||Leavenworth City, KS - City Bank $1 November 1, 1856 KS-50 G2a, Whitfield 289. Remainder. PCGS Choice About New 58 Apparent. Waterman Lily Ormsby has been the subject of much study by Obsolete currency and security printing collectors. His maverick style made him an outsider to the established firms in New York and Philadelphia. The security devices he invented to prevent denomination raising and counterfeiting were revolutionary and just about impossible to thwart. However, he sold most of his contracts to "fly-by-night" outfits whose note-issuing intentions were generally less than noble, and these outfits generally went broke. That left holders of the notes with worthless paper. The City Bank fell into that class, but it actually did open with good intentions. It only had little backing security for its notes, and when the banking crisis swept the nation in 1857, it failed and became a "broken" bank. Oddly, the Territorial Legislature authorized the bank after its failure. The first of three rarer Kansas types which use an interesting style of anti-raising protection devices on the face and back. At the center is a single farmer with long scythe vignette, flanked by a large "1/ONE" dies designed by W. L. Ormsby. The back of the note has a radiating circular "target" pattern of red-orange micro-lettering which emanates from a solitary center based on its $1 denomination in the Ormsby note anti-raising system. A beautiful type and rarely offered. The noted "Small Edge Tear at UR" is a minor fault. Fully margined, beautifully centered on both sides, and a quintessential Ormsby type. Ex: Eric P. Newman Numismatic Education Society.
From Newman X (Heritage Auctions, November 2018), lot 20114, realized $1320.