Large-size Uncirculated McGill National Bank $10 note highlights Holabird sale

Auction includes 58 Nevada notes representing Ely, Elko, Reno, Winnemucca, Lovelock, Eureka, Tonopah
Published : 07/15/15
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An assemblage of 58 national bank notes issued in Nevada, including 18 rare large-size notes, are set to highlight Holabird Western Americana Collections LLC's September auction.

Only one of the notes has been professionally graded by a third-party grading service, according to the firm's owner, Fred Holabird. The notes, from "an old Nevada collection," are currently being cataloged, Holabird said.

The single most valuable note appears to be an Uncirculated large-size Series 1902 $10 national bank note from The McGill National Bank that Holabird said may be unique. Research into that possibility is on-going, he said. The face of the note bears a portrait of President William McKinley.

“At the height of the market, before the crash, it might have been worth upwards of $100,000,” Holabird said. “But it might be worth $50,000 today. ... The bidders will tell us.”

When the McGill bank closed in 1934 only $1,210 in national bank notes from the bank was outstanding, Holabird said. “They got almost all of it back,” he explained.

In small-size notes, the auction also includes one $10 note and two $20 notes from the McGill bank, all Type 1 with low serial numbers. Series 1929 Type 1 notes bear serial numbers ending with the suffix letter A. Type 2 notes have a serial number ending with a number.

Holabird describes a large-size $10 First National Bank of Winnemucca note as gem. The sale also offers two large-size $50 notes from the bank. For small notes, there are two $5s, two $10s and a $20, all Type 1. The bank had $9,855 outstanding in notes when it closed in 1935, according to Holabird.

The First National Bank of Winnemucca was reportedly robbed by Butch Cassidy but that was never proven, Holabird said.

For the First National Bank of Ely there is one large-size $5 note, two $10 notes and one $20 note. Holabird said the $10 notes have different signatories. Ely was one of America’s largest copper mining camps that produced about $400 million in metals before World War II.

For small-size notes, there is one $5 note and two $20 notes, all Type 1, from the First National Bank of Ely.

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