||Salem, MA - Exchange Bank $3 Jan. 2, 1860 MA-1105 G24 SENC. PCGS Very Fine 20. Genuine notes from Salem's Exchange Bank are exceedingly rare and are all designated SENC in Haxby. This is another very impressively designed and unusual rarity from Massachusetts. Salem hugs the coast north of Boston and is well known for author Nathanial Hawthorne and the 17th century witch trials. The face of the note has the dual imprints of the New England Bank Note Company and Patent Stereotype Steel Plate with an "ABC" cursive monogram at bottom center. The 1830s engraved plate was strengthened, received the monogram, and issued notes using red denomination protectors as seen here. The note's design is complex and worthy of close study. Seated in the harbor, on a throne, is facing Athena. The shoreline is to her left and right, and the open ocean behind. At the left is blindfolded Justice and at the far right, Plenty. The corners have various counters, and flanking the center are partially outlined, but large "3" protectors. The layout and protectors would have made it impossible to raise the denomination. A lightly penned notation shows that the note was cancelled in 1875. It is interesting that a four-note lower denomination set (including a similar $3 note) exists of this distinctive and exceedingly rare series. All are illustrated in the Whitman Encyclopedia: Volume 4 with images contributed by the Peabody Essex Museum in Salem. With that information in mind, it is safe to say this is a museum caliber Obsolete note, and a gorgeous Three Dollar Bill for collectors of that topic. Ex: Eric P. Newman Numismatic Education Society.
Realized $3,290.00. Newman VI (Heritage Auctions, 4/2015), lot 19133. Description courtesy of Heritage Auctions.