The adage “fresh from the weeds” gets thrown around plenty in the Currency Department and among collectors who specialize in National Bank Notes. It is often used in the context of a new discovery or an unrecorded note being consigned or passed across the counter of a local coin shop; this phrase often underpins the excitement of that discovery.
These notes were issued by banks across the country, from those that were pillars of Wall Street to mom-and-pop institutions in rural localities far from the nearest city. Representative of the latter, this discovery marks a first for a small bank where surviving notes are rare and seldom offered.
Lot 7405 in our November 2024 Showcase Auction of U.S. Currency comes from a small town in West Virginia by the name of Logan. Logan was once a center of the coal industry like many towns in the southern portion of the state along the borders of Kentucky and Virginia. During the early 20th century, Logan saw a sharp increase in population and with the organization of a new bank in 1906. Known then as the Logan National Bank (Charter# 8136) this institution would go by several names during its existence, until it fell into receivership in 1934.
Today just nine notes are recorded on this institution by the National Bank Note Census, with eight of those representing the second and third titles used by this charter. The sole note which represents the short-lived first title only emerged from the “weeds” in the past few months before it found its way into our November auction. But this distinction alone is not why this piece is so special.
Representative of the first sheet of Series of 1902 $10 Red Seals issued by this institution, this note was first saved by a distant relation of the consigner roughly 118 years ago when the first sheets were delivered by the Comptroller of Currency. A practice typical of cashiers, bank presidents, and other high-ranking bank employees, the survival of a note like demonstrates how many remarkable rarities managed to survive through sheer circumstance and sentimentality.
The Serial #1 Logan NB $10 note featured in our November 2024 Showcase Auction is graded About Uncirculated 55 EPQ by PMG. It demonstrates light handling reflective of a brief stint in circulation and displays distinct embossing to the vivid colors of the bi-colored Treasury overprint. This piece is sure to be a trophy for whomever is lucky enough to place the winning bid.
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