San Francisco, CA $10 1870 Fr. 1142 First National Gold Bank #1741 PMG VG 10

First National Gold Bank of San Francisco – Charter #1741

The First National Gold Bank of San Francisco was one of the most prominent Gold Banks operating in California during the post–Gold Rush era. Chartered in a state where gold coins dominated commerce, Gold Banks were authorized to issue paper money explicitly payable in gold, rather than legal tender or silver-backed currency.

Charter #1741 firmly connects this note to San Francisco’s early banking infrastructure—a city that played a central role in western trade, mining finance, and international commerce. Notes from this bank are highly sought after by:

• California and Western U.S. collectors

• National Bank Note specialists

• Gold Bank Note enthusiasts

• Charter-number and city collectors

1870 National Gold Bank Notes – Early & Scarce

The 1870 Series National Gold Bank Notes represent the earliest issues of this specialized currency type. Production quantities were limited, circulation was heavy, and redemption often led to destruction—factors that significantly reduced long-term survival rates.

Key characteristics of 1870 Gold Bank Notes include:

• Explicit gold redemption obligations

• Distinctive yellow-gold ink elements

• Large-size format with bold typography

• Designs reflecting early BEP engraving styles

As a result, any surviving example—especially from San Francisco—is considered scarce, regardless of grade.

PMG Very Good 10 – Honest Circulation Survivor

A grade of PMG Very Good 10 indicates a note that saw extensive circulation but remains fully identifiable, intact, and authentic. For 1870 National Gold Bank Notes, this grade is entirely consistent with the issue’s rarity and age.

This grade reflects:

• Heavy but honest circulation wear

• Clear bank title, charter number, and denomination

• Solid paper integrity without major missing portions

• No significant repairs or restoration

Collectors of Gold Bank Notes understand that grade rarity is secondary to type rarity, making VG examples both acceptable and desirable.

Design & Historical Character

The Fr. 1142 $10 Gold Bank Note features classic early National Bank engraving, enhanced by gold-themed elements unique to this subtype. While circulation wear is evident, the note retains strong historical character and unmistakable identity.

The large format gives the note a commanding presence, making it an ideal piece for collectors who value authenticity and historical significance over technical perfection.

Collector Demand & Market Importance

Why National Gold Bank Notes Are Elite Collectibles

• Issued only in California

• Redeemable in gold coin

• Extremely limited issuance and survival

• Strong crossover appeal with gold and Western Americana collectors

Why San Francisco Gold Bank Notes Matter

San Francisco was the heart of California’s gold economy. Notes from this city consistently command premiums due to:

• Historical importance

• High collector demand

• Limited surviving population

Even lower-grade examples are quickly absorbed into long-term collections.

A Tangible Relic of California’s Gold Economy

This San Francisco $10 1870 National Gold Bank Note is more than a collectible—it is a tangible artifact from a time when gold defined daily commerce in the American West. Notes like this circulated among miners, merchants, exporters, and bankers in one of the most dynamic economic environments of the 19th century.

Owning this note preserves:

• A direct link to California’s gold-backed monetary system

• An authentic example of early National Bank currency

• A rare survivor from San Francisco’s financial history

Conclusion CA $10 1870 Fr. 1142 First National Gold Bank

The 1870 $10 National Gold Bank Note (Fr. 1142) from the First National Gold Bank of San Francisco, Charter #1741, graded PMG Very Good 10, is a rare and historically significant example of early U.S. paper money. Its gold redemption status, premier issuing city, and certified authenticity make it a compelling acquisition for collectors of National Bank Notes, Gold Bank Notes, and Western U.S. history.

Opportunities to acquire San Francisco National Gold Bank Notes—in any grade—are increasingly limited, making this an important and meaningful addition to an advanced collection.