Oakland, CA $10 1875 Fr. 1151 FNGB Charter #2248 PMG Choice Fine 15

Comparatively scarce compared to its $5 counterparts issued by various banks throughout California. This $10 National Gold Bank Note issued by the First National Gold Bank of Oakland (Charter# 1741) is certainly an exception compared to most of the pieces at this grade level. The yellow-gold coloration of the paper body is distinct and harkens to the precious yellow substance that once backed this note in circulation, while the vignette at left and right, entitled Franklin and Electricity and America Seizing the Lightning are well-detailed and boldly engraved offering a nice contrast to the red Treasury overprint and charter numbers that were mandated by the Act of June 20, 1874. A similar distinction is likewise noticed by way of the penned signatures of Cashier G.M. Fisher and President B.F. Ferris, which placed the issue of this note shortly after the Alameda County Savings & Loan Society became the First National Gold Bank in 1875. Ferris, who had been born in 1806, died from suicide by drowning shortly after his signature had been affixed to this note in 1876, after ceding the President’s position to Volney Moody, who held it through 1890. The “Minor Restoration” alluded to by PMG is of little consequence and is easily overlooked. By contrast, the all-important vignette of Pre-33 gold coins of multiple denominations remains clear and nicely detailed. PMG comments, “Minor Restoration.”

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National Gold Bank Notes are among the most sought-after categories of U.S. currency, combining federal authorization with gold-backed redemption and strong regional identity. Oakland-issued examples are especially desirable due to limited issuance, low survival rates, and intense collector demand for California Gold Bank material.

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Key Note Specifications

• City: Oakland, California
• Denomination: $10
• Series: 1875
• Type: National Gold Bank Note
• Friedberg Number: Fr. 1151
• Issuing Bank: First National Gold Bank of Oakland
• Charter Number: 2248
• Grading Service: PMG
• Grade: Choice Fine 15
• Size: Large Size U.S. Currency

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First National Gold Bank of Oakland – Charter #2248

The First National Gold Bank of Oakland was established during a period when California’s economy relied heavily on gold coinage rather than paper money. To accommodate this unique financial environment, National Gold Banks were authorized to issue notes redeemable specifically in gold coin, distinguishing them from standard National Bank Notes.

Charter #2248 ties this note directly to Oakland, a rapidly growing commercial and transportation hub in the San Francisco Bay Area during the late 19th century. Notes from this bank are particularly appealing to:

• California state collectors
• Gold Bank Note specialists
• Collectors of Western and Gold Rush–era currency
• Charter-number-focused National Bank Note collectors

Only a small number of Gold Banks existed, and their total output was far lower than that of standard National Banks, making surviving notes especially scarce.

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1875 National Gold Bank Notes – A Distinct U.S. Currency Type

The 1875 Series National Gold Bank Notes were issued exclusively in California and are instantly recognizable by their distinctive gold-themed design and legal obligation for redemption in gold coin. These notes reflect California’s resistance to silver-backed and greenback currency during the post–Civil War period.

Key characteristics include:

• Explicit gold redemption language
• Distinctive yellow-gold color palette
• Large-format with intricate engraving

The $10 denomination was actively used in commerce, which explains why most surviving examples today show noticeable circulation wear. Problem-free, certified survivors are increasingly difficult to locate.

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PMG Choice Fine 15 – Honest Circulation with Strong Integrity

A grade of PMG Choice Fine 15 indicates a note that circulated during its working life but remains solid, complete, and visually appealing. This grade reflects:

• Clear, legible text and bank identifiers
• Even circulation wear without major defects
• No significant tears, repairs, or restoration
• Strong structural integrity for a 150-year-old note

For National Gold Bank Notes, Choice Fine examples are highly collectible, as higher-grade survivors are extremely rare and often held permanently in advanced collections.

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Design & Eye Appeal

The 1875 $10 National Gold Bank Note features classic large-size U.S. engraving with strong visual presence. The ornate borders, bold typography, and distinctive gold-themed elements give the note a commanding appearance, especially when compared to later small-size currency.

Despite honest circulation wear, this example retains excellent clarity and character, making it an attractive and authentic display piece for collectors of historic U.S. paper money.

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Collector Demand & Investment Significance

Why National Gold Bank Notes Are Highly Desirable

• Issued only in California
• Backed by gold coin redemption
• Produced in limited quantities
• Strong crossover appeal to currency and gold collectors

Why This Oakland Example Stands Out

• Major California city issuance
• Rare Fr. 1151 Gold Bank Note
• PMG third-party certification
• Identifiable charter and bank history

National Gold Bank Notes are a finite and closed collecting category. As advanced collectors continue to pursue complete California and Gold Bank sets, competition for authentic, certified examples remains strong.

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A Tangible Artifact of California’s Gold-Based Economy

This Oakland, California, $10 National Gold Bank Note is more than just currency—it is a tangible artifact from a time when California operated under a gold-centric monetary system, unlike the rest of the United States.

Notes like this circulated among merchants, miners, and businesses during a period when gold defined everyday commerce. Owning this note preserves:

• A direct link to California’s post–Gold Rush economy
• An authentic piece of Western banking history
• A rare subtype of U.S. paper money

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Conclusion

The Oakland, CA $10 1875 National Gold Bank Note (Fr. 1151) from the First National Gold Bank, Charter #2248, graded PMG Choice Fine 15, is a rare and historically significant example of California-issued U.S. currency. Its gold-backed origin, strong regional identity, and certified authenticity make it a standout acquisition for collectors of National Bank Notes, Gold Bank Notes, and Western Americana.

As surviving examples continue to disappear into long-term collections, opportunities to acquire certified National Gold Bank Notes of this caliber are becoming increasingly limited.

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