(St. Louis, MO) - Banking House of Page & Bacon, St. Louis, Missouri - Payable at the Banking House of Flagg & Savage, Quincy, Ill. $1 Certificate of Deposit 185_. Proof. PCGS Choice New 63 Apparent. This is the first of a four-note denomination set of proofs purchased in 1939 from D.C. Wismer when Eric acquired a substantial portion of his Missouri notes. All four are extremely rare, and we are not aware of any signed notes of these types. Each is a splendidly designed India paper proof, engraved and printed by Danforth, Bald & Co., Philada. & New-York. The private banking house of Page & Bacon was founded by Daniel D. Page and son-in-law Henry D. Bacon in 1848. Maine native Page had a thriving flour-milling business and served as mayor of St. Louis from 1829-1833; Bacon, from Massachusetts, ended his days in Oakland where he was a major benefactor of the University of California at Berkeley. The firm circulated millions of dollars of exchange certificates across the nation, had branch offices, and most importantly, issued exchanges in San Francisco and elsewhere in California during the gold rush era. The collapse of the firm in 1855 was a major event leading to runs on the other private banking houses in St. Louis. Issued certificate of deposit notes styled after these proofs were intended to originate at Page & Bacon in St. Louis, backed by a deposit, and were payable at the Banking House of (Newton) Flagg & (Charles Alexander) Savage in Quincy, Illinois. That firm was founded in 1850, at the commencement of the free-banking period in Illinois, and failed in 1857 during that financial depression. Because of Missouri banking laws (and the Bank of the State of Missouri monopoly charter), Page & Bacon could not issue circulating notes, but used this Illinois tie to create currency to circulate, as clearly intended by their size and style. The beautifully balanced layout features the oval-framed portrait of co-founder Henry D. Bacon at lower right; his image also appears on the following two denominations. At the left end, the milkmaid carrying her pail is shown with one foot forward to give the illusion of movement. In a cartouche formed by the curving title and ornate ONE protector are three archetypal men: a farmer at left, smith at right, and possibly a sailor in the middle. Noted with \"Small Edge Tears; Hinges on Back.\" The side hinges present on the back are characteristic of many proofs originating from D.C. Wismer decades ago. The only other $1-$2-$3-$5 proofs from the series known to us were sold as lot 868 at the 1990 Christie's American Bank Note Archive sale. In the 1981 Vacca sale, an individual $10 proof, lot 433, realized $950. A beautiful type, interesting two-state tie, and extreme rarity. Ex: D. C. Wismer, July 1939;Eric P. Newman Numismatic Education Society \n\n
From Newman VIII (Heritage Auctions, 11/2017), lot 28532, realized $384. Image and description courtesy of Heritage Auctions, https://ha.com.
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