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Lot 19196

Image Information

Type Currency
Title Lot 19196
Country U.S.
Grade Very Fine 25
Service PCGS
Description Aberdeen, MS - Aberdeen & Pontotoc Rail Road & Banking Company $10 Oct. 25, 1837 MS-10 G14 Kraus 10026. PCGS Very Fine 25. Obsolete notes from Mississippi reflect their interesting financial and banking history, but come mainly from two periods. Nearly all Mississippi Obsolete banknotes listed in Haxby were authorized in the 1830s, and banks generally issued their notes when financial panic overcame the entire country in 1837. This came about during the Bank of the United States crisis due to the Jackson administration's banking policies, concurrent with other factors such as land speculation and the hoarding of hard money by the populace. Mississippi was also a state with private issuers from railroads, real estate and land companies, private merchants, cities and counties, and the State's emitted notes from the 1830s through the Civil War. The Aberdeen & Pontotoc Rail Road & Banking Company $10 issued note is a quintessential late-1830s period note emitted by a railroad operating bank. This is a rare Draper, Toppan, Longacre & Co. printed series with an impressively rendered design. At the center is a dynamic Battle of New Orleans scene: Andrew Jackson on his steed overlooks from the high ground both sizable army positions engaged in battle. Above is an eagle perched on a global projection. At the sides are female allegorical vignettes of Commerce and Agriculture, respectively. The corners show "X" counters at the top and "10" numerical dies on lathe work at the bottom. This is a very rare note and assigned a Rarity-6 rating (6-10 known). Very few examples of this type have been sold at auction. The D.C. Montgomery collection was a key Mississippi collection with many Leggett plate notes. Its example, ex: NASCA 1979 Brookdale Sale, was only graded Good with taped splits. There was an issued piece, plus the four-note proof denomination set from the bank at the 1996 Western Reserve Historical Society sale at Christie's; its current location is unknown. The Newman note stands tall over both of those examples. It is a beautiful issued note boasting vibrant surfaces and nice margins, appealing to many topical, historical vignette, and state collectors. Ex: Eric P. Newman Numismatic Education Society. Realized $2,585.00. Newman VI (Heritage Auctions, 4/2015), lot 19196. Description courtesy of Heritage Auctions.

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