I was perusing a local antique store tonight (don't cringe yet), and came across an uncut sheet (2 $2's and 2 $3's) of Merchants National Bank of Jackson notes from Brooklyn, MI. This isn't the earlier 1830's/1840's issue, but is the issue that can only be found as remainders (unsigned, undated unless falsely filled in). Condition looks to be in XF/AU or so conservatively and from what little info I could find, everything checks out as far as authenticity. I simply don't have any books nor do I know any place I can go for info on these notes, so I ask all you obsolete buffs out there, if you have a chance, what do any of your books say on this series (rarity, any history, any cool little tid bits of info that sometimes come with the notes, etc.) and how do these figures compare to the earlier 1830's/40's era series from the same bank (just so I can get a rough estimate in value). Thanks all in advance for any info on this series! And if any of you need help finding info on something, just let me know as I can hopefully return the favor.
What you need is "Standard Catalog of United States Obsolete Bank Notes 1782-1866" by James Haxby. However, this is an *expensive* four-volume set. It's also available on CD, but still pricey. The catalog does not define rarity, but does show illustrations and lists prices for various conditions. It's very comprehensive. What I've done in the past when I need a little info from an obscure reference is order a copy through an inter-library loan. Check with your local library about this -- it's often free or low cost. As it happens I collect some Michigan obsoletes and I photocopied a number of pages from Haxby that related to Ann Arbor. Your notes from Brooklyn show up on one of the pages. (Incidentally, there's no "National" in the bank's name.) If the $3 shows an eagle vignette, then an uncut sheet in uncirc. condition lists at $375. It's a nice sheet -- if you pick it up you should scan and post a copy!
You have no idea how much that helps! Is yours the older edition or is it the newer one (I believe a new one came out. I could be wrong though.)? I will definitely check out if the library can get the series in or not. I know they don't have it in their system, but I'll see if they can't pull it from somewhere else like you suggest. I found a similar sheet in Heritage's sale archives and it stated in the listing that the seller believed it to be the only sheet from that back known, and Heritages research could find no different, (and I don't know if there is a picture of the sheet in the Haxby Catalog), so I'm excited to be the owner of the 2nd known (3rd known if there is a pic in the catalog) sheet. Here is a pic of it:
There was no pic in the Haxby catalog, just individual illustrations of the notes. The sheet is just described as containing the two $2s and $3s. It is a beautiful sheet, however, in my opinion that price range would indicate there are more than two extant. I could be wrong, but something that rare would probably run in the thousands. I'd be curious about the price realized for the example in the Heritage auction. What did you end up paying for yours, if you don't mind me asking? The catalog I made my copies from was the printed edition, so that would be from 1988. Last year Krause Publications released a four-CD set, but after carefully reading their description I do *not* think this is a new edition, only a repackaging of the 1988 information. See if you can get the CD set through an interlibrary loan and then we'll know for sure.
Thanks both of your, first of all, for the compliment on the sheet. I agree that the engraving is beautiful! I agree Gsalexan, I would imagine the price WOULD be higher than what it is/was. I assume that is comparable to other sheets at that time in the book (or at least on the pages you have)? I've found it rare to find single notes of this issue let alone a sheet, and I've only seen the one on heritage that was auctioned back in 2004 (it did not sell. Greedy seller I would assume, especially going in with the idea of "only one around"). I've seen things that go for especially low prices despite rarity, but it's just that the big picture kind of blurs things. It should go to say that the Haxby Catalog is a 4 volume set, therefore there is an abundance of obsolete currency so overall abundance of material is out there with not much specific research done to much it, so the fact may not be realized by collectors, though I'm sure other banks HAVE been investigated, especially in those cities that have had tremendous and colorful histories unlike Brooklyn Michigan. However, it looks like when the National notes came to popularity with collectors, their rarities were delved into with enthusiasm, and I would guess simply because there were less banks issuing than there were during the days of obsolete currency. All of that is just a theory though (with a slight unpinning hope that this sheet could still make me rich, haha). Again, I will definitely go bend someone's ear at the library. Hopefully they'll find someone who has something. I know there are no good books in our local libraries about coins sadly, though with South Florida having such an active collecting community, I'm sure someone down there would have something! To answer Gsalexan and prolawn_care's question, I snagged it for $250 after I dickered down from $350. I figured $350 would have been alright if it were in better condition, but seeing as its got a few folds in it I managed to talk him down (it looks like it was folded in quarters at one point but has been flat for a good length of time, and although there are a few crinkles here and there, there's nothing really bad, and I'd still comfortably call it XF).
I think you did *very* well at that price! I've picked up a number of full sheets from Ann Arbor banks over the years, but there are a couple that I let slip away at higher prices than that and later regretted it. Congrats!
Well thank you. I was even nervous buying at $250 but after hearing that number out of 1988 catalog, I'm fairly happy with my purchase. Thanks for all the info and I'll let you know if I find anything else out!
