||St. Peter, MN - Nicollet County Bank $1 18__ MN-165 G2a Hewitt B760-D1. Proof. PCGS Very Choice New 64. This $1 denomination is another member of a stellar set of proofs, fully tinted, engraved and produced by the American Bank Note Company. Printed on India paper mounted to its original cardstock. The bank's issued notes were eventually refused after the second owner and cashier William J. Sewell's banking house in New York failed, creating a run on the $5,000 in gold specie when the bank had to redeem notes. (Major General William J. Sewall was later elected to the U.S. Senate, representing New Jersey.) Insiders at the local People's Bank had the edge over those racing from St. Paul to redeem their many Nicollet County Bank notes. The State Auditor's office had collateral only in the form of "Minnesota 10s" to redeem remaining notes at 35 cents to the dollar. There are three issued $1 notes on the census, but like all of these full color proofs from the set, this is unique and the only example reported. A full light orange tint crosses the note, with a deeper red die across the bottom center outlining a white protector ONE. The center shows a river rafting vignette engraved by Wellstood, Hay & Whiting, and a rarely seen version. At the left is a tall, vertical "1" and at the lower right, an Indian male wearing a necklace of animal teeth. At the bottom center is a diminutive base vignette of a type I gold dollar coin obverse. This is Hole Punch Cancelled as cited on the encapsulation and only through the India paper. A visually enticing full color tinted proof from Minnesota, extremely rare as a class case. Ex: Eric P. Newman Numismatic Education Society.
Realized $6,462.50. Newman VI (Heritage Auctions, 4/2015), lot 19187. Description courtesy of Heritage Auctions.