2016-06-20 Mon

Stack’s Bowers Galleries’ Official Currency Auction of the American Numismatic Association World’s Fair of Money will be held in August in Anaheim, Calif. The auction is going to sell a very rare Original Series $100 national bank note from the Salem National Banking Company. Only 40 Original Series notes exist of this type, this one being the first from New Jersey.

Out of the $3 million worth notes that were printed, 575 belonged to the $100 Original Series. This particular note, with bright paper, a bold design and the red overprint of serial number 518 is graded Very Fine 35 Net by PMG with some restoration. It has an estimate value of $80,000 to $120,000.

Charter Number 1326 was titled initially as the Salem National Banking Company and later was named as Salem National Bank & Trust Co. Research shows that only seven notes were issued with the former title. 19 large-size notes and 46 small-size ones belonging to the second title exist today.

Officials state that these odd shaped notes were discovered during an audit and bought at face value by someone who worked in the New Jersey Bank in the 1960s. He went on to own them for the next 40 years.