As you may know, I have a weekly column in Coin World, started back in 1961. Today in 2012, “The Joy of Collecting” (earlier titled “Numismatic Depth Study”) stands as the longest-running column in numismatic history.

Every now and again one of the columns has caused quite a stir—that is, lots of comments from readers.

I noted that to me an old coin, or music box, or postcard is a tangible link with the past—one or another era of indefinable quintessence, a scenario for contemplation and romance. In a 2001 catalog issued by Hugh Shull I noticed an old bank note issued in 1807 in Meredith, New Hampshire, by the Winnipissiogee Bank, in “Abt. Good condition” with pieces missing—for $110—and asked to see it on approval.

I imagine that, as you read this in February 2012 (or beyond), you might wonder why the heck such a ratty note (illustrated here) would be worthy of my attention. After all, the market loves “investment grade” coins and paper money—generally defined as MS-65 and Proof-65 or higher. Some of this thinking is topsy-turvy, in my mind, especially in relation to coins made in the past 50 years that are worth very little in, say, MS-63 or 64 grade, but for some reason can be worth thousands of dollars if MS-69 or MS-70. However, it is such things that sustain the dynamism of the present market. If it were not for investors, the prices of many high-flying-grade coins would sink like a rock, for collectors would not pay such prices.

Back to the tattered note. In due course it arrived, I inspected it, and then I sent my check. I was as happy as a clam. And still am. Why?

So far as I know this is the only known example in the whole wide world. The standard reference, United States Obsolete Bank Notes 1792–1866, by James A. Haxby, lists it as “surviving example not confirmed.” I specialize in such notes and know most of the dealers and collectors who have an interest in them. No one else has ever heard of a similar note.

This bank was chartered by the state and set up business at Meredith Bridge, a small community near what today is spelled as Lake Winnipesaukee—a sheet of water about 30 miles long, punctuated with several hundred islands. In 1855, by which time the Winnipissiogee Bank no longer existed, the town name was changed to Laconia.

Time passed, and nearly all paper money of the bank disappeared. In was not until the 1920s that there was significant interest in obsolete notes of state-chartered banks. Today in 2012 there are many enthusiasts.

Back in 2001 Coin World readers sent me their opinions as to whether such a bill was worth owning. What do you think? Is it a “hit” or a “miss”? Would you have paid $110 for it?

Top Left: Not quite a gem, this rare obsolete bank note created quite a bit of comment 11 years ago.