It’s easy to forget that two centuries ago, Lake George was large enough to be chosen as the first county seat of Warren County. From 1907-1935, Lake George even had its own bank – the First National Bank of Lake George. One of the rarest bills from that period, a “1902 $10 Red Seal National Bank Note,” will be auctioned in California on August 10, 2016!
Photo Courtesy of Stack’s Bowers
Once known as Caldwell, Lake George grew from a small village to the Warren County seat after the Revolutionary War. The area was considered a profitable trade route, and Albany industrialist James Caldwell purchased and developed much of the village’s land.
When Warren County was established in 1813, Lake George was prominent enough to be selected as the county seat. Warren County held court in the Lake George Coffee House for four years until Caldwell donated a site for an official courthouse.
The new courthouse and clerk’s office burned down in 1843, but in 1845, the brick Warren County Courthouse Complex was built. The building included a courtroom, judges’ chambers, county offices, and a basement jail.
While Lake George was the home of Warren County, it also established the First National Bank of Lake George in 1907. National bank notes were a form of currency used throughout the country from 1865-1935. The Lake George bank had a 29 year printing period, 1907-1935, which was average for a national bank.
Soon after it opened, the First National Bank of Lake George printed just 375 sheets of “1902 $10 Red Seal National Bank Notes.” The “1902” in the bank note’s name refers to the 1902 red seal series, which lasted from 1902-1908. All red seal national bank notes are considered very rare.
Photo Courtesy of Stack’s Bowers
Each $10 Red Seal Bank Note from Lake George has a portrait of William McKinley, and if the #1 is under him, then the bill is from the first printed sheet. Until recently, it was believed that none of the bills from this first red seal bank note sheet still existed. However, a “1902 $10 Red Seal National Bank Note,” with a #1, has finally been revealed and put up for auction.
The rare bill was issued in 1907 and signed by the bank’s first president, Gallaway C. Morris. Over the years, it has passed down through his family. However, the family has decided to put it up for auction, and it is now open for online bidding through Stack’s Bowers. On August 10, 2016, live bidding will begin at the Anaheim Convention Center in California.
Although it has minor edge restorations, the bank note is estimated at $40,000-$80,000. According to its official listing on Stack’s Bowers, “It is a nearly one of a kind combination to have a banknote that is rare, high grade, a serial #1, and from a desirable resort location.”
Sources:
- Post Star – Auction set for rare Lake George banknote
- Antique Money – Old Money from The First National Bank of Lake George
- Stack’s Bowers – Lake George, New York. $10 1902 Red Seal.
