||Commerce, MS - Western Bank of Mississippi $1 18__ Kraus 20558 Leggett 2. Proof. PCGS Very Fine 30 Apparent. This is an enigmatic and extremely rare issue, which we have never seen or handled. But the note was known to L. Candler Leggett, the author of the initial Mississippi book, who cited the D.C. Montgomery collection note and plated it in his book; that example was sold in the 1979 NASCA Brookdale auction. The India paper proof is printed from a less often seen 1830s era imprint, Western Bank Note Co. Cincin. O. and Woodruff, Tucker & Co., engraved along the top. The design structure is clearly that of a banknote issue, with signature spaces for the bank cashier and president; but like many notes, Haxby did not include it in his listing due to a petty nuance of obligation text. This issuer and type certainly appears to us to be very collectible as a banknote based on its look and context. At the top center is a loaded wagon heading down to the river toward the awaiting steamboat. In the upper corners, facing across the note, are different classical cameo profiles and in the bottom corners "1" numerical counters on shaded lathe work. The proof has encountered some heavier handling over the decades and is Apparent, Hole Punch Cancelled as made with "Hinge Repaired Edge Splits, Tears, and Damage; Minor Stains," with the repairs seen mostly from the back. The detriments do not diminish the collectibility of this great rarity, fully Rarity-7 (1-5 known), easily one of just a few extant. Ex: Eric P. Newman Numismatic Education Society.
Realized $2,115.00. Newman VI (Heritage Auctions, 4/2015), lot 19199. Description courtesy of Heritage Auctions.