Eureka, California $10 National Bank Note | 1882 Value Back | Fr. 577 | First National Bank of Eureka

First National Bank of Eureka – Charter #5986

The First National Bank of Eureka served the coastal and inland communities of Humboldt County during a period of economic expansion driven by timber, shipping, fishing, and regional trade. Eureka was an important commercial hub in Northern California, yet far removed from the large financial centers of San Francisco and Sacramento.

Banks in smaller cities like Eureka typically issued far fewer notes, and many were redeemed and destroyed through routine banking operations. As a result:

• Survivorship is limited

• Demand from California collectors is strong

• Charter #5986 notes are rarely encountered in high grades

This makes any problem-free, well-certified example especially noteworthy.

1882 Value Back National Bank Notes

The 1882 Value Back series is one of the most recognizable and widely collected National Bank Note designs. The reverse prominently displays the denomination value in bold typography, giving the series its nickname.

Key characteristics of the Value Back series include:

• Classic, balanced engraving style

• Large-format with strong visual presence

• Issuance during a mature period of the National Banking System

For collectors, the 1882 Value Back series offers an ideal blend of historical significance, aesthetic appeal, and regional diversity.

PMG Choice Very Fine 35 – Above-Average Preservation

A grade of PMG Choice Very Fine 35 places this note in a premium mid-grade tier, significantly more desirable than standard Very Fine examples. For an 1882 National Bank Note from a small California town, this level of preservation is particularly impressive.

This grade indicates:

• Moderate, even circulation wear

• Strong remaining detail in the bank title and charter number

• Clean paper with excellent structural integrity

• No major tears, repairs, or restoration

Collectors of National Currency often prioritize eye appeal and originality over technical perfection, making Choice VF examples especially sought after.

Design & Visual Appeal

The Fr. 577 $10 Value Back features classic National Bank engraving, with bold text, intricate line work, and a commanding large-size layout. The contrast between the detailed face and the bold reverse denomination creates strong visual balance.

Despite its circulated status, this note retains excellent readability and character, making it an ideal display piece for collectors who appreciate authentic period currency.

Collector Demand & Rarity Considerations

Why California Nationals Are Highly Sought After

• Strong regional and historical appeal

• Limited number of issuing banks

• Heavy redemption and destruction rates

• Consistent demand from advanced collectors

Small-Town Scarcity

Notes from towns like Eureka are often scarcer than those from major cities, as:

• Fewer notes were printed

• Local circulation was limited

• Survivorship is disproportionately low

As a result, Charter #5986 notes are rarely available, especially in Choice VF condition.

A Key Piece of California Banking History

This Eureka, California, $10 1882 Value Back National Bank Note represents more than currency—it is a historical artifact from a formative period in California’s economic development. It reflects the expansion of federal banking into regional communities and the role of local banks in supporting commerce and industry.

Owning this note preserves:

• A tangible link to Northern California’s financial past

• An authentic example of small-town National Currency

• A desirable charter-specific collectible

Conclusion

The 1882 $10 National Bank Note (Fr. 577) from the First National Bank of Eureka, California, Charter #5986, graded PMG Choice Very Fine 35, is a scarce and attractive example of classic U.S. National Currency. Its small-town California origin, premium mid-grade certification, and strong historical appeal make it an excellent acquisition for collectors of National Bank Notes, California currency, and large-size U.S. paper money.

Opportunities to acquire Eureka National Bank Notes—particularly in Choice VF condition—are increasingly limited, making this a meaningful and competitive addition to any advanced collection.