Philadelphia, (PA) - Clarks' Exchange & Banking Houses \"At sight pay to...E. W. Clark & Brothers, Bankers St. Louis, Mo. $50 18__ Hoober 305-188. Remainder. PCGS About New 53. The first of a pair of extremely rare \"At sight pay...\" remainder notes from this important Philadelphia banking house and payable to E. W. Clark & Brothers, Bankers St. Louis, Mo. These are Pennsylvania notes and are listed in the Hoober state book. Enoch White Clark and several sons were wealthy bankers. The banking house was founded in 1837 and added branch offices in several cities across the country in order to issue or redeem \"at sight\" notes such as this. Jay Cooke, Civil War financier and broker in Federal loans, was an associate and then partner in this firm. The Clark family is also associated with Clark's Exchange Bank in Springfield, Illinois, whose proofs surfaced in the 1990 ABN Archives sale. This is four-state tie note with perpendicular branch office titles at the left end: E. W. Clark & Co., Philadelphia; J.W. Clark & Co., Boston; E. W. Clark, Dodge & Co., N. York. A $50 deposit would be made at a branch and the \"at sight\" note could be endorsed over to others in commerce and eventually be paid by another branch as far away as St. Louis. This note was printed about 1850 and has the New England Bank Note Co., Boston imprint. It is a remainder note on bond paper with a classically styled allegory representing America's commercial bounty. The top center vignette shows seated Minerva (also representing strength) and Plenty on the shore, a ship above a canal lock at the left and plowed fields to right. The branch titles at left are on a shaded lathe work background, bracketed with white stars (as Wismer described). At upper right is a \"50\" die, and there is space for one signature to the right of the St. Louis payable designation. The description in the old Wismer listing, 726, matches this note's appearance. It was therefore a well-known type in the 1850s and described in period banknote reporters. This is only the second example we have seen. The first was cataloged and sold as lot 435 in the 1981 Vacca sale for $650. Complete margins, a light vertical fold, and some handling are seen. An extremely important Philadelphia and St. Louis tie note. Ex: Eric P. Newman Numismatic Education Society \n\n
From Newman VIII (Heritage Auctions, 11/2017), lot 28552, realized $900. Image and description courtesy of Heritage Auctions, https://ha.com.
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