||New Orleans, LA - Consolidated Association of the Planters of Louisiana $5 18__ LA-40 G2 . Proof. PCGS About New 53 Apparent. An interesting and very rare proof type emitted by a bank that operated much like many unsuccessful businesses, with inflated salaries and internal corruption. This proof was engraved and printed in the late 1820s by Durand, Perkins & Co., New-York on India paper only. The top vignette was a stock type ordered from the engraving firm with the classic Liberty and Plenty supporting the New Jersey shield (note the horse head motif like that seen on New Jersey coppers). Each end is finely patterned, also from the catalog of this imprint, and the text is of course in English and French. Early on, the bank's intentions were good, but money was abundant and land deals abounding. However, pressures of the Bank of the United States crisis affected specie payments across the country. According to Stephen Caldwell, the Consolidated Association of Planters' actions were particularly "vexing" since they received several favorable court rulings during 1842-1850 to avoid bond payments. This was while carrying a large payroll and overcompensating executives. We are not familiar with issued notes of this series, only proofs like those plated in Haxby. This example is Hole Punch Cancelled ("HPC") as made and the Apparent designation notation is "Tape Repaired Tear at Cancellation Bottom Right of Center." The only recently auctioned proof from this series was last sold nearly ten years ago in the Schingoethe sales. Ex: Eric P. Newman Numismatic Education Society.
Realized $3,525.00. Newman VI (Heritage Auctions, 4/2015), lot 19083. Description courtesy of Heritage Auctions.