San Francisco, California. $5 1870. Friedberg 1136 (W-690). The First National Gold Bank. Charter #1741. PCGS Currency Extremely Fine 40.Offered is one of the nicest National Gold Bank Notes most collectors will ever have the opportunity to own. This $5 from the First National Gold Bank of San Francisco is among the finest third party graded examples known of the type. The face has motifs similar to Original and Series of 1875 $5 National Bank notes with <em>Columbus in Sight of Land </em>at left and <em>America Presented to the Old World</em> at right. The red overprints are in their same locations with the red spiked Treasury Seal at right. Engraved signatures of Allison and Spinner are seen at center while penned bank officers signatures are at lower left and right.<p>One of the most noted features of these notes is always the gold coin vignette that graces the back. It is often well worn with heavy folds distracting from the near photographic detail of the engraving. Such is not the case here as the back vignette is uninterrupted and retains great detail. The face displays a deep impression of bold inks. Red overprints are brilliant in color. Just moderate circulation is exhibited with sound edges and paper body. <p>We sold a PMG Extremely Fine 40 EPQ $5 from this issue for $66,000 as part of the A.J. Vanderbilt Collection in our March 2018 Baltimore auction. We certainly expect this note to reach into the mid five-figures before the hammer falls. <p><strong>National Gold Bank Notes</strong><p>The National Gold Bank notes were authorized by Congress in 1870 to allow paper money to circulate in California, which was largely a gold-based economy that did not accept the usual National Bank notes except at a discount. These issues were backed by gold and traded on par with gold coins. As such, they circulated freely in California, but were not issued elsewhere. Today the few that survive tend to be well worn, generally graded Very Good to Fine in most cases, this being true for all denominations. No examples from any of the National Gold Banks have ever been graded above EF at either major service.<em>From Heritage Auctions sale of May 2005, lot 16770.</em><p>
