This year both Heritage Auctions and Stack’s Bowers Galleries will be
hosting official auctions throughout the American Numismatic
Association World Fair of Money in Rosemont, Ill., which runs from
Aug. 5 to 9.
On Aug. 6 Stack’s Bowers will hold its Rarities Night auction and
offer a discovery note, an 1875 $5 note of the First National Bank of
Miles City, Montana Territory, graded Very Fine 30 by PCGS Currency,
will be offered in the Aug. 7 auction by Stack's Bowers.
This note was one of only 2,250 First Charter $5 Territorial notes
issued by the bank before Montana became a state in 1889. The bank
liquidated in July 1924.
Gen. Nelson A. Miles was commander of Fort Keough, in Montana
Territory. In 1877, according to the auction catalog, Miles, tiring of
the drunkenness of his soldiers, threw the sutlers, who provided the
fort’s “liquid stock,” out of the camp.
That group of merchants joined with Miles’ nephew George to found
Miles City, Montana Territory. By July 1882 the national bank received
its federal charter. Until this recent discovery, no territorial notes
were known from this bank. The note is bright and evenly circulated
and bears the penned signature of George Miles as the bank’s vice president.
The note has an estimate of $35,000 to $55,000.