2017-04-25 Tue

30 California national gold bank notes will be offered by Heritage Currency Signature auction at the Central States Numismatic Society convention, Chicago on 26th April. Such a rare and unusual collection has never been offered at an auction since 70 years.

Gold bank notes were issued during California Gold Rush when local banks found it difficult to handle a large quantity of physical gold. 10 national gold banks were created in July 1870 to resolve this problem.

These notes are generally found in Very Good or lower grades. This proves that they were well-circulated. Notes issued by the First National Gold Bank of San Francisco are greater in number but the auction would be offering rarer notes from California banks including the never-circulated ones issued by Kidder National Gold Bank in Boston. A Friedberg 1161 $50 note, graded Currency Very Fine 20, by the Farmers National Gold Bank at San Jose, has an estimated value of $350,000 to $550,000.

$100 notes from banks in Santa Barbara, Oakland, and Petaluma, a San Francisco $20 note, an Oakland $10 issue etc. are also offered at equally high estimate values.