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National bank of Dixon, Calif 1911

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Posted 3 years ago

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Sandypay
(1 item)

Did National Currency of Dixon,California exists in 1911 ? I can't find any bank note with Dixon, Calif. I found a 1911 National Currency of Sacramento,Calif five dollar note dated Nov 1911. oteIs the Dixon note worth anything

Mystery Solved

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  1. solver, 3 years ago
    I don't know anything about the value of old currency but this is what I found under the First Northern Bank:

    "The new building was one of the two important accomplishments of the year 1911; the Bank received approval of its application to establish the First National Bank of Dixon, a commercial bank, and on January 2, 1912, the Bank was established under a Federal Charter.

    For the next 43 years, the Northern Solano Savings Bank, a savings bank and the
    First National Bank of Dixon, a commercial bank, operated under the
    same roof with the same Shareholders, Management and Board of Directors. ..."
    source: http://www.firstnorthernbank.com/docs/bankhistory.pdf

    I see that your $5.00 bill is dated December 15, 1911, several weeks before the official charter date of January 2, 1912.

    This is the only First National Bank of Dixon banknote I was able to locate:

    This series 1929 $10.00 bill issued by The First National Bank of Dixon, California (same California Charter No. 10120, source:
    http://www.papermoneyfacts.com/national_currency/California/ca_10120.htm), sold at Heritage Auctions in 2004 for $977.50. The auction catalogue stated

    "One of just seven small examples from this scarce Solano County bank recorded in the census. Very Good."
    source: http://currency.ha.com/c/item.zx?saleNo=354&lotNo=17686

    To confirm the charter dates above, this is from the United States Securities and Exchange Commission Form 10-K filing by First Northern Community Bancorp:

    "First Northern Bank of Dixon (“First Northern” or the “Bank”) was established in 1910 under State Charter as Northern Solano Bank, and opened for business on February 1st of that year. On January 2, 1912, the First National Bank of Dixon was established under a Federal Charter, and until 1955, the two entities operated side by side under the same roof and with the same management. In an effort to increase efficiency of operation, reduce operating expense, and improve lending capacity, the two banks were consolidated on April 8, 1955, with the First National Bank of Dixon as the surviving entity.

    Hope some of this info helps.


    On January 1, 1980, the Federal Charter was relinquished in favor of a California State Charter, and the Bank’s name was changed to First Northern Bank of Dixon."
  2. James, 3 years ago
    You have the fifth known blue seal from Dixon, CA. The book value of your note is $4,000. However, considering the condition and the economy, I think something like $2,000 would be a more accurate value.

    The 1911 date is when the bank was chartered. The note is known as a 1902 blue seal. Blue seals were printed from 1908 until 1929. Based on your serial number, yours was likely printed in the early 1920s.

    I run the website http://www.rarenationalcurrency.com - if you have some specific questions, please contact me. Congrats on a rare find.
  3. solver, 3 years ago
    I certainly hope that the poster, Sandypay, comes back to read this. What I have gleaned from James's post, his/her First National Bank of Dixon "1902 blue seal" can be considered "rare" [legitimately, for a change :-)] and valuable.

    As I first stated, I know nothing about notaphily, the study of paper money and bank notes. However, what I DO KNOW very well is the process of buying and selling with mid- to large-sized auction houses and independent dealers.

    Sandypay, if you are planning to sell your Dixon bank note, I STRONGLY RECOMMEND that you send an email and photos to Heritage Auctions and obtain a FREE auction estimate. Auction estimates are often on the low side to attract bidding; establishing an estimate is a science and auction houses know the pros and cons of being too low or too high. A consignor can also set a minimum reserve to protect their investment. Estimates received from auction houses are just that, and the final estimate is set after the house has received the item and conducted a physical inspection for authenticity, condition, etc. Condition, condition, condition is a major factor in most categories of antiques and collectibles and the subject of authenticity doesn't warrant a discussion (for those in the know).

    First, I highly recommend Heritage Auctions since they are world-renowned for their coin and currency auctions. It is critical to do business with a well-known established business (Heritage was established in 1976).

    Second, I have read post by several people on this board who complain about commissions paid to auction houses. What they forget to consider is that their auctions are also online, reaching collectors throughout the world, thus maximizing the potential of fetching much more than anticipated. Remember, it only takes two to tango and that goes for bidding wars, which I have seen often. Auction houses spend a fortune for the knowledge of their staff, promoting auctions, research, catalogues, photographs, insurance, online bidding capability, and much more.

    Third, one needs to be one's own advocate, no matter what the issue. It certainly is an advantage for a consignor to have some knowledge about their item before they request an auction estimate. That is the value of boards like this one, and many other boards, who have voluntary contributors who give information that is in the best interest of the poster. If a consignor doesn't have a clue about their item, once again this is the advantage of dealing with an auction house with a very long established reputation.

    I hope this information has been helpful and will reach Sandypay. I am not able to verify the great information provided by James and have no reason to doubt it. However, that is just one more reason to contact Heritage and don't consider going down the street to sell it or putting it on some "public venue" site.

    N.B. to my novella: Over a month ago a poster inquired about an 18th century bible. Research revealed it was a first edition and valuable. The poster must have read the information but never posted back. I was curious and later discovered that apparently they took it to a local auction house and sold it for one-third its value, less commissions, and potentially left thousands of dollars on the table. I'm not criticizing the poster since that was their choice and in this economy one does what they must. Dealing with big auction houses doesn't usually afford "immediate gratification," which some people need or want. The quick sale of the bible just made me sad and that they weren't able to optimize their return.

    I see this happen a great deal which is why it is a benefit to have a little patience and deal with experts.







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