||Austin, MN - State Bank of Minnesota (1st) $2 October 5, 1858 MN-10 G4 Hewitt B040-2a. Proof. PCGS Superb Gem New 67PPQ. This is a rare bank title and the initial, rarer location of two (Minneapolis was the successor, 2nd title). The plate was initially engraved for this Austin location by the American Bank Note Company using a $1-$2-$5-$5 denomination structure. That plate's configuration and vignettes were maintained and re-engraved with the Minneapolis location for their 1862 State Auditor authorized notes (Hewitt-B360 series). This $2 note, and the following $5 proof, are both immaculate, each PCGS Superb Gem New 67PPQ India paper proofs mounted on original cardstock. The top center has a pair of horses feeding while two men open grain bags. At the lower left is seated Agriculture, designed with American realism in contrast to the earlier Greco-Roman allegorical style. An elk is at the lower right. A pair of proofs was enumerated in the 2006 census; this Hewitt plate note was one and, without a doubt in our mind, is the finest. Like virtually all Obsolete banknote proofs, this is Holed Punch Cancelled as made and noted on the encapsulation. A fabulous proof that is absolutely stunning. Ex: Eric P. Newman Numismatic Education Society.
Realized $4,700.00. Newman VI (Heritage Auctions, 4/2015), lot 19139. Description courtesy of Heritage Auctions.