||Elbridge, NY - Alonzo Wood and Company's Bank $10 Raised $1 Jan. 29, 1864 NY-795 R5 SENC. PCGS Very Fine 20. Raised denomination notes are a bit of an enigma, as they would have been seized from circulation as fraudulent if presented at the bank. Attempting to give them a collector rarity rating is not exactly scientific. Most collectors would prefer to have an original, unraised note; and over the years we have seen a few of these. The great news is that this is a very handsome National Bank Note Company printed note which began as a genuine, signed, and bank department countersigned issued $1 note. The top center vignette with the cannon is titled Protection, and is seen on only scarce to very rare notes. At the lower left is the New York Bank Seal and at the lower right is Jefferson. A full green frame surrounds, with green guilloche across the center. The note was raised in the top corners with added "10" numerals pasted on, and along the bottom center a printed strip TEN DOLLARS was affixed, but it laps at the left of the engraved text. Soiled up intentionally at the time by the fraudsters, and presented quickly, it might have yielded a nine dollar profit as this was a known, sound bank. The bank left itself exposed by not spending the extra money to use color counters in the frame or guilloche. This is a superb grade for a raised bill, the majority of which were rubbed and roughened up before passing. We have always felt the raised genuine bills have been underappreciated and undervalued. Ex: Eric P. Newman Numismatic Education Society.
Realized $998.75. Newman VI (Heritage Auctions, 4/2015), lot 19242. Description courtesy of Heritage Auctions.