||Milwaukee, WI - Bank of Milwaukee (2nd) $1 Jan. 2, 1855 WI-500 G2. Proof. Gem New 66PPQ. The first Bank of Milwaukee was from the Territorial period and did not officially emit notes due to conflicts among internal officers, but it did prepare proofs and remainders from different series. The second Bank of Milwaukee from the 1850s, issued notes from several sub-series of increasing capitalizations (from $50,000 to $300,000) and shortly thereafter became the National Exchange Bank of Milwaukee (Charter #1003, which issued Original Series to Small Size notes). Issued notes from this bank are exceedingly rare. Proofs are extremely rare and this is a Gem. Engraved and printed by Toppan, Carpenter & Co., New York & Phila., from a $1-$1-$2-$5 sheet configuration, on India paper mounted on cardstock. At the top center are three sea nymphs, two sporting pearl adornments, holding an angel aloft as they swim about. At the lower left is a Continental soldiers' encampment. Hole Punch Cancelled as made and through the India paper and card. This is a very bold impression with nearly perfect margins, broad on three sides. A superbly vignetted type, the style is classically oriented as in the 1840s. This is from an important series featuring the Santa Claus Type IV type on the $5 denomination. Ex: Eric P. Newman Numismatic Education Society.
Realized $3,995.00. Newman VI (Heritage Auctions, 4/2015), lot 19420. Description courtesy of Heritage Auctions.