{"id":14495,"date":"2015-02-11T20:15:20","date_gmt":"2015-02-11T20:15:20","guid":{"rendered":"http:\/\/independentweekender.com\/?p=14495"},"modified":"2015-02-11T20:15:20","modified_gmt":"2015-02-11T20:15:20","slug":"rare-bank-note-heads-to-auction","status":"publish","type":"post","link":"https:\/\/www.greenstreetdata.com\/PS\/2015\/02\/11\/rare-bank-note-heads-to-auction\/","title":{"rendered":"Rare bank note heads to auction"},"content":{"rendered":"

BY STACI WILSON<\/strong><\/p>\n

\"This<\/a>

This $5 banknote was issued by the Grange National Bank of Susquehanna County at New Milford and signed by bank president W.H. Tingley. The banknote is expected to bring about $10,000 at auction later this month. PHOTO COURTESY MANNING GARRETT<\/p><\/div>\n

A rare 1902 banknote, issued by the Grange National Bank of Susquehanna County at New Milford is expected to fetch far more than its $5 face value at auction later this month.<\/p>\n

According to Manning Garrett of Manifest Auctions in Greenville, S.C., the bank note is expected to sell for over $10,000.<\/p>\n

\u201cIt is in superb condition,\u201d Garrett said, \u201cand is one of only a few know to exist.\u201d<\/p>\n

Manifest Auctions specializes in rare banknotes. The find was<\/p>\n

\"The<\/a>

The banknote, issued in Susquehanna County, is in superb condition, according to Manning Garrett of Manifest Auctions in Greenville, S.C. PHOTO COURTESY MANNING GARRETT<\/p><\/div>\n

consigned to them to sell in a Feb. 28 auction. Garrett said the note came from an estate in New York.<\/p>\n

\u201cThe most sought after notes are from community banks, like New Milford,\u201d Garrett said.<\/p>\n

In addition to its condition, a signed letter from a previous owner is also included and adds value to the collectable.<\/p>\n

National banknotes could be issued by any bank in the country between 1863 and 1935, according to Garrett, as long as that bank had a charter with the federal government. The notes were printed in Washington, D.C., and then mailed to local banks where they were signed by the cashier and president of the bank.<\/p>\n

\u201cSo if you walked into the local New Milford bank with a $20 check, you would very likely get four $5 bills back drawn off The Grange National Bank of Susquehanna County at New Milford,\u201d Garrett explained.<\/p>\n

The signature on the note going up for bid is that of William Henry Tingley, president of the New Milford Grange bank from its opening in 1907 until his death in the late 1830s. W.H. Tingley also served as a Susquehanna County Commissioner.<\/p>\n

\u201cNew Milford only had one national bank. It is currently thought that only eight large size notes from it are still known to exist. The note in our auction is probably in the nicest condition of that group,\u201d Garrett said.<\/p>\n

Because the notes were common and generally circulated, few people thought to save the banknotes.<\/p>\n

\u201cToday many of them are extremely rare and worth thousands of dollars to the collectors who specialize in them,\u201d Garrett said.<\/p>\n

In 1928, paper money in the United States was changed to its current size. Before that, money was about 40 percent bigger than it is today. Garrett said, \u201cPeople tried their best to get rid of the old over-sized money because they were worried it would be devalued. That never happened, in fact over-sized money is still legal at its face value. However, the collector value is of course much greater than the face value.\u201d<\/p>\n

Those interested in the Feb. 28 auction, or in rare coins and banknotes can visit: www.manifestauctions.com.<\/p>\n","protected":false},"excerpt":{"rendered":"

BY STACI WILSON A rare 1902 banknote, issued by the Grange National Bank of Susquehanna County at New Milford is expected to fetch far more…<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[],"tags":[],"class_list":["post-14495","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRare bank note heads to auction - PS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.greenstreetdata.com\/PS\/2015\/02\/11\/rare-bank-note-heads-to-auction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rare bank note heads to auction - PS\" \/>\n<meta property=\"og:description\" content=\"BY STACI WILSON A rare 1902 banknote, issued by the Grange National Bank of Susquehanna County at New Milford is expected to fetch far more...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.greenstreetdata.com\/PS\/2015\/02\/11\/rare-bank-note-heads-to-auction\/\" \/>\n<meta property=\"og:site_name\" content=\"PS\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-11T20:15:20+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/independentweekender.com\/wp-content\/uploads\/2015\/02\/WGSI_grangenote_front-300x175.jpg\" \/>\n<meta name=\"author\" content=\"tpennysaver\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"tpennysaver\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.greenstreetdata.com\/PS\/2015\/02\/11\/rare-bank-note-heads-to-auction\/\",\"url\":\"https:\/\/www.greenstreetdata.com\/PS\/2015\/02\/11\/rare-bank-note-heads-to-auction\/\",\"name\":\"Rare bank note heads to auction - 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