My SEG Presentation!

The National Bank of Coxsackie: A Story of Its Obsolete Bank Notes and National Bank Notes​

By Vnickels​

​

The National Bank of Coxsackie had it's first meeting on December 20, 1852 at the Eagle Hotel in Coxsackie, New York. The bank's original capital was $120,000.00.
The first president was W. B. Heermance, who had an annual salary of $1,000.00. The bank issued obsolete banknotes as the Bank of Coxsackie, which lasted from 1853 to 1865
and then became a national bank. According to the Haxby reference book, there are no known examples of the obsolete bank notes. The denominations issued are as follows: $1,
$2,$3,$5, and $10. All of the notes have bank engravers' marks on them from TCC or Toppan,Carpenter,Casilear & Co. Some of the notes have the ABNCo.mono. on them which
stands for the American Bank Note Co. monogram. The only known note is a spurious design $5. The Haxby books, copyrighted 1988, give it a value in vg of $15.00 and $25.00
in VF. The definition of a spurious note is a note that is non-genuine and that does not closely resemble a genuine note issued by the bank. A spurious note is basically a fake note
that is not like a real one. The note I am describing imitates a rough verbal description on a genuine note. Other local places that issued currency using the bank’s name was Brown and King, and there notes were in the denomination of 10 cents. The rarity of this particular note is R7 which means there are 1 to 5 known. The value of this note in VG is
100.00 and in EF is $300.00. There was also E. Ramsdell, who issued notes in the denomination of 10 cents and this note is also R7.
W.R. Finch also issued notes in the denominations of 5,10, and 25 cents.
The 10 and 25 cent notes are R4, giving them a value of $30.00 in VG and $50.00 in EF. R4 means there are 26 to 50 notes known. The 5 cent note is R5, meaning there are 11 to 25 known.
The value of this note in VG is $50.00 and $100.00 in XF. Another company to issue notes was Brown and King. In the Heritage 2003 September CAA Sale there were notes from Brown and King in the denomination of 10 cents in VG, Hamilton and Smith 25 cent note in F, and a note
from E.Ramsdell 10 cents in F with a corner tip off. The whole lot sold for $161.00.

The National banknotes are a really interesting story. I have had the privilege of seeing some of these notes personally. Notable coin dealer _ hooked me up with a currency collector from North Carolina who I interviewed on the phone. I also met with a vice president of the bank
and got pictures of his collection. This has been a really interesting experience when it come to the National bank notes. The bank issued obsolete notes from 1852-1865. In 1865 the bank
became a National bank. The charter number was 1398. Then they started issuing National bank notes. When Abraham Lincoln became president, the government slapped a tax on local bank currency. What the banks had to do was apply for a charter to become a National bank. The
bank would be obligated to buy bonds in say $75,000.00. The equal amount of currency would
be produced. Lincoln used the bond money to fight the Civil War. Up until 1913 National bank
notes were the primary thing. In 1913 the Federal Reserve Act was passed in 1913, which
created the Federal Reserve system banks. The banks wanted there own money still. The
Treasury Department wanted to break away from the system because it was a hassle to store
bank plates. During the Depression in 1935, the local National bank currency ended. The Coxsackie bank elected to issue $50,00.00 from 1865-1927. They issued over 1.3 million
dollars in currency. In 1929 the size of the currency changed to the small size. The Coxsackie bank never issued these notes. The Robert Moon Collection holds one of the oldest known National Bank of Coxsackie notes. It is a Second Charter $20.00 1885 Brownback note. The
oldest note known is a $20.00 1882 Brownback that sold for $2,760.00 in the 2009 January
Orlando, FL FUN CAA Signature Currency Auction. The note was VF with a some wear on
the back. There is one known note from 1901. It is a ten dollar Red Seal note. There are two
known notes from 1902 in the ten dollar denomination. They are Date Back notes. There are
also two twenty dollar notes from 1902 that are Date Back notes. There are six 1902 five
dollar notes that are Plain Back notes. There are also six ten dollar notes from 1902 that
are Plain Back notes.


