Auction: 327 - World Banknotes at NY INC, Waldorf Astoria
Lot: 353
Bank of Italy, National Trust and Savings Association, United States of America, National Currency, a set of notes comprising, $5, Benjamin Harrison at left, $10, William McKinley at left, $20, Hugh McCulloch at left, $50, John Sherman at left and $100, John Knox at left. All are dated San Francisco, February 26th 1927, third issue, black and white, blue seal low right and printed signatures of Speelman and White, manuscript signatures of R.B.Burnisted and James A.Bacigalupi. All are serial number 1, blue Charter number 13044 in field.
(Friedberg 609,635,661,685,707), original grade, generally extremely fine and an important Number 1 set. The Bank of Italy was founded by Amadeo Peter Giannini, an Italian immigrant who was born in San Jose in 1870. By 1902 he was already a director of a Bank in San Francisco, in 1904 he founded the Bank of Italy in order to help Italians manage their money and to facilitate loans for the immigrant community. Over the years the bank prospered and Giannini's reputation, business acumen and philanthropic nature enabled the bank to expand. In 1919 the Bank of Italy bought a New York bank named the Banca dell' Italia Meridionale, subsequently the Banca d'America e d'Italia. Giannini's business flourished and he started investing in the film industry financing Charlie Chaplin's 'The Kid' as well as several Disney films including Mickey Mouse and Snow White. By 1922 the Bank of Italy had 61 branches. Between 1927 and 1929 the Bank of Italy was authorised to issue National Currency bills, the set listed above being the number 1 set. In 1930 the Bank of Italy was renamed the Bank of America National Trust and Savings Association. In 1934 the Bank of America had 423 branches. Giannini died in 1950 having retired from the bank in 1945. He can justifiably be called one of the founders of modern banking in America and of possibly the biggest Bank in the world at the time of his retirement. He will always be remembered for not only his place in the history of banking but for his many philanthropic acts. This set has come down from the family of Giannini. An exceptional and historically important set of currency notes (5)
Sold for
$95,000
