Doyle Auctioneers & Appraisers are offering a rare opportunity to own the only known national bank note from the West Hollywood National Bank of Crescent Heights (California) at a December 5, 2023 auction.
The $10 note up for bid is classified as a Third Charter Period, Series 1902 Third Issue, Plain Back, and bears the serial number 1485 from the West Hollywood National Bank of Crescent Heights, charter number 11880. Geo. B Mauser, serving as president at the time, signed the note in purple ink. The cataloger has assigned an estimated value of $30,000 to $50,000 to this particular rare note.
According to the catalog, the note is described as Very Fine, exhibiting a couple of scarcely visible handling marks. It maintains an overall clean appearance with commendable paper quality. The margins are closely aligned at the top and bottom, while the sides boast ample widths. A press release, however, contradicts this description, offering a more precise depiction: “Clean and crisp paper, with a few barely noticeable handling marks, the note is of high quality and near Uncirculated.”
This note is the property of a four-generation California family and has been under the care of the original owner for almost a century. The note was presented to the current owner by her father, who served as the president of the bank.
The transformation of the Crescent Heights National Bank into the West Hollywood National Bank of Crescent Heights occurred on Nov. 20, 1922, under charter number 11880. Subsequently, on Dec. 18, 1926, it was sold to the Pacific Southwest Trust & Savings Bank.
The $10 denomination was the sole denomination issued by the bank. Out of the initial issuance of approximately 6,581 notes, only 2,300 remained outstanding at the time of the bank’s closure. According to recent research by Doyle, this note stands as the only surviving piece from the original issue, marking the first and sole offering of its kind, whether publicly or privately.
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