||Milwaukee, WI - Bank of Milwaukee (2nd) $5 Jan. 2, 1855 WI-500 G6. Proof. Gem New 66PPQ. The first appearance of this Bank of Milwaukee $5 proof at auction is a historic event. The Toppan, Carpenter & Co. imprint Type IV Santa vignette is known as a bond paper Specimen (the Roger H. Durand Santa Claus note collection, WI-500 G6d type with $300,000 capital) and as fully issued notes with red protectors (Chester L. Krause Collection Part I, Lot 2200, this is G6d also). Engraved and printed by Toppan, Carpenter & Co., New York & Phila. from the sheet configured $1-$1-$2-$5 and from the initial engraved capital obligation of "$50,000," without a protector. Printed on India paper mounted on cardstock, the note was prepared at TC and is cited as Hole Punch Cancelled. At the upper left is the Santa Claus Type IV vignette as classified by Roger H. Durand. Though unsigned, the artist is considered either John W. Casilear or Nathaniel Jocelyn. St. Nick enters the room with a basket of toys strapped to his back. Holding a doll in his hand, he seems pleased not to have awakened the children snug in their bed. While perhaps not quite the jovial spirit observed on the George Baldwin Type III vignette (see Central Bank, New Ulm, Minnesota and Iron Bank, Plattsburgh, New York in this sale), it doesn't reflect the stern character of the RWHE pair of vignette types, Durand Types I and II, used on the St. Nicholas Bank (like in this sale) and others. The light and shadow used on this iconic image is outstanding. Right of center is the title with a tall gray "5" underneath. At lower right is a detailed facing portrait of a woman, her hair and dress adorned with flowers. This is the Durand Santa Claus book plate note. An exceptional Obsolete proof note and an important collector opportunity. The three Santa Claus Type IV notes we have observed vary in some way. The G6d $5 in the Krause Part I sale sold for $19,550 in October 2009 was signed and issued. The Roger H. Durand Type IV was a bond paper Specimen, G6d, and was sold by us in the Durand Santa note collection in January 2012 for $23,000. This G6d proof type, without protector, is unique in private hands to the best of our knowledge. Commencing with the unique New Ulm, Minnesota $1, continuing with the St. Nicholas Bank, New York $2, and ultimately this unique in private hands Bank of Milwaukee $5 Type IV Santa proof, these proofs combine to form a museum caliber trio. This is one of the ultimate Santa Claus notes known and a crown jewel for an elite cabinet of Wisconsin Obsolete proofs. Ex: Eric P. Newman Numismatic Education Society.
Realized $30,550.00. Newman VI (Heritage Auctions, 4/2015), lot 19422. Description courtesy of Heritage Auctions.