Philadelphia, Pennsylvania. (First) Bank of the United States. ND (179x). $10. PCGS Currency New 60. Proof.(US-1 G16. Newman page 366). A highly important American Currency note and from the first series of note types emitted by the First Bank of the United States. These notes were that eras equivalent of the later, Federal Demand Notes, as such, merit inclusion in all American currency collections: Colonial, Obsolete, and Federal. Plate D. Printed directly on laid paper. No imprint. Upper left, Heraldic Eagle styled from early Great Seal of the United States. Left end, ornate TEN on shaded panel. High Rarity-7. Exceedingly rare and important. This is the first of three denominations from this first series of Bank of the United States proofs sold in 1994, ensconced in a private collection, then offered for sale in The 52 Collection Part I sale on June 29, 2010. Prior to that, they were undoubtedly in another advanced collection where they were known to Haxby, as two denominations (the $50 and $100) were plated in Haxby. Genuine, issued bills from this series are basically impossible to locate. These early obligations, when genuine, were redeemed and proofs such as this would be used by banks and clearing houses to compare notes brought in for the vignette, left end hatching, and counter details. The firm and engraver are unknown, but the details and line engraving are exceptional; perhaps these are the work of Draper and this subject merits detailed research. Counterfeits on the series tend to be much cruder than this finely produced piece. Though Plate D position, the proof appears to be from the top of the sheet, an observation made by Smythes cataloger back in 1994. Uncommented upon by PCGS Currency, but noted in 2010 as trimmed a bit across the bottom and slightly rough. Light toning streak at the right end. Immensely important as a precursor to Federal Demand notes which did not appear until 1861. Beautiful condition, pedigree, and historical character wrapped neatly together.From our Stacks 52 Collection Part I, June 29, 2010, lot 5774 where it realized $10,350; previously from a Private Collection; St. Louis PCDA Sale (R.M. Smythe & Co., November 4-5, 1994, Lot 1306).
