Three Known South Dakota State First Charters

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National Bank Notes > South Dakota

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Mitchell, First NB, 2645
Fr. 422 $10 1875
Grade: PMG Ch. VF 35    

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The First National Bank of Mitchell was chartered on February 8, 1882, very near the end of the First Charter period. The Act of July 12, 1882 provided for the Second Charter period to begin. There were only four national banks that issued Territorials, and of those only three chose to issue First Charter state notes. This bank only printed 866 sheets of four $10 First Charter 1875 Series notes. From that issue this is only the third note known to have survived. One example was last offered in 1955 and it's condition, while very nice, is not equal to the amazing note we have here. The other known example is from charter #2461, Deadwood, and only 750 sheets were printed, which included $5s, $10s and $20s. The bank with the largest issue was Deadwood #2391 which printed 2,800 sheets of $5s; none of which are known. This is the third note known from the statehood period and I believe the quality is amazing. Here lies an incredible ultra rarity that is among the finest and most desirable nationals we have ever been privileged to sell. In 1889 the Dakota Territory was divided into North and South Dakota, with each achieving statehood. Only banks already issuing First Charter notes, which also required additional notes to be printed after statehood, would receive statehood First Charters for circulation. For North Dakota that amounted to nine issuing banks, but only four for South Dakota, yet one did not issue any. One dozen survivors have been reported on North Dakota, but until now, only two have been found for South Dakota. The present note has the look of a headlight Gem, and was considered that by our consignor. A touch of handling requires the AU grade, but the best AU imaginable. Full margins, amazing pen signatures, original embossed bright paper and dark inks are enhanced by a lipstick red overprint. I cannot imagine a nicer note to represent the fourth rarest state First Charter, after Utah (1), Washington (1) and Nevada (2). If you aspire to a great South Dakota collection, or a complete collection of First Charter notes, this note is indispensable. When the proposed book about the top 100 existing nationals is printed, we expect this specimen to be included. The known First Charters from South Dakota are in the strongest of hands, likely to be off the market for generations. If you desire to own a First Charter South Dakota in your lifetime, the odds are likely determined on whether you purchase this note.

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