||New Orleans, LA - Bank of America $2 May 21, 1862 LA-5 UNL. PCGS Very Fine 20 Apparent. This note and the next are exceedingly rare and unlisted Union occupation series notes. This note was dated just three weeks after "Beast" Butler occupied New Orleans and issued General Order No. 30, essentially demonetizing the Confederate notes, bonds and local scrip that had been emitted earlier and had suffered a continuing depreciation as the Union approached to occupy this strategic port. Though this Bank of America $2 note does not have the engraved panache of the Rawdon, Wright, Hatch & Edson $10 note, its great rarity, condition and charm are substantial. The note was printed locally on brown paper by Paulin Duvel Printer 37 Chartres St. The title is across, with circular emblem above. Side panels show small numeral "2" counters within ornate scrollwork. There is a red protector TWO straight across the note. This is the first example we have seen of this series and note type. A beautiful note from the Civil War necessity genre, it is solid and bright. Noted Apparent with "Mounting Remnants on Back; Small Edge Tear at the Right" which are merely academic in the grand scheme. Like so many notes in this sale, this presents an incredible opportunity to obtain a rare discovery. Ex: Eric P. Newman Numismatic Education Society.
Realized $5,875.00. Newman VI (Heritage Auctions, 4/2015), lot 19077. Description courtesy of Heritage Auctions.