Banknote of the Issue: 1873 $10 Stockton, California, Note from The First National Gold Bank, Charter #2077 – PCGS Banknote Choice Very Fine 35

There was a time when physical gold was the most widely preferred form of currency in California. The state, which saw a population boom in the late 1840s and early 1850s due to the Gold Rush centered in the San Francisco area, continued to flourish even after gold discoveries slowed to a trickle as the 1850s melted into the 1860s.

Hundreds of thousands of people remained in the aptly named “Golden State” even after the Gold Rush had officially ended. Many more followed as the state’s plethora of other perks, including sunny weather, beautiful terrain, Pacific views, and endless entrepreneurial opportunities called many from the East Coast. Gold remained the currency of the day even into the 1870s, especially in places like California’s Central Valley, where gold fever beckoned scores of new residents two decades earlier.

The Central Valley city of Stockton was founded during the height of the California Gold Rush in 1849 with a seaport that was originally designed for trade and transportation to and from many of the area’s gold mines. Among the numerous businesses and financial institutions that emerged during the city’s earlier years is the First National Gold Bank of Stockton, which opened its doors on April 1, 1873. It was well capitalized and highly successful during its first years, and it issued a type of paper money known as National Gold Bank Notes.

The National Gold Bank Notes were authorized by the Currency Act of July 12, 1870. Redeemable for gold coins, these yellow-tinted banknotes prominently bearing the obverse phrase “Redeemable in Gold Coin” catered toward the preference for hard money in California and beyond. The reverse is anchored by a lush vignette of various contemporary gold coins.

The notes were issued by financial institutions such as First National Gold Bank of Stockton and others in various denominations ranging from $5 to $1,000, with lower denominations seeing much use in commerce. A busy life in circulation and the passage of time has left relatively few survivors today, with the vast majority of those in lower grades. Among notes tracing back to Charter #2077, there are just four dozen survivors recorded, mostly grading below Fine. Those grading Very Fine or better are extremely rare, with many of those exhibiting signs of restorations or repairs.

That’s part of what makes this 1873 $10 First National Gold Bank of Stockton note so special. Not only does it grade Choice Very Fine 35, but it’s also the finest such $10 note graded by PCGS Banknote. Beyond the incredible numismatic merits of this extraordinary banknote are the incredible connections this piece has to the legendary California Gold Rush and its sociocultural milieu.

“National Gold Bank notes epitomize a rare and fascinating allure for collectors, featuring distinct and captivating imagery of the era's coinage, exclusively from a select few California banks,” said Stack’s Bowers Galleries Vice President and Managing Director of Currency Peter Treglia. “Furthermore, this example stands as one of the finest examples across any denomination or issuing institution, exuding exceptional visual appeal and richness.”