 Miners Bank. $1.00. A. San Francisco, California. March 1, 1849. India paper Proof by Danforth & Hufty. Unlisted in Haxby, but slated to be listed in the future Second Edition. At the upper right a screaming eagle on a shield with arrows in its talons, ships in the distance and cornucopia in foreground. At the left is President Taylor and at the right a cameo medallion of cherub and anvil. Fully engraved date of March 1, 1849. Likely to be listed as Haxby CA-5 G2 in the Second Edition.
One of the most important types in Obsolete Currency. This particular bank note type was unpublished in any reference until 1981 when Don Kagin illustrated a $1.00 note that apparently has proper signatures, Samuel Haight and Stephen Wright, on page 100 of his Private Gold Coins and Patterns of the United States (Arco Publishing, Inc., New York, 1981). That illustration was supplied by the California State Numismatic Association. It was nearly ten years before interest in the classic note type was rekindled when a four denomination sheet of proofs appeared in the American Bank Note Archives Sale at Christie's. That sheet, lot 29, sold intact for $23,100.00 and has been held in the same collection for the past fifteen years. The only other $1.00 note of this type we know of in private hands is a falsely filled in remainder note (though passed in circulation in our opinion) that is also included in the Ford Collection. That particular note surfaced off the Worthy Coin bid board dispersal in 1996, was auctioned by Smythe & Co. in 1996 and purchased by Mr. Ford. Therefore, we conclude that there are four known on this bank and denomination to our knowledge.
The appearance is close to a Choice proof. However, there is a vertical fold at the center with some faint foxing to the bottom left of the fold. There are mount marks on the verso of the India paper as the proof was likely tip mounted to a paper sheet once like the ABN Archive sheet is. The note presents a superb appearance and resonates the wonderful history of the early California Gold Rush era. This is a special proof note and will be a cornerstone of the next superb collection of American paper currency it enters.
Ex Grover Criswell, December 8, 1973; likely from the Underwood Estate.
The Miners Bank was among the first issuers of territorial gold coins in California (see the ''Red Book'' page 300). These private gold coins are attributed to to the exchange brokers, Wright & Co., but were probably not minted by them. According to Don Kagin's research (page 100-101), Wright was a merchant and the notes issued are mentioned quite early on even though the California Constitution forbade them. There was a strong disdain for paper money among miners and merchants in the west. However, there was also a severe coin shortage. The notes therefore should have had been successful, if they did circulate, and their rarity is a function of the probable full redemption of the circulation. Stephen Wright signed the notes as President of the Bank and Samuel Haight signed as Cashier.
The Ford Collection also has two unissued remainder notes from this issuer printed on banknote paper, but not signed for circulation. They are a $3.00 note and a $5.00 note. The $3.00 note was likely to have been the note owned by Farran Zerbe and displayed at the New York Numismatic Club in 1929 and again in 1938. The $5.00 note was likely owned by B. Max Mehl and it is reported that he exhibited this note at a 1929 meeting of the Dallas Coin Club. The remainder note mentioned will be offered for sale with the Western paper money in a future Ford Collection sale.
| |
|
