A recently discovered Original Series $100 National Bank Note from the Salem National Banking Co. of Salem, N.J., charter 1326, will crosses the block at the Stack’s Bowers Galleries Official Currency Auction of the ANA World’s Fair of Money this August in Anaheim, Calif. According the auctioneer, the note is the first Original Series $100 to come forward from the state of New Jersey and is now one of just about 40 Original Series $100s known from all note-issuing banks combined.
“A true miracle of survival, this $100 was originally acquired by a family member of the consignor who worked in banking in New Jersey in the 1960s,” Stack’s Bowers said of the discovery. “The gentleman played a role in the former national bank’s acquisition and during an audit of the bank’s vault, vintage notes from the national banking era were discovered.
“In a stroke of good fortune he was able to purchase the notes at face value. While he had no numismatic experience to speak of, he had the foresight to purchase these odd-looking antique notes and hold on to them for the next 40 plus years.”
The Salem National Banking Co. was chartered Aug. 1, 1865, and issued a total of $2,936,280 in large and small size. It issued 575 Original Series $100s before doing away with the denomination beginning with the Series of 1875.
The example in the Stack’s Bowers Galleries auction is grade PMG Very Fine 35 Net and “retains bright paper and boldly inked design elements including the cherry red overprint displaying serial number 518.” The note carries a pre-auction estimate of $80,000-$120,000.
Also to be offered from the group of notes purchased from the bank nearly five decades ago will be several Original Series and Series of 1875 $5 and $10 notes from the Salem National Banking Co., as well as a $10 Brown Back from the bank and a serial No. 1 sheet of 1929 Type 1 $5s.
For additional information, visit www.stacksbowers.com.
This article was originally printed in Bank Note Reporter.
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