Inventory

101.  Chatfield.  Bank of Chatfield.  $2.  Hewitt B080-D2b.  Dated July 1, 1859, this note comes from the first round of Minnesota banking, when all but a few banks closed within a matter of months.  The Chatfield bank was a survivor.  First organized by A. H. Linton (who signed as cashier) and William Shute, the bank was sold to financier Selah Chamberlain of Cleveland on September 28, and later, in 1862, to Daniel Wells, Jr. of Milwaukee.  From the start, its notes were pretty much confined to Wisconsin and circulated with her issues.  The notes were paid at par at then end of note-issuing period.  This specimen grades Good to Very Good with the typical ailments for the grade.  There is a one-inch tear into the right side, a pull at the top center, and roughness at the upper left.  A total of three issued $2 notes are known and recorded in the census.  Price:  $1,100.

102.  Red Wing.  Bank of Red Wing.  $1.  Hewitt B520-D1-1b.  Hand dated Sept. 10, 1863.  A rare example of the second incarnation of the bank, having opened in 1863.  The bank was purchased by Pascal Smith and Wells Dickinson of Red Wing, who ran a private banking operation before converting to state bank status.  Only issued notes are known from the second bank, all but two of which are cut-out cancelled.  It would appear that sometime well after the note-issuing period, someone brought a small handful of notes to the succeeding national bank for payment.  Instead of destroying the notes after redemption, which was the custom, the banker cut out the signatures to permanently indicate their redemption.  The grade is Very Good, with a small piece out of the upper right corner, and mounting remnants on the bank, and of course, it is COC.  Only three banks in the state issued notes with printed backs, and this ranks in the middle for rarity.  Price:  $1,200.

103.  Saint Paul.  Bank of Saint Paul.  $2.  Hewitt B720-D2b.  November 1, 1858.  The Bank of Saint Paul is a bit enigmatic, with an interesting story to tell.  It seems that the bank switched out its good securities at the auditor's office for bad ones in 1859.  The bank ended up failing, in 1861, but not terribly so, paying noteholders 98 cents on the dollar.  Read the full story on page 68 in my book.  The plate was resurrected in 1863 and re-engraved for use on the Bank of Stillwater.  This example is overall fairly solid, grading Very Good, with some rust spots on the front and a little bit of tape to reinforce the ends on the back.  There is a small piece out of the top center, just barely into the border.  There are 7 issued $2's in the census.  Price:  SOLD.

104.  Saint Paul.  Treasurer of the City of St. Paul.  $5.  Hewitt C280-D5b.  June 1, 1864.  ISSUED!  A very rare survivor from the municipal issue of the city, being a fully signed, issued and unredeemed note.  While the fractional notes of this issuer are somewhat available, the polar opposite is true for large denomination notes of any issuer that redeemed at par.  Unlike notes of failed banks, this five dollar note could have been redeemed for full face value years after issue.  Just a few unredeemed Minnesota notes survive that had as much buying power.  One of two issued notes known, being almost a twin with the other, whereas proofs make up the balance of known notes.  The grade is Fine+, with two small rust holes and some pinholes.  Faces up very well, with very bold pen signatures, three in all, and bold date and serial.  Price:  SOLD.

105.  Glencoe.  Exchange Bank.  $1.  Hewitt B140-D1b.  October 5, 1858.  HEWITT PLATE NOTE.  In my opinion, this note is the essence of the Minnesota Railroad banks, and that is why I selected one to be on the cover of the Minnesota book.  It has a wonderful railroad vignette, was backed by Minnesota Railroad Bonds, and was signed and issued by railroad contractors to pay railroad laborers.  Their fascinating history is documented in a wonderful article by Steve Schroeder in the Minnesota book.  The grade is a solid Fine, with a slight trim at the upper right, where there is a minor tear.  There is a stamp hinge on the back, and the notation 40.00 in pencil, the price of a long time ago.  Today's price is somewhat more.  Plated in the color section and in the catalog, and priced higher than catalog valuation accordingly.  None grade significantly higher.  Price:  SOLD.

106.  Hastings.  Thorne's Bank.  $1.  Hewitt B180-D1.  Sept. 1, 1863.  Tied for among the nicest of the cancelled notes that survive.  Also a coin note.  Those who have paid attention in the recent obsolete auctions are aware of the high demand for coin notes.  The most common of the three banks that made notes with printed backs.  The grade is Very Good, perhaps better, with a minor tear in the lower left corner, but all there.  Price:  $1,300.

107.  St. Paul.  Treasurer of the State of Minnesota.  $1.  Hewitt C400-D1-2.  March 20, 1858.  Solid and bold example of the type with Thomas Cowan engraved as the payee, and among the lowest serial numbers of that type.  Dark impression with pleasing signatures and penned elements.  Cut cancelled, as are almost all known notes of this series.  Fine+, with a hidden tear of less than an inch into the right signature.  Price:  SOLD.

108.  Winona.  Treasurer of the City of Winona.  10c.  Hewitt C640-F10-3.  Feb. 9, 1863.  HEWITT PLATE NOTE.  For grade, very typical of the notes in this series, but the best that could be found for this date, and therefore this is the plate note.  Typeset, with Ben Franklin at left, and facsimile signatures of the city recorder and mayor.  City seal stamped in red to validate the note.  Very Good or so, with some internal weakness, but full edges.  Price:  $350.