1870 $5 First National Gold Bank of San Francisco, CA (Charter 1741)

This note is just about as cool and rare as it gets.

Issued during a time when gold bank notes were a prominent part of American currency on the West Coast, this Fr. 1136 exemplifies the type. They were issued exclusively by a small number of Bay-area banks and circulated extensively. They simply Do. Not. Exist. in grades better than XF. Nobody collected them. Nobody saved them. They were used for one thing and one thing only: Commerce. It's estimated that only about 630 notes (in total) exist, and only about 20 better than VF.

Graded Very Fine 25 by PMG, this note retains substantial eye appeal despite its moderate circulation. The bank's name and other crucial details are sharply defined, in spite of some folds and minor signs of handling. The serial numbers are bold. The paper quality is solid. The paper color - that delightful tint of gold - remains clear and visible through the wear.

And of course, the reverse - with its glorious photorealistic depiction of period gold coins - is crisp, detailed, and almost entirely free of distracting folds or creases.

This note is a winner and will find its home in a thoughtful and advanced currency collection.