Bellingham, Washington. $10 1902 Red Seal. Fr. 613. The First NB. Charter #7372. PCGS Extremely Fine 45 PPQ.
It is well documented that Washington is a rare state for red seals. The current census lists just 27 known examples. This Bellingham red seal we are offering tonight brings that total to 28 pieces, with this being just the fourth Serial Number 1 Red Seal known on the entire state. It was not known to collectors until it was discovered in a Bellingham estate this February. While this area of Washington has a long history of thriving communities, the town of Bellingham itself wasnt incorporated until November of 1903.
It took just nine months after that for The First National Bank to nationalize. Bellingham would ultimately become home to three different national banks, all of which were chartered during the red seal period. This serial number one note is from the earliest charter. So not only is it best note on the town by leaps and bounds, it is also the very first piece of national currency issued by a Bellingham bank.
We were lucky enough to handle the note before it was graded, and if there was a qualifier beyond PPQ, then this red seal surely would have been a recipient. Deep punch-through embossing is clearly present on the charter number, seal, and serial number. Three vertical folds only confirm that someone violated the advice of "dont spend and dont bend it". But at least they got the more important part of that rule correct. It is always difficult to try and estimate what a note of this magnitude should sell for in the open market.
Outside of territorials, you would be hard-pressed to find a Washington national that checks more boxes. It is easy to make a case that this new discovery easily ranks as one of the top three best red seals known on Washington, a state that has many serious and active collectors.
