Washington, Pennsylvania. $50 1882 Brown Back. Friedberg 508 (W-2856). The First NB. Charter #586. PCGS Currency Gem New 66.This is a beautiful Gem New $50 Brown Back from this western Pennsylvania bank. The First National Bank was chartered in November 1864 with authorized capital of $150,000 limited to $300,000. Colin M. Reed was the founding president and James McIlvaine was the first cashier. The institution performed well. On April 17, 1927, it was voluntarily liquidated and was absorbed by the Real Estate Trust Company of the same city. Thus its formal banking operations ended.<p><p>The bank issued 2,590 $50 Brown Backs and the present example is the finest of those known. The face displays the dramatic scene of <em>Washington Crossing the Delaware</em> at left and <em>Prayer for Victory</em> at right. Bold brown overprints are observed with a scalloped Treasury Seal at the lower right with the charter number above. This example also displays regional sort letter E to the lower left and upper right. Neatly penned bank officers signatures are found along the bottom border. The eponymous back design is executed in rich brown inks with the state seal at left and an eagle with shield at right. Charter number 586 is overprinted in blue-green at center.<p><p>Broad margins and bright creamy white paper are observed on this high-end $50. This is the finest example PCGS Currency has certified for the catalog number. The service has graded just three $50 Brown Backs finer from all catalog numbers combined. Collectors will find it challenging to locate a superior example of the type.<p><p><strong>PCGS Currency: </strong>1, none finer.<em>From Heritage Auctions sale of January 2006, lot 19446; Heritage Auctions sale of April 2013, lot 15971. </em>
