ARC
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- Aug 19, 2014
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Call it a nice return on investment.
A $5 bill issued by First National Bank of Fort Myers nearly 100 years ago sold last week at auction for $11,162.50, within the pre-auction estimate of $10,000-$15,000.
“It sold for the exact same price a slightly better note sold for a few years ago,” said Manning Garrett, director of currency auctions for Stack’s Bowers Galleries.
The unnamed North Fort Myers buyer declined to comment through the auction house.
Back of the bill: a $5 bill issued by First National
Back of the bill: a $5 bill issued by First National Bank of Fort Myers nearly 100 years ago sold at auction for $11,162.50 (Photo: Special to The News-Press)
The bill, which features a portrait of President Benjamin Harrison, is signed by M.F. Flynn, bank cashier, and Frank C. Alderman, bank president. The back of the bill depicts the landing of the pilgrims. The bill most recently came from a Connecticut estate.
The lot description read, in part:
“Public offerings of the scant few large size notes is as one can expect, very seldom and the last to sell publicly was a PMG Very Fine 30 $10 Plain Back which brought $11,162 in a January 2013 sale. This Five Dollar note is of nearly the same quality as it retains strong banking signatures and mostly even circulation, save for some stains which is mentioned by PMG in the comments section of the holder.”
A rare $5 bill nearly 100 years old from Fort Myers could fetch $15K
The dating of the currency may seem confusing.
Even though the bill states “series of 1902,” it could have been issued any time after 1908, according Garrett.
The bill features “January 29, 1908,” the date the bank was issued its national charter.
Historical research suggests the bill couldn't have been issued any earlier than 1920. That's because Walter Langford served as the bank's president until the time of his death on Nov. 15, 1920.
The currency was printed in Washington, D.C., and shipped to the bank in sheets of four.
“From 1863 to 1935, any bank in the country could issue their own money and 12,635 banks did issue their own money, but there was only one in Fort Myers and it was from First National Bank,” Garrett said. “The reason this one is worth so much is because it’s one of only four or five known to exist that was issued by that Fort Myers bank.”
The First National Bank of Fort Myers no longer exists. However, the distinctive granite bank building erected in 1914 still stands at First and Hendry streets, housing law offices.
FOR PICS ETC - A rare Fort Myers $5 bill nearly 100 years old sells for $11,162.50
A $5 bill issued by First National Bank of Fort Myers nearly 100 years ago sold last week at auction for $11,162.50, within the pre-auction estimate of $10,000-$15,000.
“It sold for the exact same price a slightly better note sold for a few years ago,” said Manning Garrett, director of currency auctions for Stack’s Bowers Galleries.
The unnamed North Fort Myers buyer declined to comment through the auction house.
Back of the bill: a $5 bill issued by First National
Back of the bill: a $5 bill issued by First National Bank of Fort Myers nearly 100 years ago sold at auction for $11,162.50 (Photo: Special to The News-Press)
The bill, which features a portrait of President Benjamin Harrison, is signed by M.F. Flynn, bank cashier, and Frank C. Alderman, bank president. The back of the bill depicts the landing of the pilgrims. The bill most recently came from a Connecticut estate.
The lot description read, in part:
“Public offerings of the scant few large size notes is as one can expect, very seldom and the last to sell publicly was a PMG Very Fine 30 $10 Plain Back which brought $11,162 in a January 2013 sale. This Five Dollar note is of nearly the same quality as it retains strong banking signatures and mostly even circulation, save for some stains which is mentioned by PMG in the comments section of the holder.”
A rare $5 bill nearly 100 years old from Fort Myers could fetch $15K
The dating of the currency may seem confusing.
Even though the bill states “series of 1902,” it could have been issued any time after 1908, according Garrett.
The bill features “January 29, 1908,” the date the bank was issued its national charter.
Historical research suggests the bill couldn't have been issued any earlier than 1920. That's because Walter Langford served as the bank's president until the time of his death on Nov. 15, 1920.
The currency was printed in Washington, D.C., and shipped to the bank in sheets of four.
“From 1863 to 1935, any bank in the country could issue their own money and 12,635 banks did issue their own money, but there was only one in Fort Myers and it was from First National Bank,” Garrett said. “The reason this one is worth so much is because it’s one of only four or five known to exist that was issued by that Fort Myers bank.”
The First National Bank of Fort Myers no longer exists. However, the distinctive granite bank building erected in 1914 still stands at First and Hendry streets, housing law offices.
FOR PICS ETC - A rare Fort Myers $5 bill nearly 100 years old sells for $11,162.50
