Boston, Massachusetts. The Cochituate Bank. 1853 $500. PCGS Currency

Boston, Massachusetts. The Cochituate Bank. 1853 $500. PCGS Currency Very Fine 35. No. 71. Plate A. Representative of a bank where finding surviving notes is hardly a challenge in any meaningful terms. The Cochituate Bank is nonetheless a rare entry among its geographic contemporaries at least in two regards. First, the Cochituate Bank was poorly managed as the bank's President engaged in the fraudulent arts which led to the bank suspending operations leaving thousands of notes little more than worthless scraps of paper that seemingly clog auction sites here in the present. Second, the Cochituate Bank offers collectors the chance to occasionally consider issued $500s and $1000s that would have otherwise been redeemed by a sound well-managed bank making this a note that really stands out against most issued Obsoletes from New England. Estimate: $800 - $1,200. Provenance: From the Caine Collection.

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