||New Orleans, LA - Merchants' Bank of New Orleans (2nd) $100 May 27, 1862 LA-95 G32a SENC. PCGS Very Fine 20 Apparent. A very rare reorganized second bank title that was formed from the private Bank of James Robb. The firm produced notes for only a few years commencing in 1859. Like so many New Orleans banknotes, this was engraved by Rawdon, Wright, Hatch, & Edson, New-Orleans and in this case, there is an additional italicized "ABC" monogram at the upper right, for the American Banknote Company. This monogram was added to earlier engraved plates after 1858 when seven predecessor firms formed the conglomerate. The top center has three allegorical females representing Agriculture, Navigation, and Industry. At the far left end is the Louisiana state seal and at the right, a statuesque America with crouching Indian princess, Deep vermillion protector tinting and HUNDRED are across the bottom center, with large "C" counters flanking the vignette. Haxby notes from his listed description that the note should have an orange back, but that is not the case on this example. The note was fully issued and presumably signed. It was trimmed cleanly straight across by one-quarter inch, which appears to have served as a cancellation, thus removing the signatures. This fact is noted by PCGS along with "Minor Ink Erosion" in the date. Despite the signature cancellation, this is a significant note and the highest denomination authorized by this rare second title. Ex: Eric P. Newman Numismatic Education Society.
Realized $1,880.00. Newman VI (Heritage Auctions, 4/2015), lot 19090. Description courtesy of Heritage Auctions.