First Charter Territorial

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National Bank Notes > South Dakota

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Valley City, Territory of Dakota, First NB, 2548
Fr. 405 $5 1875
Grade: PMG VF 20    

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In 1881 the First National Bank of Valley City was chartered to operate in Barnes County. I must say it seems like they were quite successful as they issued 2,650 sheets of $5 First Charter Territorials before statehood in 1889. This is one of two surviving notes from that bank listed in the National Bank Note Census. This $5 is quite pleasing in appearance with good centering and only slight paper toning. There are six heavy folds that show most noticeably on the back and there are at least four small spots that can be seen when held to the light, similar to pinhole size. The signature of Charles McReeve, President is clear but the red signature of Herbert Root, Cashier is a bit smeared. The note came from a 2004 Heritage sale where it realized $21,850. There are only 13 Territorials from towns on the north side of the border, with this being one of the nicer ones.

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