||Setauket, NY - Setauket Bank $1 Oct. 1, 1860 NY-2565 G2. PCGS Very Fine 20 Apparent. Genuine Long Island Obsolete banknotes are very rarely encountered and most often strongly held for decades. Setauket Bank, Suffolk County notes rarely cross the auction block; even the counterfeit and altered bills of the title are very scarce. Engraved and printed by the American Bank Note Company, the short-lived title closed and appears to have redeemed nearly all their notes. There was no direct successor National Bank of the same title. Setauket is part of the Three Villages abutting Long Island Sound. William Sidney Mount lived in the area and his Cornhusker painting was adapted for use on Obsolete banknote vignettes. In the center, the vignette is Rebecca, engraved by James D. Smillie & Alfred Jones after artwork by Francis A. Casilear a maiden pours water from a jar, filling a trough for her thirsty sheep, under the arced title. At the lower left is the New York Bank Seal and at the lower right are two sailors on a wharf. This is the first genuine note from the bank we have offered, and we believe there has not been one auctioned since the June 2005 Memphis Schingoethe Part 3 Sale, Lot 5382 (ex: Hugh Shull, privately, 1986). Noted is "Tape Repaired Edge Tear at Top Left," which is patched with a stamp hinge adjacent to a penciled code "EN." In our opinion, this Long Island rarity is undervalued compared to many issued Upstate New York Obsolete notes. Ex: Eric P. Newman Numismatic Education Society.
Realized $1,997.50. Newman VI (Heritage Auctions, 4/2015), lot 19277. Description courtesy of Heritage Auctions.