United States National Bank of Azusa, California
large size $5
This specimen was lot 17606 in Heritage auction 354 (the Horwedel sale, Long Beach, CA, September 2004), where it sold for $9,487.50. The catalog description[1] noted, "Azusa, CA - $5 1902 Plain Back Fr. 599 The United States NB Ch. # (P)8074, One of the Horwedel collection's greatest rarities, as this example is the only note known from this short lived bank. It sole appearance at public sale during the past six decades came when we sold the Colver collection in 1999, where we noted "This bank has always been the stopping place in any collection of "Forbidden Titles," as hitherto there have been no offerings whatever of any examples from this bank. Pen signed and evenly circulated Very Good, with no problems whatever, almost impossible to estimate because when the hammer falls on this unique note, no amount of money can buy another." Our "best guess" estimate at that time was $3000-6000, with the note realizing $6050. Now, more than five years later, that sum appears incredibly conservative for a unique California rarity. In a market where truly desirable material has appreciated substantially since 1999." This specimen was subsequently lot 20633 in Heritage auction 3567 (Long Beach, CA, September 2018), where it sold for $3,600.
large size $20
This specimen was lot 20330 in Heritage auction 3563 (Chicago, April 2018), where it sold for $5,400. The catalog description[1] noted,
"Finer of Two Known, Azusa, CA - $20 1902 Date Back Fr. 643 The United States NB Ch. # (P)8074. This is one of only two notes reported from this short-lived Azusa bank that closed its doors forever in 1916 after lasting barely a decade and which carries an always popular "Forbidden Title." The only other known example is one we have had the privilege of selling as part of both the famed Charley Colver collection in 1999 and again in the Lowell Horwedel sale of 2004. That note was quite low grade, yet it still realized $6,050 in 1999 and $9,487.50 in 2004. Fortunately for the many collectors who lost out on that note, this piece is light years superior in grade. It is an attractive pen signed PCGS Very Fine 20, with mention made of a masked stain and minor redrawing of the design on the front along with minor paper scuffs on the back, but the restoration is only visible under close scrutiny. In our 2011 Long Beach auction, this pleasing example fetched $10,925 and should certainly approach that figure again tonight."
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