Finest Rare $100 Date Back Iowa National Bank Note

15 Mar 2018  Thu

A $100 National banknote from the Joel R. Anderson Collection, issued by the First National Bank of Sioux City, Iowa will be offered at Whitman Coin & Collectibles Expo by Stack’s Bowers next week.

National Bank Notes were introduced with an act of Congress in 1863. The Act allowed banks to be established under a federal charter and to issue federal notes. 90% of every bank’s capital had to be put in Treasury bonds that were held in Washington. If a bank was not able to do so, the notes would still be redeemable at face value. Notes of denominations $1, $2, $5, $10, $20, $50, $100, $500, and $1,000 were issued. A $500 note is in private hands and no $1,000 notes exist.

$100 notes came in different varieties like the Original, Series of 1875, Series of 1882 Brown Back, Series of 1882 Value Back, Series of 1882 Date Back, Series of 1902 Red Seal, 1902-1908 Date Back and Series of 1902 Plain Back. All these varieties are rare except the 1902 note. Rarity depends on the state in which they were issued. For example, a $100 note from New York is not as rare as a note from Iowa.

The offered Very Choice Sioux City $100 Date Back banknote has an estimated value of $15,000 to $25,000. It is not just rare but the condition is exceptional as well.

The vignette features Commodore Oliver Hazard Perry leaving the Lawrence, during the Battle of Lake Erie in 1813. Liberty is seated near rods which symbolise Union. An inscription reads “Maintain It!” The note has an open back design with the 1882-1908 date range, giving them the “Date Back” name. This crisp note has bold prints, deep blue overprints, and neat bank officers’ signatures. The paper has a good margin and deep embossing that can be seen from the back of the note. It is the only example in such good condition.

Image Courtesy: Stacks Bowers Galleries

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