank can be traced to one Jacob Brush. Brush had led a long career in the banking industry going back to the 1850s in Iowa. Becoming president of the Osage National Bank (Charter# 1618) in 1866, Brush's tenure saw the theft of $9,000 in National Currency among other items ranging from 250 revenue stamps to a single $1,000 Interest-Bearing Note. Whether Brush had anything remotely to do with that theft based on his future criminal activities has long been lost to history and circumstance as three men associated with the Loomis Gang were arrested for the crime. Moving Westward to California, Jacob Brush would soon acquire half the stock of the Santa Rosa National Bank becoming Cashier and then President in short order along with his son Frank Brush who then took the Cashier position. Embezzling a total of $728,208, an amount that came to almost half of the bank assets, the elder Brush and his son Frank were charged with embezzlement after their ruinous scheme was uncovered in 1918. Accomplished by substituting pages in the bank's ledger to distract from money taken out of accounts their long running scheme finally bore its poisonous fruits with the elder Brush dying while awaiting trial in 1919 at the age of 85. His son was sentenced to ten years at San Quentin and later paroled after serving less than four years. Today just four notes are recorded on this institution by the National Bank Note Census. Unique for both the type and denomination, this note has led a prolific life in its infrequent appearances on the auction circuit. Last sold over 14 years ago this note realized $20,700 in its most recent appearance. Whether that figure will be met today remains to be seen, but bearing in mind the history of this piece and the circumstances which consumed this bank, one should consider their options with the utmost consideration as the opportunity to acquire a rare piece with such a checkered history is a rare proposition indeed.
From the Eric Agnew Collection.

Estimate: $15000.00- $25000.00