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Lot 19124

Image Information

Type Currency
Title Lot 19124
Country U.S.
Grade Fine 12
Service PCGS
Description Harwich, MA - Bank of Cape Cod $1 Feb. 1, 1856 MA-660 G2 SENC. PCGS Fine 12 Apparent. The Bank of Cape Cod is an extremely rare Massachusetts title, an elite one in fact, and this is the sole $1 denomination among only four notes, three issued and one proof, observed by us from this dramatic series. An appropriate nautical vignette was engraved by Toppan, Carpenter & Co. At the top center, over the title, are three different vessels with two sailing ships in different perspectives at left, and at the right, a man-o-war with multiple gun decks. At the lower left is a male portrait and at the lower right, a female peering through a small telescope out to sea. The base or far bottom vignette is the codfish, an iconic Massachusetts symbol used as far back as Colonial times on currency notes. At the bottom center is a red protector ONE. This is the only $1 note from the bank we have ever encountered; therefore, the first time offered at auction. It is interesting to report that two $4 notes from the bank exist, using a large Declaration of Independence vignette at center. The higher grade note is privately held, but confirmed by us. It originally came from the Jim Sazama collection 15 years ago where it then traded privately for $2,000 (at the time a high price for any Northern Obsolete) at Memphis. The other $4 Bank of Cape Cod note is plated in the Whitman Encyclopedia: Volume 4, where Dave Bowers discusses in detail the significance and rarity of the bank and its issues. That example graded Good to Very Good, was ex: Paul Kagin via the 1990 Smythe Memphis Sale, and subsequently sold in the Schingoethe sales. The bank also has a known proof and it is one of the epic Massachusetts Obsoletes, a unique $5 proof with a central vignette of The Signing of the Mayflower Compact, 1620, known only on this note at this time. That strongly held proof is illustrated in several Roger Durand titles and plated in Haxby and Whitman. There are some noticeable flaws, but seen more so from the back, such as "Tape Repaired Edge and Internal Splits; Minor Rust Stains." However, the big picture needs to be considered: The discovery $1 denomination here is perhaps a once-in-a-lifetime chance to obtain a note from this elite title. Ex: Eric P. Newman Numismatic Education Society. Realized $5,405.00. Newman VI (Heritage Auctions, 4/2015), lot 19124. Description courtesy of Heritage Auctions.

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Image Collection Eric P. Newman Collection, Part VI
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