FORT MEADE FLORIDA NOTE BRINGS WORLD RECORD PRICE: $132,250.00

November 20th, 2004, is a date that may live in infamy, at least in the record books of national currency collectors. Not since the voluntary liquidation of the First National Bank of Fort Meade, Florida in November of 1919, exactly 85 years ago, would a note on this bank be known to exist to collectors. Now after nearly a century of searching this “Holy Grail” of Florida national bank notes has made its debut, and a grand one it was. This note has produced more conversation among national bank note collectors than practically any note to surface in many years. William Youngerman, a rare coin and currency dealer in Boca Raton Florida and known as Ft.Meade on Ebay for many years, maintains one of the largest collections ever assembled of Florida notes and was there for the dream acquisition. Against incredible competition at Lyn Knight’s PCDA auction in St. Louis, Missouri, more than half a dozen bidders fought it out to what would be a world record auction price for a third charter national bank note, and the second highest auction price ever paid for any national bank note!
More than double its high estimate of $60,000, when the hammer finally fell Youngerman’s number would be the only one left while the entire crowded auction room broke out in applause at the $132,250.00 final price.

Youngerman stated the search for this note by pioneers of the hobby has been relentless for many years. This was the only town missing to complete the state’s 59 different town issuing banks, making Florida only the fourth state that such a task is possible to do. George Nickolson, the man who helped build one of the great Florida collections, and searched out Florida notes for many collectors, is said to have set up in Fort Meade for a week or more advertising to buy any note from the town. Youngerman said he wished his old friend was here to finally see this one. Others have run many ads seeking the opportunity just to see a note from this town to no avail. In Don Kelly’s 4th edition book on National Bank Notes, he shows the bank as unreported with one of the highest values of any third charter blue seal note in the entire listing of over 12,000 banks, $25,000. A listing that will definitely require some updating. Youngerman, possibly trying to rationalize the price, stated “the note fills two holes in my collections,” he collects not only Florida notes but all National Banks with “Fort” titles, “so I figure I only paid about $66,000 per note.”

The importance of this note to collectors goes way back in the history of our country and Florida. Polk County’s history began with the settlement of Fort Meade in the 1840’s. Forts all over Florida provided protection for settlers during the Seminole Indian wars and later. Fort Meade was established in December of 1849, but was not incorporated until 1909. It was named by General Twigg who commissioned Lt. George G. Meade to select a location for the fort. Years later Lt. George G. Meade would become General George Gordon Meade in the U.S. Army and commander of the Union troops at the Battle of Gettysburg. Not only was General Meade honored with the naming of a town after him but was also pictured on one of our most famous of U.S. Treasury Coin Notes, the “Grand Watermellon note,” the 1890 $1000 Treasury Coin Note, currently valued at about one million dollars.

Youngerman stated that even more interesting to him was the fact the First National Bank of Fort Meade, received its charter #10386 on his birthday, May 12th, in the year 1913, a very interesting coincidence. Fort Meade would remain forever a one bank note issuing town liquidated just 6 ½ years after its birth and absorbed by the Bank of Fort Meade on November 3rd, 1919. It would be 85 years to that month of November that a note would finally surface from the bank again. The bank issued only 1902 blue seal date back and plain back $10 and $20 notes, in limited quantities, and had never increased its $25,000 capital. Officers of the bank were W.E. Arthur president, S.H. Brown, V.P., and L.L. Bean, cashier.

THE NOTE: A fine note of the 1902 Date Back series $10 denomination weakly signed by L.L. Bean as cashier and W.E. Arthur, president. Portrait of President William McKinley at left with the bank serial number 1374 beneath, and a bold blue seal on the right. The charter #10386 is seen in two places on the front along with the letter “S” indicating its southern geographical position. Treasury signatures are that of Napier and Burke with the treasury serial number being that of N539428B.

Youngerman further stated that pictures of the note will be on his web site (www.williamyoungerman.com) soon along with more history and information. He closed with, “now all I have to do is find a note on the First National Bank of Fort Dallas Miami, Floirda charter #6774, another “unreported” note.”

The entire William Youngerman Florida Collection will be on display in Fort Lauderdale in January 2005, at the 50th anniversary convention of the Florida United Numismatist (FUN) . The collection will be showcased in over 100 cases covering Florida’s financial history from its territorial notes and bonds, obsolete currency, national bank notes, depression scrip of 1907 and 1933, plus thousands of tokens, medals, medallic art and postal history.

William Youngerman also stated he is in the process of writing an extensive reference book on all of Florida’s currency and would appreciate any and all historical information concerning Florida’s banks and bank notes. He also keeps the census records for all Florida notes and would appreciate photo copies and or serial numbers of notes that he may not have in his census. You can contact him by email at bill@youngermans.com or call him at 1-800-3275010.