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National Bank Notes > District of Columbia

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Washington, First NB, 26
Fr. 394 $5 Original
Grade: Fine    

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This example is one of only four to have survived from this bank and two are from the first sheet and serial #1, so naturally very expensive today. This piece is a nice, evenly Fine and apparently from the second set of plates made for the bank. If I owned one of the #1 notes this would have to belong with it. Louis Van Belkum told you that this would have to be his favorite note in this collection because of its history to the National Banking Act and the hobby we all share and enjoy. Those of you who collect the first 100 charters understand the importance of this offering. I sold the #1-A in 2001 and earlier the one from J.L. Irish. This will make three of the four known and perhaps one day I can handle the other #1. The First National Bank of Washington, D.C., was the 26th national bank to be chartered in the country. In contrast, the First National Bank of Philadelphia, charter #1, was the first to be chartered on June 20, 1863; and The First National Bank of Davenport, Iowa, charter #15, was the first to actually open for business on June 29. Despite these other firsts, it was the desire of the Secretary of the Treasury Salmon P. Chase that his national bank notes would debut in the city of Washington. Certainly, releasing the first national bank notes in Washington, D.C., was preferable to having them first appear in the boondocks of Davenport, Iowa! The first denomination to be released was the $5. Accordingly, the design and engraving of the plates for the Original Series $5-5-5-5 sheet combination pressed ahead with urgency once the National Bank Act was passed. When it came time to schedule the actual printing, preparation of the plate for The First National Bank of Washington moved to the head of the line and was scheduled for the earliest production. The plates were prepared by the Continental Bank Note Company, and the fronts, backs and sheet serials were printed by Continental Bank Note Company at its facilities in New York City. The sheets were signed by Henry D. Cooke, brother of Jay Cooke, who had been installed as president, and William S. Huntington, cashier. The first sheet was cut and the top note saved by Huntington, fresh as the day it was printed. Remarkably, a second note is also known from the bottom of the same sheet. This specimen, from the D position, was presented to Secretary of the Treasury Salmon P. Chase, who carried it as a pocket piece. Chase wrote on the back of his note "First national bank note issued" and signed his initials "SPC". The Chase specimen was saved in very fine to extra fine condition, and eventually was obtained in the 1960s by Washington, D.C., numismatist Phil Lampkin, now deceased. It has resurfaced and now resides as the centerpiece in a prominent Washington area collection. In contrast, the A-position note featured here has been in the possession of cashier Huntington's family since the day it was cut from the sheet 138 years ago. The First National Bank of Washington was organized on July 16, 1863. It was the first national bank organized to do business and act as a government depository in the District of Columbia. The principal shareholders were members of the firm Jay Cooke & Company, of Philadelphia, PA, who owned approximately 3,000 of the 5,000 shares. Officers of the bank included Henry D. Cooke, brother of Jay Cooke, president, and William S. Huntington, cashier. At the time Henry Cooke was a resident of Georgetown, D.C., and was the governor of the District of Columbia, during the period when the district was operating under a territorial form of government. The First National Bank resided on the second floor of the private bank of Jay Cooke & Company, on 15th Street opposite the Treasury Building. The cause of failure for The First National Bank was ascribed to failure of large debtors . No small part of the blame for the failure can be leveled at Henry Cooke s mismanagement and extravagant lifestyle which, coupled with the collapse of financial institutions intertwined with railroads, led to the lack of confidence that exacerbated a September 18, 1873, run on the bank. The receivership was closed on July 24, 1876, on the happy note that the depositors ultimately recovered 100 percent of their deposits. This story was written by Peter Huntoon and includes information from both David Sundman and Robert Bolduc. Sources: Washington Evening Star Annual Reports of the Comptroller of the Currency Bank Failures in the District of Columbia in the Twentieth Century The Romance and Tragedy of Bank, By Thomas P. Kane, Bankers Publishing Co., 1933 The Development of Banking in the District of Columbia Jay Cooke, Private Banker, by Henrietta M. Larson, Harvard University Press, 1936

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