US Apalachicola $5 banknote makes $26,000 at Heritage Auctions

A red seal National Bank of Apalachicola $5 banknote topped US currency on August 3

A rare US 1902 $5 banknote from the National Bank of Apalachicola has sold as top lot in Heritage Auctions' Currency Signature sale on August 3.

One of just four red seal notes, while date backs continue to ellude collectors

The Philadelphia auction saw the incredibly rare note sell for $25,850. It is one of just four red seal examples appearing on current censuses across all denominations. Only one of these notes has appeared in each decade since the 1980s, with the last - a very good condition $20 note - sold by Heritage Auctions for $23,000 back in 2008.

The National Bank of Apalachicola, a panhandle bank in Florida, issued notes from 1902 to 1911, with the example at auction standing as the finest of the four recorded extant examples, graded PGCS Fine 12. The bank issued both red seal and date back notes during its short-lived time, though date backs have so far eluded collectors.

Following the $5 was an extremely rare uncut sheet of four notes ($10, $10, $10 and $20) from the Torrington National Bank in Connecticut. It brought another $25,850, as one of only two second charter sheets of any kind from a Connecticut bank. With great eye appeal and colour, it also stands as one of less than a dozen 1882 date back uncut sheets from all known banks in the country.

Heritage Auctions will follow this successful sale with its World Paper Money Signature Auction on September 5-10, which will feature a broad range of banknotes from across the globe. Click here for more of the latest from coins and banknote collecting.

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Images: Heritage Auctions