Among many great lots to be offered in our March Baltimore Showcase Auction will be a fascinating 1902 $10 Plain Back from the First National Bank of Tranquillity, CA. The bank was organized with an initial capital of $50,000 in 1919. It issued both large and small size Tens and Twenties before going into receivership in 1930.
Tranquillity is a small community in Fresno County that spells its name with one more L than the traditional spelling. This distinction is the subject of a hand written note on a small envelope also included in the lot. It appears the bill was stored inside the envelope, which reads, "The name Tranquillity misspelled on three of these bills, the other one issued to us directly from the U.S. Treasury."
This opens up the possibility that notes could have been issued with the traditional spelling before the mistake was corrected and the extra L added to later notes. The $10 note being offered displays the two "L" spelling. There is certainly a great opportunity for further research by National Banknote specialists.
The note itself is the highest graded example of the six large notes in the census; no small size notes are known. It appears that the note escaped actual circulation but was repeatedly folded and stored in the envelope as a keepsake. The note is bright with clear stamped signatures and it resides in a PCGS Very Fine 25 holder.