Paper Money

National bank note is the only one from California bank

Doyle Auctioneers & Appraisers will offer the only known national bank note from the West Hollywood National Bank of Crescent Heights (California) at its Dec. 5 auction.

Images courtesy of Doyle Auctioneers & Appraisers.

Collectors will have a chance to bid on a “discovery” national bank note when Doyle Auctioneers & Appraisers will offer the only known national bank note from the West Hollywood National Bank of Crescent Heights (California) at its Dec. 5 auction of coins, bank notes, stamps, and collectibles.

The note is a Third Charter Period, Series 1902 Third Issue, Plain Back $10 note bearing serial number 1485 of the West Hollywood National Bank of Crescent Heights, charter 11880, and signed in purple by Geo. B Mauser as president. The cataloger places a $30,000 to $50,000 estimate on it.

The catalog describes the note as Very Fine with a couple of barely visible handling marks, yet overall clean with nice paper quality, margins close at top and bottom, with ample widths on the sides. A press release about the piece conflicts with this description and more accurately says, “Clean and crisp paper, with a few barely noticeable handling marks, the note is of high quality and near Uncirculated.”

It is the property of a four-generation California family and has been in the care of the original owner for nearly a century, since it was given to the current owner her by her father, the president of the bank.

The Crescent Heights National Bank became the West Hollywood National Bank of Crescent Heights, on Nov. 20, 1922, and was granted charter number 11880. It was sold to the Pacific Southwest Trust & Savings Bank on Dec. 18, 1926.

The $10 value was the only denomination issued by the bank. From the original issue of approximately 6,581 notes, only 2,300 were still outstanding at the time of the bank’s closure. Based on current information and recent research by Doyle, this note is the sole survivor of the issue, and the first and only piece so far offered, publicly or privately.

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