First National Bank of Escondido, California
charter 7801
This specimen was lot 17697 in Heritage auction 354 (the Horwedel sale, Long Beach, CA, September 2004), where it sold for $5,865. The catalog description[1] noted, "Escondido, CA - $5 1902 Plain Back Fr. 598 The First NB Ch. # (P)7801, A just plain rare San Diego County community which had three issuing banks, one unreported and two which are almost never available to collectors, with even the Krakover collection lacking any example from here. The Horwedel collection specimen is far higher grade than all but one of the reported pieces, and is light years superior to the example we sold from here in the California Estate collection in May of 2003, which, despite splits at the folds and holes in the center, realized $3450, more than double its pre-sale estimate of $1250-1800. Very Fine-Extremely Fine, a great note worthy of the finest of collections."
charter 13029
This specimen was lot 20619 in Stack's Bowers Spring 2023 Auction - Session 7 - U.S. Currency (Costa Mesa, CA, March 2023), where it sold for $36,000. The catalog description[1] noted,
"First Public Offering, Sensational Escondido CA Serial Number 1, Escondido, California. $5 1902 Plain Back. Fr. 609. The First NB. Charter #13029. PCGS Banknote About Uncirculated 55. Serial Number 1. This note is one of two surviving examples from this San Diego County issuing bank. No auction records are listed in Track & Price for this note, although it is the only example listed in their census. National Bank Note Census records two notes in their census; the presently offered example and a serial number 2. The reported serial number 2 has yet to surface at public auction, and no photo of the note is on NBN's census. The First National Bank in Escondido was chartered in January of 1927, and issued $23,440 during its short lifetime, as the bank was liquidated on June 1st, 1929 (just a few months before Black Tuesday). At close, just $3,140 was reported outstanding. Interestingly, the bank only issued Plain Back $5's. Given the few surviving notes, and the low serial number of 1, it can be safe to assume that this & the other reportedly surviving note were saved by sentimental bank employees. The note itself is quite appealing; the paper is bright, the design elements are well inked, and the stamped signatures are bold.
Escondido was incorporated as a city in 1888, with the land having been purchased by investors in 1883. The location was formerly Rancho Rincon del Diablo, but given the land bloom in Southern California during the 1880's, space for development was on the mind of local investors. In 1890 the population census was 541, and that slowly climbed to 755 souls in 1900; by 1931, the population had grown to 3,421 (now compare that to 151,038 in 2020). Two other banks issued currency in Escondido: Charter 7801 First National Bank of Escondido and Charter 8040 Escondido National Bank. A Serial Number 1 is reported to exist from the First National Bank of Escondido, although it is not reported to have traded hands publicly (like the serial number two supposedly repeated to exist from First National Bank in Escondido), nor is it listed in Track & Price. This will be the first public offering of a Serial Number 1 Escondido note, and California National collectors will surely vie to add this piece to their holdings. PCGS Banknote comments "Minor Rust"."
Link to:
- return to National Bank Notes of San Diego County, California
- see National Bank Notes of California for a complete list by charter number