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Message:: [QUOTE="vnickels, post: 1058601, member: 25790"]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.                        [/QUOTE]

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