This spectacular serial number 1 Black Charter Note represents a true miracle of survival.

Discovered earlier this year, it is the only serial number 1 Black Charter Note from any bank to survive, and is one of only three Original Series Black Charter Notes known to exist (Fr. 399).

It is the “A” position note from the first sheet of fives sent to the Red Oak, Iowa bank in 1873, and, as Peter Huntoon noted in his Bank Note Reporter story earlier this year, had obviously been saved by one of the signers.

Nothing is known of the note’s pedigree since the day it left the bank in late 1873 until it walked into a small Iowa coin shop earlier this year. The note quickly changed hands and the second dealer sent it to PMG for grading because of its attractive appearance.

Only when the note came back from PMG with the attendant fanfare did the second dealer realize that this was not only a serial number 1 example but was the only serial number 1 Black Charter example ever to be recorded.

Fortunately for collectors, it is a lovely as well as unique note, with great color, signatures, and eye appeal, fully, in our opinion, meriting its PMG assigned grade of Very Fine 25.

The Note will be auctioned by Heritage in the upcoming Long Beach Currency Sale in September as Lot 3502.