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Lot 19311

Image Information

Type Currency
Title Lot 19311
Country U.S.
Grade Very Fine 25
Service PCGS
Description Philadelphia, PA - Bank of the United States (the Third) $20 June 1, 1837 US-3 G8 Hoober 305-158. PCGS Very Fine 25. A rare, fully issued Third Bank of the United States (1836-1841) demand note and not frequently encountered, especially compared with the $1,000 Third Bank Post Notes. Andrew Jackson opposed the establishment of the Third Bank, but his veto could not prevent it. His administration and the factions worked to eliminate the bank. This antagonism, along with with speculative financial ventures and loose banking across the nation threw the United States into a panic and created the Hard Times Period numismatics we collect and study. Engraved and printed by Draper, Toppan, Longacre & Company with the layout favored by the Third Bank showing six portraits at the ends and the bank building at top center. The full title is across the center and above is a three-quarter view of the bank, with fine details and trees at the side. At each end are three different portraits, with David Rittenhouse, William Penn, and Thomas Paine at the left. At the right are Robert Fulton, Benjamin Franklin, and Robert Morris (an architect of early American finance who was jailed for debt after the formation of the Republic). Beautifully accomplished signatures on behalf of the officers, including Nicholas Biddle as president of the bank. A choice example of this fully issued note; we have always believed that the Bank of the United States notes, particularly genuine issued bills like this are undervalued and worthy of greater attention from specialists. This is a handsome Philadelphia note representing this historic bank's role in American finance and politics. Ex: Eric P. Newman Numismatic Education Society. Realized $1,175.00. Newman VI (Heritage Auctions, 4/2015), lot 19311. Description courtesy of Heritage Auctions.

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Image Collection Eric P. Newman Collection, Part VI
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