1875 $2 Lazy Deuce National Bank Note, First Charter Period Fr#390 PMG 40

This is a $2 original series National Bank Note (1875), First Charter Period, specifically the scalloped-seal variety cataloged as Friedberg 390 in Paper Money of the United States by Robert Friedberg. It is a large-size note issued under the National Banking Act of 1863, which authorized national banks to print their own currency backed by U.S. government bonds. These notes circulated as legal tender alongside federal issues and were redeemable in coin at the issuing bank. Design: The face features the classic design known as the "Lazy Deuce" while an allegorical figure of Liberty is featured at the left. The bank's name, location (Boston, Massachusetts), charter number (625), and series date (1875) prominently displayed. The reverse is a simple geometric guilloche pattern in green ink. The scalloped (wavy-edged) design of the red Treasury seal and serial numbers distinguishes this from earlier ray-design First Charter notes (Friedberg 389). Issuer: The Tremont National Bank of Boston (Charter #625), one of the early national banks formed during the Civil War era to stabilize the currency. It was organized on December 5, 1864, and chartered on December 14, 1864. The bank operated successfully for over three decades, focusing on commercial banking in Boston's financial district, before liquidating on December 20, 1898, and being absorbed by the Eliot National Bank of Boston (Charter #536). Issuance Context: As a First Charter Period note (1864–1875), it was produced by the National Bank Note Company. The 1875 date marks the end of the Original Series, after which designs shifted to "Brown Backs." Banks like Tremont deposited bonds with the U.S. Treasury to secure the notes' value, and this $2 denomination was among the smallest issued, making it less common than $1, $5, or $10 notes. Rarity and Collectibility: These notes are highly sought after by type collectors and those focusing on obsolete bank currency. While Friedberg 390 as a type is scarce (fewer than 100 examples known across all issuing banks), this specific example from the Tremont National Bank is exceptionally rare—only two are known to exist, per auction records and census data from the Society of Paper Money Collectors. Most $2 Original Series notes from any First Charter bank are rarities due to heavy circulation wear and limited production (the $2 was not a popular denomination for everyday use). Survivors from Boston banks like Tremont are prized for their historical tie to one of America's earliest financial hubs. Value: Values vary widely by condition (graded on a 1–70 scale by services like PMG or PCGS), eye appeal, and signatures (yours likely bears those of Treasurer Allison and Register New). Recent auction comps for similar notes in decent circulated grades (VF-20 to XF-40) range from $5,000–$15,000, but high-grade examples or those with specific bank rarities like this Tremont National Bank can exceed $50,000–$100,000+. For instance, a VF example from this bank sold for around $20,000 in recent years.