Stockton, California. Labor Exchange. 1896. $1/4. PMG Uncirculated 62. Serial Number 1.Serial #1. $1/4. 1896. Branch No. 46. PMG comment Stained. This branchs accountant was W.H. Young and he signed the note at lower right. He also wrote in the top margin "First check every (sic) issued." In 1890, G.B. DeBernardi organized a workers cooperative called the Labor Exchange, an association of members who deposited goods that they produced into an Exchange Warehouse. For their deposits they received these notes, which in turn could be redeemed for goods withdrawn from the warehouse. It was an interesting idea, but failed by 1901. Obsolete serial number 1 notes are always popular with collectors of fancy numbered notes as well.
