By Christopher Dahncke – Currency Auction Associate, Stack’s Bowers Galleries ……
Stack’s Bowers Galleries is pleased to offer our bidders lot 20699, an 1875 $5 issued by the First National Bank of Yankton, Dakota Territory CH#2068. This territorial is offered in a Very Fine 25 Details holder from PCGS Banknote. This note will be one of the many highlights offered in our Spring Official Auction of the Whitman Expo, which is currently posted to our website for viewing and bidding.
The Dakota Territory existed from March 1861 until November 1889. The Territory included land from Montana, Wyoming, and Nebraska, along with the entirety of present-day North Dakota and South Dakota. Yankton was the capitol of the Territory from 1861 until 1883 when it was moved to Bismarck. The capital city earned its name from the Yankton tribe of the Western Dakota people, which was derived from the word “I-hank-ton-won” which translates to “the end village.”
The location of the city played a major role in it becoming the territorial capital, as Yankton is situated right next to the Missouri River, which allowed the city to boom as supplies and materials could be more easily transported than by the overland route. The population of the city was reported to be 3,431 in 1880, with a slight increase to 3,670 by 1890. Statehood was granted to North Dakota and South Dakota on November 2, 1889, and Yankton ended up in the area of land that became South Dakota.
The First National Bank of Yankton, Territory of Dakota was chartered on December 7, 1872, and issued territorials from the Original series ($1s, $2s, and $5s) along with $5 notes from the 1875 series. According to Track and Price, five 1875 $5s are reported to exist from the bank. The title was later changed to the First Dakota National Bank and Trust Company, and lasted until the end of National Banking in 1935. National Bank Note Census reports that $13,570 was reported outstanding in 1935 in large size, but this number is combined with Charter 9445.
The presently offered note has been off the market since a 2015 public auction, where it realized $22,325 USD. The eye appeal is good for the assigned grade, with the design remaining intact and darkly detailed. The penned signatures are dark and fully legible. Minor Restorations are mentioned by the grading service, which are well executed and difficult to locate unless heavily scrutinized. The grading service also notes “minor design redrawn”, which should be included under the minor restorations comment, and we feel this remark is unwarranted. Overall, a pleasing note for the grade and an example that should attract bidding from any collector of Territorials or Dakota Nationals.
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We are currently taking consignments for our August Global Showcase Auction as well as our monthly Collectors Choice Online (CCO) events. To consign your U.S. paper money and world paper money to a future sale, contact a consignment specialist at 800-458-4646 or visit StacksBowers.com. For more information on viewing lots or for assistance in registering to bid, email your inquiry to [email protected].