Like many cities throughout Maine, New England, and the United States during and before the American Civil War, Bangor was home to a number of state-chartered banks that issued their own notes with the title of the issuing bank displayed plainly on the face. Lot 7032 of the Stack’s Bowers Galleries November Showcase Currency Auction offers a possibly unique $500 Obsolete note from the Globe Bank found in that Maine city.
Among the many note-issuing banks pieces from the Globe Bank are familiar sights due to the large number found for sale via online venues like eBay or at auction. First chartered in 1836, the Globe Bank led a difficult life from the start thanks to the Panic of 1837 and subsequent operations which were by all accounts fraudulent. The Globe Bank’s charter was repealed less than five years after it was received, and it became little more than a numismatic footnote.
Notes from this institution are quite common, but are largely clustered toward denominations below $20 as it was likely easier to convince unsuspecting recipients that these lower denomination notes were good for commercial purposes and therefore easier to pass in circulation. High denomination pieces are quite rare, according to Dave Bowers, as those notes likely predate the fraudulent operations which led to the Globe Bank’s charter being repealed in 1841.
The note featured in the November Showcase auction is a previously unrecorded high denomination note from this institution and is graded Very Fine 20 by PMG. Whereas a number of $100s can be found in archived auction listings, lot 7032 represents the first time that a $500 from this short-lived institution will be offered publicly at auction. The vignette is typical of the period calling to mind river commerce and the emerging prominence of the railroad. The bottom 20% of the note has been cut away, with the missing part including the signatures of both the Cashier and President along with the maker’s imprint. This was presumably an effort to render this note worthless as a financial instrument. Very rare and quite possibly unique, this note is a significant opportunity for collectors who specializes in Obsoletes from Maine or New England.
For more information about our auctions or to consign your numismatic items, please call 800-458-4646 or email [email protected].
