By Peter Treglia – Vice President and Managing Director of Currency, Stack’s Bowers ……
Numismatics is filled with fascinating stories, and few are as intriguing as the 1902 $50 National Bank Note from Kingsburg, California in Lot 21041 of the Spring 2025 Showcase Auction from Stack’s Bowers Galleries. This note is a true rarity, not only for its scarcity but also for the history of the bank that issued it.
Nestled in Fresno County, Kingsburg derives its name from the nearby Kings River, which itself was named in the early 19th century by Spanish explorers led by Gabriel Moraga. Moraga and his team surveyed much of Northern California and the Central Valley, leaving a legacy that continues to influence today.
Kingsburg’s growth was largely driven by its location along the Central Pacific Railroad, making it a hub for commerce and settlement. By the early 20th century, it had become a favored destination for Swedish immigrants, many of whom contributed to the town’s development. Around this time, in 1906, the Kingsburg State Bank transitioned into the First National Bank of Kingsburg (Charter #8409), marking a significant chapter in the town’s financial history.
With a charter secured in 1906, the First National Bank of Kingsburg operated with the minimum required capital of $25,000. Like many small banks in the Central Valley, its existence was relatively short-lived, closing well before 1935. However, what sets this institution apart from its peers is its unique issuance policy. Instead of printing a range of denominations, the bank exclusively issued $50 and $100 notes. These high denominations were primarily held in reserve, with limited circulation – making surviving examples incredibly rare.
Unfortunately, by 1926, the First National Bank fell into receivership, bringing an end to its operations. Today, its brief but impactful legacy is preserved in the few surviving notes, each of which tells a story of early banking in California.
Only two examples of the 1902 $50 National Bank Note from Kingsburg have been recorded in the National Bank Note Census. These notes have made just a handful of appearances at auction, further cementing their rarity.
This note, featured in the Eric Agnew Collection Part III, will be available for bidding in our Spring 2025 Showcase Auction available for viewing and presale bidding this month at StacksBowers.com. The live auction will take place on April 3, 2025, with lot viewing at the Whitman Expo in Baltimore from March 25-28.
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