First Charter Territorial

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National Bank Notes > North 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 McC Reeve, 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. Herbert Root was born on a farm in Ontario, Canada, August 12, 1848. Coming to the United States at the age of twelve years, he located at Qunicy, Illinois, and accepted a position as clerk with his uncle at one of the largest dry goods stores in that city. He graduated from the Nashotah Theological Seminary of Waukeshaw county in 1874 and was then ordained a deacon in the Episcopal church of St. Peter and St. Paul, Chicago. He was next sent to Milwaukee, Wisconsin, where he was ordained to the priesthood. In March, 1880, Mr. Root became a resident of Valley City, North Dakota. His first venture here was in the private banking business, but in 1881 he assisted in organizing the First National Bank, of which he was cashier until Jan. 1882, when he resigned and organized the Farmers' & Merchants' Bank. He was president of that corporation until it went into voluntary liquidation in 1890. Valley City is the county seat of Barnes County; the population was 6,585 at the 2010 census, a peak population of 7,843 was recorded in 1970. Founded by the Northern Pacific Railroad in 1872, this place was called Second Crossing of the Sheyenne, Fifth Siding, and Wahpeton before the year was over. In 1874 it was named Worthington, but confusion with Worthington, Minnesota resulted in another name change to Valley City, descriptive of its location in the Sheyenne River valley. Valley City was incorporated as a village in 1881, and became a city in 1883 with C. A. Benson as mayor. The city is known for its many bridges over the Sheyenne River including the Hi-Line Railroad Bridge. These bridges have earned it the distinction of being called the "City of Bridges". The city is also the home of Valley City State University, established here in 1890. Frank White, 8th Governor of North Dakota and Treasurer of the United States, and George Mason, founder of the American Motors Corporation, were natives of Valley City.

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