A discovery note from the First National Bank of Miles City, Montana
Territory sold for $35,250 in the Stack’s
Bowers paper money Rarities Night auction Aug. 7.
The auction was part of the official auctions conducted at the American
Numismatic Association World Fair of Money in Rosemont, Ill.,
Aug. 5 to 9.
The price includes the buyer’s premium.
The 1875 $5 territorial national bank note graded PCGS Currency Very
The 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 bears the penned signature of
George Miles as the bank’s vice president.