First National Bank of Tustin, California
large size $10
The first note was lot 10499 in Stack's Bowers Baltimore sale (Baltimore, March 2017), where it sold for an undisclosed sum. The catalog description noted, "Rare Tustin Large Size Offering. Tustin, California. $10 1902 Plain Back. The First NB. Charter #10134. PMG Very Fine 30. A sorely needed new addition to a previous five known large-size on this Orange County charter. The grade is also important as this becomes just the second Very Fine of the now six known large. Tustin was home to just this First National Bank; no other banks issued national currency. As you might expect, excitement is always high when these notes come up for auction. The last to sell was the other Very Fine note, a PCGS graded piece, that realized $4,935 earlier this year."
The second specimen was lot 1581 in Goldberg sale 84 (Los Angeles, January 2015), where it sold for $2,702.50. The catalog description[2] noted, "1902, $10 National Bank Note. Plain Back. The First NB, Tustin, CA. Ch. #10134. PCGS Fine 15 Apparent. Fr-628. KL-1232. While small size notes from this bank appear from time to time, large size notes are exceedingly rare. There are only four such examples, all from the 1902 series, reported in the latest census, and auction appearances are few and far between. This note is moderately circulated and has a few trivial rust stains on the back, as mentioned by PCGS Currency, but the overall appeal is hardly affected. Certainly rare enough to bring far above our estimate, which may prove to be quite conservative."
Catalog reference: Fr. 628.
large size $20
This specimen was lot 18328 in Heritage auction 354 (the Horwedel sale, Long Beach, CA, September 2004), where it sold for $1,955. The catalog description[1] noted, "Tustin, CA - $20 1902 Date Back Fr. 646 The First NB Ch. # (P)10134. While small notes from this Orange County bank are hardly rare, large examples are quite another story, with the census standing at just three pieces. This piece is the sole Date Back represented in the census. Very Good-Fine in appearance, but with several small repairs."
small size $5
This specimen was lot 20238 in Stack's Bowers Spring 2024 Auction - Session 6 - U.S. Currency (Costa Mesa, CA, March 2024), where it sold for $1,560. The catalog description[1] noted, "Tustin, California. $5 1929 Ty. 2. Fr. 1800-2. The First NB. Charter #10134. PMG Gem Uncirculated 65 EPQ. Among the many communities to dot the landscape of Orange County, Tustin was once a small quiet community before the suburban growth of the postwar-era saw a dramatic increase in population for Orange County and the surrounding area. Before then, Tustin like many of its Southern California peers was served by a single bank. In operation from 1912 until well after the end of the National-Banking-era in 1935, the First National Bank despite its small size was a long-standing pillar of the community issuing a total circulation of just under $700,000.00. Today a total of 51 notes from this community are recorded by the National Bank Note Census with this example likely representing the finest known for this institution among those survivors."
small size $10
The second note was lot 2708 in Goldberg sale 62 (Beverly Hills, February 2010), where it sold for $3,565. The catalog description[1] noted, "1929, $10 National Bank Note. The First NB, Tustin, CA. PCGS Very Fine 20. Tustin, now mostly a sprawling suburban area near Santa Ana and Irvine, was founded by Columbus Tustin, a carriage make[r] from Northern California, in the 1870s. It was incorporated in 1927 with a population of 900 people. This bank was chartered 15 years prior in 1912, and large size examples are prohibitively rare. This small size example is a pleasing circulated example, with no problems worthy of mention. Other than the three known uncut sheets, less than a dozen and a half small size examples are reported in the census."
The third note was lot 20303 in Heritage sale 3557 (Long Beach, September 2017), where it sold for $16,800. The catalog description noted, "Tustin, CA Serial Number 1 Uncut Sheet - $10 1929 Ty. 1 The First NB Ch. # 10134. While three uncut sheets are listed in the census for this Orange County bank, this is the first of those three to ever make an auction appearance. It is a most attractive all serial number 1 uncut sheet of Type 1 $10s. While there is a fold between each note along with some minor handling, the notes themselves are unmolested and feature bright paper, bold ink colors, and original embossing. PCGS Choice About New 55, and another premium California item we are offering this evening."
Catalog reference: Fr-1801-1, KL-1243.
small size $20
This specimen was lot 1594 in Goldberg sale 84 (Los Angeles, January 2015), where it sold for $587.50. The catalog description[2] noted, "1929, $20 National Bank Note. Ty. 1. The First NB, Tustin, CA. Ch. #10134. PCGS Very Fine 20 Apparent. Fr-1802-1. KL-1317. A decent looking note from this popular bank, but with the lower left corner replaced as noted by PCGS Currency."
- [1]Goldberg, Ira, and Larry Goldberg, Goldberg Sale 62: the Pre-Long Beach Sale, Beverly Hills: Goldberg Coins and Collectibles, 2011.
- [2]Goldberg, Ira, Larry Goldberg, John Lavender, Yifu Che, Jason Villareal and Stephen Harvey, Goldberg Sale 84: the Pre-Long Beach Auction, Los Angeles: Goldberg Coins and Collectibles, 2014.
Link to:
Link to:
- return to National Bank Notes of Orange County, California
- see National Bank Notes of California for a complete list by charter number