This is a very special note for the State of California. One does not see non-gold, First Charter Nationals from California. And the handful that are known, they are usually in VG to Fine condition with issues (e.g. restorations, repairs, pinholes, etc.). This note is the exception and is one of the nicest/brightest First Charter Nationals we have handled this side of the Mississippi. You see, the further west you go, National Banks simply did not issue First Charter banknotes. They were “timed out,” leaving many early western national banks to issue Series of 1882 notes like Brown Backs or Value Backs. Another exception was only nine California banks were allowed to issue National GOLD Bank Notes which were popular and widely accepted in the region. You see, all other forms of paper money in the state were suspect – whether private or federal and the preference for gold led to the organization of National GOLD Banks. However, on January 1, 1879 the US government made all federal paper money redeemable in coin, whether it was silver or gold. As a result, Gold Banks no longer enjoyed a preferred status and on February 14, 1880 National Gold Banks were permitted to convert to regular National Banks. This note is one of the few remnants of that conversion which took place nearly 120 years ago today. Enjoy