Here are some auction records on National bank notes from the Coxsackie bank:
$5 1902 Plain Back VF Ebay $687.99 10/24/09
$10 1902 Plain Back F Heritage $805.00 5/7/04
$10.00 Red Seal F Stack’s $2645.00 1/15/02

Other banks in Greene County to issue National bank notes include banks in:
Athens
Catskill
Hunter
Tannersville
Windahm
The bank in Hunter has no known notes.

I have had the privilege of examining some National and Obsolete bank notes in person.
Some of the notes I have seen are actually in the collection of one of the current bank vice
presidents. also allowed me to examine a National bank note which will be pictured below. Mr. also helped me find, who is an expert on National bank notes from Greene County. What sparked my initial interest in Obsolete notes
is after I bought some late last year. I have become deeply interested in this area of numismatics.
I do not currently own any Coxsackie bank notes. Other coins I like is the coinage of Biafra and
Liberty nickels of the U.S. I am currently the second vice president of the. I probably will collect coins and paper money forever. It is a deep passion of mine.
I owe a great deal of thanks to and and. They spent time
with me and allowed me to get scans and pictures of notes they had. Greatly helped me with loaning me books and getting auction records for me. I also have to thank my parents for all of their help.

The National Bank of Coxsackie today has six locations. The town’s library is named after the first president of the bank’s family: Heermance.

 

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the spaces for names has been left out for security purposes

 

Great presentation, sorry I missed it. The old bank building still stands in Cairo on main street. I remember going in there when I was a knee britches child .

 

haha. no this was for something else I wrote, not the speech just made.

 

Great presentation vnickels and very informative. I don't know too much about obsoletes except for the few I have, so anyone who can increase that knowledge is a valuable resource.

 

Nice

 

thanks. yeah, I LOVE the obsoletes.

 

Excellent presentation!

Thanks for sharing with us and for supporting the Security Engravers Group! :thumb:

 

anytime krispy!

 

Thanks so much for posting this - very well researched and informative! I got curious and did a little Googling. Here's an image of that spurious $5 obsolete you referenced. It sold in November at a Heritage auction for $53. Also a very low-res image of the $1 note, but could find no further data on that.

 

Nice Job in your presentation


Very nice presentation,the obsoletes are truly art work ,thanks for supporting the SEGs Group

 

Amazing presentation! Thanks again, vnickels!

 

Nice Google Note image ,what a lucky pick-up for $53 ,their are still some bargins out there in the auctions if you take the time and effort in,but the holidays and everyday thing consume so much time to look .

 

Thanks for the education!

 

help

YO YO YO

I have a Greene County 1 dollar note that I can not find any info on. Can You Help Me??

 

Excellent write up! As for presentation, am I supposed to be seeing some notes? The only pics I'm seein' are Gsalexan's & Hydroxides.

Welcome to the forum Hydroxide. As to that question of yours? The crew here is indeed eminently qualified to answer.

 

Thanks for sharing this one

Wow my old stomping grounds Green county NY. I grew up in Catskill.
Thank for posting the notes

 

@green18 - This particular presentation was strictly text. Others include images; it's just up to the presenter. But everyone is welcome to add images if it enhances the presentation.

@ Hydroxide and jello - It's actually Greene County, Pennsylvania if you look closely at the note. From Waynesburg, PA. I couldn't pull up anything on it either, which would indicate it might be a rare find. It's a municipal note: issued by the county itself, which is unusual for that time period. As you see from it's condition it's been *well* circulated -- meaning it was a very trusted issuer. It could be that not many of these survived--this one barely did! The only other bank I could find from that area (Waynesburg) was the Farmer's and Drovers Bank which issued notes in the 1850s. I'll keep an eye out for more info.

 

My Bad

I will get to my bank and get my Catskill NY Tanner National note out and post the photo.

 

Thank you so much! I do see the "Pennsylvania" now.

What a shock! I can not find one mention of any Greene County notes from PA.
Perhaps it is scrupulous or unique?

FYI I am also near the Catskill area... Putnam county, NY.
HELLO. and thank you all for the welcome.