Saint Peter, Minnesota. Nicollet County Bank. 1859 $1. PMG Very Good

Saint Peter, Minnesota. Nicollet County Bank. 1859 $1. PMG Very Good 10 Net. Right End Severed & Reattached. No. Unknown. Plate A. A well-circulated survivor that through some miracle avoided redemption. This $1 Obsolete issued by the Nicollet County Bank represents an institution that ultimately folded as a result of bank run that exhausted the bank's limited specie reserves. The run on the Nicollet County Bank can be traced to the failure of a far away banking house in New York whose failure rippled across Minnesota as the parent firm had large stakes of multiple Minnesota-based banks. Once the supply of specie was exhausted at the Nicollet County Bank, the Auditor's office moved to redeem outstanding notes at a rate of 35 cents on the dollar as referenced in the Hewitt text Minnesota Obsolete Bank Notes & Scrip making this an improbable survivor that also demonstrates the often unstable nature of period banks. PMG comments "Right End Severed & Reattached." Estimate: $1,000 - $1,500. Provenance: From the Caine Collection. Click here for certification details from PMG.

Estimate:£448.61

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