cesariojpn

I was cleaning some file folders on my computer when I found this image:



That reminded me, and sure enough, tucked in a bank bag in my safe:




I think the last time I showed this, a coin dealer offered me $200 for it. About several years ago? Glad I didn't part with it.

gatzdon

That's a nice looking note with a relatively low serial number. Hard to believe that you could forget that you have it.

oldbucks

Good move on your part to keep it. All 5550's are good notes to have...I would like to get a few Alaskan, but thats a different story.

Jeff

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cesariojpn

If Coin World was correct in that one online article, there should be a hoard of them somewhere in an Alaskan Bank Safe Deposit Box.

SDPlayer

Jeff,

I've never heard of 5550 notes. Care to give a little history report? Please and thank you.

Daggarjon

nice note !!!!!! i certainly wouldnt part with it, not for any price.

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oldbucks

Each National Bank chartered in the US was assigned a Charter number. For Bishop First National Bank of Honolulu HI they were assigned #5550. During times of economic hardship in the US and shortages of cash since the US went to Federal Currency, individual banks were not allowed to issue their own currency as was common from the period of 1830-1860, The notes from those times are refered to as Obsolete Currency or Broken Bank notes, since there was no real backing to the notes issued.

With National Bank notes, a bank had to have on deposit in securities or deposits with the treasury. They were allowed to issue up to 80 or 90% of the collateral amount. This provided protection to whomever held the notes for legal tender.

As far as Alaska is concerned and a hoard in a safety deposit box. It is very possible that may be. However Alaska statues provides:


AS 34.45.260. Contents of Safe Deposit Box or Other Safekeeping Repository.

All tangible and intangible personal property held in a safe deposit box or other safekeeping repository in a financial organization in the state in the ordinary course of the holder's business, and proceeds resulting from the sale of the property permitted by other law, that remain unclaimed by the owner for more than one year after the lease or rental period on the box or other repository has expired, are presumed abandoned.

So there must be at least someone paying for the box on a continuing bases for the box not to be opened as abandoned property. But then who is to say someone didnt buy a 50 year lease and pay up front or continues to pay for a box of family jewels and never goes into it. If a hoard would be found....drastic price valuations of Alaskan Nationals would decrease. Right now notes from Alaska are rare...only 3 banks

5117 FNB Juneau
7717 FNB Fairbanks
12578 FNB Ketchican

We are talking about $10-20,000 for a VG note from any one of these banks. There are not alot of notes ourstanding. Most were redeemed.

In the coming FUN auction in Florida in January this note is to be auctioned off by Heritage

Fairbanks, AK</I> - $5 1902 Plain Back Fr. 598 First NB</I> Ch. # 7718

It has been tucked away for over 40 years and is coming back out. I will not be surprised to see a very high bid take this puppy.
The last note like this one sold for over $16,000 in 2004. That been the lowest of 5 that have been auctioned from heritage in the last 7 years.


I hope that answered your question.

Jeff

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International Bank Note Society - IBNS, Indiana State Numismatic Association - ISNA , Illinois Numismatic Association - ILNA

cesariojpn

So how much do you think my "5550 $50" is worth now? From what i've read, Bishop is the most "Common" of the Hawaii Nationals.

SDPlayer

Yes, sir, it does (and then some!). I thank you for the information.

Daggarjon

very nice info oldbucks, thanks

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oldbucks

I would say depending on the venue it is sold at and how hungry the mob is, you should get between $600-700 for yours, If there are any tears...deduct.

It appears in Fine condition. If it didnt have the surface disruptions on the back and was a VF, I would say another $100.
Earlier this year an uncirculated $50 from 5550 sold for $3800.00.

Jeff

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International Bank Note Society - IBNS, Indiana State Numismatic Association - ISNA , Illinois Numismatic Association - ILNA

cesariojpn

No tears, and you forgot the 1100 pencil mark underneath the upper serial # too BTW.

oldbucks

I saw it. I would leave it. Still same price.

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"Monstra Mihi Pecuniam" -
Member of the: Society of Paper Money Collectors - SPMC, American Numismatic Association - ANA,
International Bank Note Society - IBNS, Indiana State Numismatic Association - ISNA , Illinois Numismatic Association - ILNA