1875 - $20 Note - National Gold Bank Note - FR 1157 - PCGS VG8
Perhaps one of the most romantic notes ever printed by the United States Treasury Department; these National Gold Bank notes are tangible reminders of the California Gold Rush of 1849. Released just north of San Francisco in Petaluma; California; this smaller National Gold Bank released a measly $321;450 according to Kelly (2008). The First National Gold Bank of San Francisco; on the other hand issued several millions of dollars as a Gold Bank and tens of millions more preceding its Gold Bank status. And this note is not the common $5 example one is accustomed to seeing. This is a $20 which is about 9 times rarer for all National Gold Banks! And upon closer inspection; this note is printed on a special “White Paper Variety” so noted by PCGS. According our calculations; this “White Variety Note” is one of only 10 known for all National Gold Banks! This note represents an important stage in American finance. As a result of the exuberant amount of gold found in California; it became cumbersome for California banks to conduct day to day business. Therefore; California national banks petitioned Congress to pass a law that would allow them to issue national “gold” bank notes. These were the first readily available issues to be redeemable in gold on demand and as such a beautiful vignette of gold coins was placed on the back illustrating their par with gold. These notes were so popular that most were used to the point of disintegration and are usually found in G/VG condition today. According to the census; there is only one other $20 known for this bank and that note is an Original Series example graded PCGS Very Fine 35. That note is valued in excess of $250;000 today! While this example is graded slightly lower; this note is UNIQUE and is the only $20 Series of 1875 example known for this bank and is printed on White Paper. When it comes to UNIQUE notes; the sky is the limit and this note has the potential to represent an excellent value to its next owner.