||Milwaukee, WI - Bank of Commerce $1 18__ W-445 G2. Proof. PCGS Very Choice New 64PPQ. The later Milwaukee Obsolete banknotes from the late 1850s until the commencement of the National Banking period are rare to extremely rare. Most of these titles are virtually unknown in private hands, as proven by the elite Chester L. Krause Wisconsin Collection. Those notes were obtained during 50 years of searching, aided by Krause's connections to sources from earlier formed collections. The Bank of Commerce (1854-1856) is one of those extremely rare banks. The plated proofs in the books are from the Madison archives. Chet Krause had only a very low grade issued $5 note with red protector from this bank. Though this bank is recorded as "closed," it closed "with loss to no one," according to Memoirs of Milwaukee County, edited by Jerome A. Watrous. Circulation would have been redeemed either by the bankers themselves, or by the State Comptroller or a combination of both. This is a wonderful series, with the quintessential silver dollar vignettes engraved by Rawdon, Wright, Hatch & Edson, New York. Printed on India paper mounted on cardstock, this is a borderline Gem. At the left is a solitary cherub rolling an 1853 silver dollar. At the lower right is a facing woman holding a floral arrangement. Hole Punch Cancelled, with very fine razor slash cancels in the signature space. On India paper, as prepared at RWHE. The upper right frame line is a little close, otherwise this would be a Gem. A great opportunity to obtain one of few coin-vignetted Obsolete types from Wisconsin. Ex: Eric P. Newman Numismatic Education Society.
Realized $3,525.00. Newman VI (Heritage Auctions, 4/2015), lot 19415. Description courtesy of Heritage Auctions.