||Taylors Falls, MN - Chisago County Bank $5 MN-190 G6a Hewitt B840-D5. Proof. PCGS Gem New 66PPQ. This bank's notes are only scarce, especially when compared to most of the rare to exceedingly rare banknotes from the state. However, this is a unique full red color proof engraved and printed by the American Bank Note Company on India paper only; the first time ever offered for sale. The bank issued notes for only a few months with the sole purpose of being the intermediary in speculative railroad bond issues. The failure of the bank resulted in notes eventually being redeemed for less than 20 cents on the dollar due to a catastrophic drop in value of the bond collateral kept with the State. Most of the issued notes listed on the 2006 census, 39 at that time, are $1 and $2 black and white notes printed from the "lesser denomination" plate. The $5-$10 plate's notes are much rarer than those, and the color proof pair in this sale contains the only examples reported and known. The deep red lace color tint sweeping across the note boldly reaches the center with dual white outlined "5" numerical protectors. At the top center is an Indian bow hunter on horseback pursuing a bison at close range, a stunning image. At the lower left is a seated allegorical female in an ornate "V" as adapted from Wellstood. At the lower right is a young girl. Hole Punch Cancelled is a technical point of manufacture and not a detriment for this Gem. This is an energetic vignette type using marvelous color tint to its fullest advantage. Though there are several $5 issued notes reported, many are in lesser condition and most seem rather strongly held. This proof is the only one reported. Visually impressive is an understatement: a Gem and virtually perfect. Ex: Eric P. Newman Numismatic Education Society.
Realized $11,750.00. Newman VI (Heritage Auctions, 4/2015), lot 19191. Description courtesy of Heritage Auctions.