Upland, California. $10 1902 Red Seal. Fr. 614. First NB. Charter #8266. PMG Very Fine 30. Serial Number 1. Replacement.
Nothing short of a trophy by any measure, this note hails from what was once a small community in San Bernadino County that grew rapidly in the years that followed the end of the Second World War in 1945. Before that Upland was little more than small town anchored by its position along the railroad and would incorporate as a city in 1906. The organization of the First National Bank of Upland (Charter# 8266) preceded incorporation in 1905, but the date of the bank's charter postdated incorporation by just under a month. Operations of the First National Bank would continue past 1935 when National Bank Notes became obsolete issuing an approximate total of $661,640 in National Currency. As for the circumstances which shaped the existence of this piece, it was quite obviously saved as a souvenir by a bank officer or high-ranking employee owing to its distinction as a Serial Number 1 from the first ever sheet delivered to the institution by the Comptroller of the Currency. The penned signatures of Cashier C.T. McCulloch and (Vice) President H.E. Swan are neatly penned in their respective panels with the overall note showing signs of handling consistent with storage and technical circulation; a distinction best demonstrated by the top margin which warranted a comment from PMG for "Foreign Substance." The added status of this piece as a Replacement went unmentioned when it last sold in January 2023 and can be discerned by the font used for the Serial Numbers and further serves to separate this note from the 27 pieces recorded by the National Bank Note Census. No doubt a treat for the collector with an interest in Nationals from California or just those specifically from Southern California. PMG comments "Foreign Substance."
From the Eric Agnew Collection Part II.

Estimate: $6000.00 - $8000.00