Fr. 397a. Poughkeepsie, New York. $5 Original Series. The Fallkill National Bank of Poughkeepsie. Ch

Fr. 397a. Poughkeepsie, New York. $5 Original Series. The Fallkill National Bank of Poughkeepsie. Charter #659. PMG Choice Uncirculated 64 EPQ.，This is an incredible example with bright fresh paper, strong ink tones, and lovely penned signatures of the bank officers. The note was hand cut from the original sheet and the edges are a bit wavy, adding to the charm of a note of this vintage. Though unevenly cut, the borders are all complete and comfortably broad, particularly on the face. The quality is superb in every respect and it was described unwaveringly as a "Gem Crisp Uncirculated" note when it last sold in 2002. The cataloger at that time went on to comment, "In fact, we have never graded such a note as gem on any price list or in any auction sale. We have now found the very first First Charter $5.00 note that meets all of the tests for the gem criteria." That this note would be the first one seen by that writer in his over 30-year career that he felt deserved the Gem grade speaks to just how impressive it is. <p><p>This was the second of six National Banks chartered in this Dutchess County city, opened when the Civil War was beginning to wind down in December 1864. It was also the most successful, issuing the second largest amount of currency during its time in operation, including everything from Original Series notes to 1902 Plain Backs, excepting only the rare 1882 Value Backs and Date Backs. Of the nearly $4 million issued, it was estimated that just $12,473 remained outstanding as of the last accounting in 1935. <p><p>Today, 66 notes are known on this title, however, there are only two $5 Original Series notes and a single $5 Series of 1875. This is a rare type and denomination for this bank and this piece is outstanding among them for its exceptional condition. In fact, it is the highest graded note in the Census confirmed by a third party grader.<p><p>Beyond the specific bank title, it is worth mentioning that PMG has graded only ten Original Series $5 notes as Uncirculated across all nine Friedberg varieties known. Just two examples of this specific Friedberg number are at this grade with just two finer, each by a single point. This is not only the best First Charter $5 on this bank title, it is one of the finest of all surviving Original Series $5 notes, an issue even rarer in high grade than the more famous Lazy Deuces.<p>，From the A.J. Vanderbilt Collection. Earlier from Heritage, May 2002, lot 3511.，