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$5 1875 Red with scallops First Charter Period 407
$5 1875 Red with scallops First Charter Period 407
$5 1875 Red with scallops First Charter Period 407
$5 1875 Red with scallops First Charter Period 407
$5 1875 Red with scallops First Charter Period 407
$5 1875 Red with scallops First Charter Period 407
$5 1875 Red with scallops First Charter Period 407
$5 1875 Red with scallops First Charter Period 407

$5 1875 Red with scallops First Charter Period 407 PMG 35 EPQ

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A superb and original Series of 1875 $5 National Bank Note from the Winthrop National Bank of Boston, Charter #2304.
Originally organized in 1875 as the Merchandise National Bank of Boston, the institution adopted its second title—Winthrop National Bank—in 1890. This title remained in use until 1915, when the bank was absorbed by the prestigious Merchants National Bank of Boston (Charter #475), one of the nation's largest and most influential institutions at the time.

Among the 53 examples recorded in the National Bank Note Census, this piece stands out as one of only four known for this specific title, making it exceptionally rare for the issuing period. What truly elevates it, however, is its status as a low-serial-number souvenir from the very first sheet of Series of 1875 $5 notes delivered under the new Winthrop title. Issued in a $5-$5-$5-$5 sheet format, this is the Position C, Bank Serial No. 1 note—a classic "Number 1" example deliberately preserved at the time of issue.

The note exhibits moderate, even circulation consistent with brief use before being carefully saved, retaining apparent originality and sharp detail throughout the intricate lathework and vignettes characteristic of the First Charter Period. The penned signatures of Cashier Charles H. Kilham and President Nathaniel F. Tenney are bold, clear, and attractively contrasted against the engraved design. Tenney, a longtime director who signed this note shortly before his death in 1891 at age 71, and Kilham (d. 1923) add historical depth to an already compelling piece. While the companion Position D, Serial No. 1 note (similar grade) realized $8,050 in a 2007 public sale, this Position C example has yet to sell at auction—an outstanding opportunity for the advanced collector of Boston or New England nationals, or for those seeking a premier low-number First Charter note with impeccable provenance and eye appeal.


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