Collector Seeks Info on Clark Gruber Note

Robert Cassling is looking for information about the origin of a note he recently acquired. It is an unsigned, exceedingly rare 1861 Clark Gruber $5 remainder note (PMG Very Fine 30) from a GreatCollections auction on June 22, 2025. Prior to Cassling's purchase of the note, it was sold at Heritage Auctions on January 10, 2008, with no other provenance.

This attractive paper bill features vibrant ink coloring and clear, patterned borders with the serial number "1999" in dark blue ink. In the center vignette, a cowboy gallops on a horse while hunting a buffalo. A portrait of the first governor of the Colorado Territory, William Gilpin, sits on the bottom right, and an allegorical image is featured on the bottom left.

According to the GreatCollections catalog description from the 2025 sale, this is one of the "most important offerings in Territorial numismatics" that the house has offered. Only two proofs and a few remainder notes are known, and none have been sold publicly for decades. Despite being labeled as an unissued remainder note, GreatAuctions states that the condition of the surviving examples shows that they were circulated.

The $5 note was the only denomination issued by the Denver-based mint, Clark, Gruber & Co., and as seen in the cursive print on the bill stating, "Payable in Denver Coin at the Bank in Denver," it was made to be traded for gold that was used for currency and commerce. After the U.S. Treasury acquired Clark, Gruber & Co. in 1863, it declared that circulating notes issued by the mint were to be redeemed, thereby preventing the now Denver Mint from acquiring the paper currency.

During Cassling’s search for information about this Clark Gruber $5 remainder, the current GreatCollections consigner shared with him a "Letter to the Editor" in the February 2017 issue of Bank Note Reporter. It tells a fascinating story authored by Ross Hubbard regarding the note and its origins. However, there are still many unanswered questions about the note, and Cassling would like to contact Ross to find these answers.

If anyone knows Ross Hubbard or more about this note, please contact Robert Cassling at rjcassling@gmail.com.

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