Red seals from South Carolina have for many years been some of the most closely guarded rarities in the world of national banknotes. Since 1997, only two have sold at auction. A VF from a common Greenville bank sold for $86,250 in 2002. And a fine from an even more common Charleston bank sold for $15,250 at the 2013 ANA auction. The note we are offering just surfaced in eastern North Carolina and has made its way to our auction. It is on the lower end of the VF spectrum. It has light pen signatures of Gilbert Milo Berry and Edwin Wales Robertson. GM Berry would later break from The National Loan & Exchange Bank to open and become the president of The Columbia National Bank. EW Robertson left the bank in 1926 and passed control to his son, TJ Robertson, who became the bank's second president. By title, the story of The National Loan & Exchange Bank of Columbia begins in 1886 when it opened as a state bank in South CarolinaÕs capital city. However, the actual history of The Loan & Exchange Bank begins in 1871 when The Central National Bank of Columbia was chartered. The Central National Bank was ColumbiaÕs second national bank. In 1892 The Canal Dime Savings Bank was opened and it was the direct successor of The Central National Bank. In 1903 The Canal Dime Savings Bank purchased The Loan & Exchange Bank, nationalized, and became The National Loan & Exchange Bank of Columbia. This proud and very important banking institution went into receivership in 1933 during The Great Depression. There is another red seal known from this charter; it is a ten. If memory serves, it was in three pieces when it walked into a coin show many years ago. Of course the five dollar note here is in a far nicer condition and it has had absolutely no restoration. This marks the first time any collector has ever had a chance to buy a state capitol red seal from the Palmetto state. The opening bid is $7,500 with no reserve. The Kelly value on this note is $15,000 in fine condition. That could very well end up being just the starting point of the action when this one sells.

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