 Clark, Gruber & Co. $5.00. B. Denver, Colorado. Early 1860's. India paper Proof by American Bank Note Company. Red protector 'FIVE' across the bottom center with red upper left counter and red framed upper right counter. At the top center a boldly executed buffalo hunting scene with hunter on horseback. At the lower left is vignette titled 'Union' with standing maiden by named column. At the lower right is a portrait of Governor Gilpin as used exclusively on this note (included with the note is an India die proof on card of this portrait). Unlisted State, City, Bank, and Type in Haxby.
The Ford Collection of obsolete proof notes is fortunate that it includes not one, but both major proof bank note issuers from the Western States. Both issues are worthy of inclusion in the future Second Edition of Haxby and rank among the most important obsolete banknote series. Although this note type was known to Haxby (we believe), it was not listed in the First Edition of this opus. The argument can be made briefly that this is a private scrip issuer. However, our opinion is that this view falls flat fairly quickly. The banking establishment began earlier in the Kansas Territory and issued demand notes based on the East coast standard size and format. They are extremely rare and were redeemed for coined silver, gold or the new Federal Demand and Legal Tender notes. This Denver series demand note is 'payable in Denver Coin' which was redeemable in the coinage made at the private mint operated by this firm. The note issue was created for miners bringing in gold dust who preferred not to lug heavy bars or large quantity of coin. Due to the great rarity of these notes, most if not all were redeemed. We have only seen proofs and remainder notes. This private mint operation eventually led to the creation of the U.S. Mint in Denver (the Government bought their mint building).
This outstanding note has held its place in the Ford Collection for nearly half-a-century, having last traded hands in 1955. The only other proof we have seen was probably from the same proof sheet at one time and was offered for sale at the 2002 ANA Convention in New York City for $37,000.00 by a major dealer and collector of Western items. A remainder note on banknote paper, Serial 2007, is included in a major midwestern collection. Those two examples and the Ford proof offered here are the only examples we know of in private hands. The other two proofs that may exist have not been verified by us. A scant few other notes are in institutional collections, not to be sold in the near future or ever. As previously stated, we have never seen this type in issued form; virtually all were redeemed.
A superb example and fully Choice with bold color protector and counters. The printing is super sharp and there are no flaws whatsoever around the four small POC on the signature blocks. On the verso there are two small hinge remnants fron an antique mounting and for the purest we mention some very faint handling. Well margined and visually a blockbuster of an American paper currency proof. Like the Miners Bank of San Francisco proof in the Ford Collection, an outstanding example of Western Numismatic Americana. To our knowledge, the first time offered at Public Auction in nearly fifty years! This will be a stunning centerpiece in the next collection it graces.
Ex Butterworth Collection (via New Netherlands Coin Co., December 17, 1955).
This paper currency was quite a success and even circulated at a premium (unheard of for a private bank note of the era that usually had at least a nominal discount even if from the soundest eastern bank.
One of the earliest reports of an example of this note was in 1907 by Edgar Adams and reported in The Numismatist. That note was in the collection of E.B. Morgan.
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