First National Bank of Los Angeles, California
This specimen was lot 20184 in Stack's Bowers ANA sale (Chicago, August 2024), where it sold for $780. The catalog description[1] noted, "Los Angeles, California. $5 1882 Value Back. Fr. 574. First NB. Charter #2491. PMG Very Fine 25. The fact that a National Gold Bank was never established in Los Angeles may be somewhat surprising. However, it is not all that unexpected owing to the historical context in which they circulated and the fact that Los Angeles was nothing but a rural outpost and small farming community when the National Gold Notes circulated. First chartered in 1880, the First National Bank was one of the earliest banks in California that did not begin life as a National Gold Bank. With a consistent circulation often below $50,000, the bank would see its fortunes rise with the city growing to heights likely unthought of by its founders. By 1900, $232,900 in National Currency was being circulated, a figure which grew in excess of $1 million by the time the first Value Backs entered circulation. Although such a note is not rare by any measure, it remains a representative of a type scarcely encountered in any capacity from any of the thousands of National Banks spread throughout the United States. From the Eric Agnew Collection."
This specimen was lot 20185 in Stack's Bowers ANA sale (Chicago, August 2024), where it sold for $3,120. The catalog description[1] noted, "Los Angeles, California. $50 1902 Plain Back. Fr. 683. Los Angeles-First National Trust & Savings Bank. Charter #2491. PMG Very Fine 30. Serial Number 5. An uncommon denomination for National Bank Notes regardless of size or issuing bank, this evenly circulated example is representative of what one may consider a "common" bank, but is anything but common thanks to one key distinction. Bearing a single digit serial number of 5, this note came from the fifth sheet of this denomination ever issuing by the individual bank. Likely saved through a convoluted twist of fate as the $50 denomination was not often saved as souvenirs by bank officers, this example represents the lowest surviving serial number for this series and denomination on this institution per the National Bank Note Census. The next lowest surviving serial number happens to be from several hundred sheets after the one this note came from and bears a serial number of 336. Considering the interest for California Nationals as a whole, spirited bidding is sure to await this exceptional piece from Los Angeles that stands ready to complement an established collection."