Minneapolis, Minnesota. State Bank of Minnesota. 1862 $5. PMG Very

Minneapolis, Minnesota. State Bank of Minnesota. 1862 $5. PMG Very Fine 30 EPQ. Remainder. No. 2776. Plate B. In 1862, the Minnesota State Legislature authorized the move of State Bank of Minnesota (1st) from Austin to Minneapolis. That move was made effective when Albert L. Pritchard (who owned the Austin bank) sold the bank's assets to R.J. Baldwin and R.J. Mendenhall who each paid up $25,000 in capital. In turn, Baldwin served as Cashier opposite Mendenhall who served as President of the reincarnated State Bank and both later served in the same roles through 1872 after the bank became the State National Bank of Minneapolis (Charter# 1623) which records just six notes in the National Bank Note Census. In numismatic terms, the State Bank is also a rare prospect for collectors. The Hewitt text Minnesota Obsolete Bank Notes & Scrip records this design even as a Remainder as an R-6 rarity making this a rarity for not only the Obsolete specialist, but also for the collector enamored with Minnesota National Bank Notes. Noted for "Exceptional Paper Quality" by PMG. Estimate: $200 - $300. Provenance: From the Caine Collection.

Estimate:$120

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