St. Louis, MO - Exchange Bank of St. Louis, at ___ $5 18__ MO-10 G38. Proof. PCGS Superb Gem New 67PPQ. A Superb Gem $5 proof of an exquisite type that was extremely rare prior to Christie's 1990 American Bank Note Company Archives Sale. These historically and artistically interesting India paper proofs were printed by Bald, Cousland & Co. Philada. & New York. Their imprint is at bottom left, and the patent date of June 2nd, 1857, is at bottom right (for the color tint used on issued notes). This proof is plate A, it is printed in black and white with no tint plate, and a blank space was left for the place name for the branch location (Columbia, Glasgow). When these notes were printed in the late 1850s, St. Louis was in a period of rapid growth. Two areas of vital importance to both that city and the state of Missouri were iron production and the expansion of the railroad system. The Exchange Bank of St. Louis was established in 1857 with Lewis V. Bogy its first president and one of the founders. His portrait, used only on this bank, appears at lower left. The vignette showing the iron ore deposit Pilot Knob (with the name engraved above the hill) under the arced title at the top is also custom for the bank. This image is an adaptation of a steel engraving by J. M. Kershaw after original art work by R. B. Price, which appeared in the First and Second Annual Reports of the Geological Survey of Missouri, 1855. The combined ore from Pilot Knob and nearby Iron Mountain was thought to be enormous, and more bountiful than any deposit in the United States. An interesting departure from the Kershaw engraving is the addition of a locomotive and cars at the right of the vignette. As one of the owners, Bogy had a financial interest developing Pilot Knob, transporting the ore to the blast furnaces, and delivering it to St. Louis. He was also the first president and one of the founders of the Iron Mountain Railway Company. The oval portrait at lower right shows Katherine Carrie Gibboney (her father was president of South Western Bank of Virginia at Wytheville in 1857 per Durand) although any connection to the bank or to Bogy is unknown. Pilot Knob, the southern terminus of the St. Louis and Iron Mountain Railroad, was also the site of Fort Davidson, at which a major battle was fought in September 1864. Union Brigadier General Thomas Ewing, Jr.'s approximately 1,500 troops were attacked by the nearly 12,000 men who arrived from Arkansas under Major General Sterling Price. Strategic errors in deployment and timing caused the defeat of the Confederate forces. This is the top position from a cut-sheet of four $5 proofs and one of the finest sheets of its type from the 1990 ABN Sale. Noted as \"Hole Punch Cancelled\" as made and stamped on the blank back as \"Property of the American Bank Note Co.\" It shows through to the face barely. This impression and its three sheet-mates are among the finest known. Ex: Christie's Important Early American Bank Notes 1810-1874 from the Archives of the American Bank Note Company, September 14-15, 1990 (lot unknown); Smythe & Co. 1997 CPMX Sale, February 1997, part of lot 1376; Eric P. Newman Numismatic Education Society. \n\n
From Newman VIII (Heritage Auctions, 11/2017), lot 28409, realized $360. Image and description courtesy of Heritage Auctions, https://ha.com.
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