Historic Kendallville item auctioned on Saturday | Sun News
A rare 1873 dollar note, minted for the First National Bank of Kendallville, will be auctioned on Saturday at Strawser Auction Group, 106 E. Dutch St., Wolcottville. Auction owner Michael G. Strawser values ââthe coin, signed by bank chairman John Mitchell, at between $ 5,000 and $ 10,000.
Strawser says there are only three or four identical banknotes known to exist.
The auction starts at 10:00 a.m. with a preview starting at 7:30 a.m. The coin and currency auction will include 550 other lots. There is also an online auction option.
Strawser said there are already 80 current bidders for the historic Kendallville collectible with the highest online bid at $ 425 by Tuesday afternoon.
The late Cleon Point, columnist for The News Sun in the 1970s and 1990s, wrote an article about Bob Black of Noble County who owned one of the few dollar bills from the First National Bank of Kendallville. The bank was the forerunner of Campbell & Fetter Bank. Black was looking to sell the dollar and at the time C&F Bank chairman Larry Doyle estimated it at $ 40 or $ 50.
The current owner remains anonymous.
The First National Bank of Kendallville was founded on June 12, 1863, with William Mitchell, father of John, the president. William Mitchell, considered to be Kendallville’s father, died in September 1865. After the death of his older brother, Charles in 1866, John Mitchell assumed the presidency.
The economic panic of 1893 led to the retirement of John Mitchell and the reorganization of the bank by Mitchell’s son-in-law, Archy Campbell, and his partner, Jacob C. Fetter. They renamed it Campbell & Fetter Bank. At its inception on June 1, 1894, C&F had deposits of $ 27,507 and resources of $ 135,351 from the First National Bank.