||Nacogdoches, TX - Nacogdoches Real Estate Deposit & Exchange Co. $10 18__ Medlar UNL Olsen UNL. Remainder. PCGS Fine 15 Apparent. This is a great rarity and it falls into the niche of being a puzzling bank-like issuer from the Texas Republic period. In our opinion, this was clearly meant as a banknote, and payable to "bearer on Demand" is in the obligation. The denomination is unlisted in all the reference works on Texas notes; however, the $1 and $3 notes are cited in Medlar and Olson. This is an engraved note with the imprint of Woodruff, Tucker & Co., Cincinnati, O., mimicking a banknote of the time period. This is certainly similar in style and obligation to some of the Real Estate/Land issuer notes from Mississippi, and it was engraved and printed by a firm that seemed to find favor with the more "enigmatic" or speculative issuers (and Cincinnati was a bit closer than New York City or Philadelphia). At the top center is a seated allegorical female as Commerce and Justice, bowled into the title. At the left end is a perpendicular cameo of children and at the lower right corner is seated Music with her lyre. Not issued, and the minor notation of "Stained" is some uniform aging, with a deeper patch at the lower right. We have no easy route to any sales records for this issuer, but will report that there are $3 and $5 notes in the Rowe-Barr Collection at SMU. This is solid, historically interesting and, to the best of our knowledge, a note of the highest rarity. Ex: Eric P. Newman Numismatic Education Society.
Realized $2,820.00. Newman VI (Heritage Auctions, 4/2015), lot 19345. Description courtesy of Heritage Auctions.