Glendale National Bank, California
large size $20
This specimen was lot 17738 in Heritage auction 354 (the Horwedel sale, Long Beach, CA, September 2004), where it sold for $6,900. The catalog description[1] noted, "Unique With This Title, Glendale, CA - $20 1902 Plain Back Fr-658 The Glendale NB Ch. # (P)10412, This note is one of the great rarities of the Horwedel collection. The bank began by issuing from Tropico (see the note under that heading) before moving to Glendale in 1919. It issued under this title for only three years, with an amazingly low total output of only 295 sheets. In fact, the total issue from here under all three titles was merely pocket change, and by the time the bank closed in 1934 the amount of large notes outstanding was already down to a paltry $360. This example is unique with this title, and one of only two large notes known from the bank's Glendale issue. When this piece was first sold in 1999 as part of the Colver collection, it realized $8250 after a spirited floor battle, with Lowell as one of the underbidders. When the collector who bought it moved on to other collecting pursuits, it was re-offered in 2001, with Lowell this time successful after another epic floor battle, this time at just over $10,000. Now, in an even stronger market for truly rare Nationals, it remains to be seen whether a five figure price is merely the start for an irreplaceable note of this rarity and importance. Fine-Very Fine, with an insignificant staple hole. From Currency Auctions of America's May, 2001 sale, lot 1421."
small size $10
This specimen was lot 17739 in Heritage auction 354 (the Horwedel sale, Long Beach, CA, September 2004), where it sold for $7,762.50. The catalog description[1] noted, "Small First NB in Glendale Note- One of Two Known, Glendale, CA - $10 1929 Ty. 1 First NB Ch. # 10412. An excessively rare note in small size, and, with the miniscule issue this bank had, quite likely to stay that way. This institution was so small and undercapitalized that it barely maintained $5000 in circulation, an extraordinarily low figure for a California bank that allowed for an average issuance of only 41 small size sheets per year from 1929 through 1934. Nice Fine+. Ex-Charles Colver collection sale, lot 1802."
Link to:
- return to National Bank Notes of Los Angeles County, California
- see National Bank Notes of California for a complete list by charter number