An extremely rare mechanical bank, known as a "Coasting Bank", has seen fantastic results at Freeman's American Furniture, Folk Art and Decorative Arts sale, held on November 13 in Philadelphia.
The bank was previously only known from an 1884 illustrated catalogue, and this is the only example to have appeared at auction. It sold for an impressive $266,500, rising past its $50,000 high estimate by 433%.
The bank has been attributed to Charles A Bailey (1848-1926), the man behind many highly collectible mechanical banks. Very little is known about this design, except that it was likely the precursor to the "Shoot the Chute" mechanical bank designed in 1906.
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