||Lynn, MA - Nahant Bank $20 Jan. 1, 1834 MA-790 G24 SENC. PCGS Very Fine 30. The Nahant Bank was another institution that utilized the distinctive Congreve Patent Plate color backs for many of its denominations. The bank lasted only three years, and a serious run drove it out of existence leaving $200,000 or so in notes worthless. The face is engraved with a more advanced, vignetted Patent Stereotype Steel Plate conceived from Jacob Perkins' patents. The note has titles and security devices across the center. At the far left end is perpendicular MASSACHUSETTS with adjacent small Plenty vignette. At the far right is the Massachusetts seal between two "20" counters. The Congreve color back is a fascinating pattern printed in two colors with its titles circular around a large central die. This is a much rarer type from the bank than the low grade, lesser denomination notes encountered. We wish to note there is small bank teller smudge at the far right face and a small stain at the back upper left edge, but this example has a bold color back and is well margined. Ex: Eric P. Newman Numismatic Education Society.
Realized $2,115.00. Newman VI (Heritage Auctions, 4/2015), lot 19126. Description courtesy of Heritage Auctions.