||New York, NY - Union Bank $5000 NY-1946 G96 SENC. Proof. PCGS Choice New 63 Apparent. Virtually all Obsolete private demand banknotes above the $1,000 denomination are very rare as a class and seldom offered for sale. This Union Bank $5,000 proof is no exception and is the first we have seen of this SENC Haxby listing. It is very elegantly engraved and printed by the less seen 1830s period Casilear, Durand, Burton & Edmonds, N. York imprint on India paper only. At the top center are three allegorical females seated on the shore, flanked by "5000" dies on shaded lathe work. At each side is standing Faith, ornately robed, shown with one foot upon the globe. The title, denomination and obligation are across the center. Hole Punch Cancelled as prepared at the CDBE imprint long ago. This is very important Obsolete proof. A wide scope of numerous auction catalogs must be physically surveyed to find the scant few offerings of $5,000 or $10,000 denomination Obsolete banknote proofs (an issued, un-redeemed note of those denominations would be a miracle of survival) and they are often very widely separated. We have auction records only for a similar, formerly unknown $5,000 proof from the Leather Manufacturers Bank, printed by CDBE, and realizing $2,990, which was considerable when factoring in the edge damage and heavy handling seen on that note. This proof's designation is due only to some meaningless "Mounting Remnants on Back" and appears to us as a well margined, Gem looking example. The next collector will enjoy the pride of owning a New York City trophy. Ex: Eric P. Newman Numismatic Education Society.
Realized $9,987.50. Newman VI (Heritage Auctions, 4/2015), lot 19270. Description courtesy of Heritage Auctions.