1902 $5 Fairbanks note to bring $300,000 at Heritage Auctions



2015-06-26 12:59:41

1902 $5 Fairbanks note to bring $300,000 at Heritage Auctions

The 1902 $5 bank note from the First National Bank of Fairbanks holds serial number one

An extremely rare example of the 1902 $5 Red Seal note from the First National Bank of Fairbanks is to star at Heritage Auctions' ANA Currency Signature Auction on October 18-22 in Dallas.

1902 National Bank of Fairbanks note $5 This example was presented to senator Charles W Fairbanks

Fairbanks is the Alaskan town that was named in honour of Senator Charles W Fairbanks, following his successful resolution of the territorial dispute between the US and Canada. After the Klondike Gold Rush of the 1890s, it quickly grew to be Alaska's second largest city.

In 1901, the First National Bank of Fairbanks was licensed to issue National Bank Notes for circulation in the area. The 1902 Red Seal notes were the first to be issued, with the $5 at auction standing as the third note from the first sheet.

Bearing serial number one, it is one of just two $5 notes from the first sheet to remain intact, with no number one examples of the $10 or $20 notes known to have survived. It was consigned to auction directly from the family of Charles W Fairbank, who went on to become vice president under Theodore Roosevelt.

Featuring plate letter C, the note has been graded Apparent Choice New 63, with some minor restoration work marring its otherwise superb condition. Boosted by its fascinating provenance, it will sell with a $200,000-300,000 estimate.

The other known example, which bears plate letter D, sold for $93,500 when it last appeared at auction in 1997.

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