||New Orleans, LA - Southern Bank $10 18__LA-140 G4a. Face Proof. PCGS Choice About New 58PPQ. The American historical vignettes used on Obsoletes are an interesting area of study (Roger H. Durand's Interesting Notes about History describes them chronologically and with their specific note usages). Several were engraved by Rawdon, Wright, Hatch & Edson in New York. This is a nearly pristine India paper proof sunk to its original cardstock. The upper right vignette is titled The Purchase of Manhattan Island, 1626 and is very finely detailed with Peter Minuit presenting trading goods (worth 60 guilders at the time) to the local Indian leaders; all parties are finely garbed. At the lower left is a standing sailor holding a sextant and at the right is a beautiful woman's portrait. This late series also used a Louisiana Auditor's seal at the upper left and a space for that signature when issued. Those issued notes used a color back, making this technically a face proof only. The historical vignette used may have been commissioned for the Huguenot Bank of New Paltz, New York and is used by them for their $1 notes. However, a few other banks used this vignette. New Orleans locals might not have understood the scene in its historical context and may have seen these four colonists as local Mississippi River area merchants "treating with Indians," as quoted from period Banknote Reporters. This example is noted by PCGS as being "Slit Cancelled" and specifies "Mounted on Cardstock." Just the faintest handling is observed on this very broadly-margined note with the look of a Gem. Ex: Eric P. Newman Numismatic Education Society.
Realized $3,290.00. Newman VI (Heritage Auctions, 4/2015), lot 19095. Description courtesy of Heritage Auctions.