1875 $10 National Bank Note – First National Bank of Oakland, California | Charter #2248 | Fr. 1151 | PMG Choice Fine 15 | Historic Large-Size Currency

This 1875 $10 National Bank Note, issued by the First National Bank of Oakland, California (Charter #2248), is a remarkable example of early large-size U.S. National Currency. Cataloged as Friedberg 1151 and professionally certified PMG Choice Fine 15, this note represents a rare and highly collectible piece of American financial history.

As an early high-denomination note from a California charter, it offers collectors a combination of regional significance, historic context, and long-term investment potential. Large-size National Bank Notes from the 19th century are increasingly scarce, and this Oakland issue is especially rare in collectible condition.

Key Specifications

• Denomination: $10
• Series: 1875
• Type: National Bank Note (Large Size)
• Friedberg Number: Fr. 1151
• Issuing Bank: First National Bank of Oakland
• City/State: Oakland, California
• Charter Number: 2248
• Grading Service: PMG
• Grade: Choice Fine 15
• Rarity Level: Scarce, particularly for California issuances

First National Bank of Oakland – Historical Context

Established in post-Gold Rush California, the First National Bank of Oakland played a critical role in financing regional commerce, trade, and industrial growth. Notes issued by West Coast banks are particularly prized by collectors because they were printed in lower quantities compared to East Coast issuers, and fewer have survived in collectible condition.

Charter #2248 is significant because it identifies this bank as a federally chartered institution under the National Banking Act of 1863, linking it to the foundational period of America’s centralized banking system.

The 1875 National Bank Note Series

The 1875 series represents the large-size National Currency era, distinguished by:

• Ornate engravings and detailed vignettes
• Bold treasury seals and serial numbers
• Distinctive designs highlighting the issuing bank and charter number

These notes were printed on high-quality paper using intaglio engraving, making them visually striking and technically impressive even by today’s standards.

Why the $10 Denomination Is Collectible

While $5 notes were most common, the $10 denomination was more limited in production and usage, often reserved for:

• Business and trade transactions
• Bank-to-bank transfers
• High-value payments

As a result, surviving examples are considerably rarer than lower denominations, and well-preserved California issues from this period are especially scarce.

PMG Choice Fine 15 – Condition Overview

A grade of Choice Fine 15 indicates:

• Moderate circulation with minor edge wear
• Fully legible signatures, charter number, and bank details
• Strong paper integrity without major tears or repairs
• Clear, original ink and visual appeal

Choice Fine is considered an attractive and collectible grade, particularly for 19th-century large-size National Bank Notes, where very few examples survive in better condition.

Collector and Investment Appeal

1. California Charter Scarcity

• West Coast banks printed fewer notes than their East Coast counterparts
• Oakland-issued $10 notes are increasingly rare in collectible condition

2. Historical Significance

• Connects directly to the post-Gold Rush economy of California
• Highlights the role of regional banks in early U.S. commerce

3. Large-Size Currency Design

• Bold, detailed engraving
• Intact treasury seals and serial numbers
• Beautiful historical aesthetics suitable for display

4. Long-Term Value

• 19th-century National Bank Notes continue to appreciate
• High-denomination California notes are consistently in demand
• PMG certification ensures market confidence and resale value

A Tangible Piece of American Banking History

This 1875 $10 note from the First National Bank of Oakland is more than currency; it is a document of financial, regional, and national history. As a collector’s piece, it represents:

• California’s early banking industry
• The development of the National Banking system
• The artistry and security of 19th-century U.S. paper money

Collectors of large-size National Bank Notes, California banking history, or 19th-century currency will recognize this note as a cornerstone acquisition.

Conclusion

The 1875 $10 National Bank Note – First National Bank of Oakland (Charter #2248, Fr. 1151, PMG Choice Fine 15) combines rarity, historical significance, and visual appeal into a highly desirable collectible. With its West Coast issuance, low surviving population, and Choice Fine grade, it is an essential addition for serious collectors or investors seeking authentic, historically significant U.S. currency.

Opportunities to acquire such notes are minimal, making this a rare and prestigious addition to any advanced collection.