Brown Back Pin Up

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GSA_Gem_Quest

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Could you live with pinholes to save $1,000?

This beautiful $10 Brown Back is from the National Bank of Commerce in New York. It is signed by non-other than J.P. Morgan himself, signing as J Pierpont Morgan on the note.

It is interesting in several respects. First, it has two pinholes, one in each top corner. I imagine that the note may have been pinned to a bulletin board at either a bank teller station or a bank executive's desk or cubicle area during the late 1800's. It never circulated and probably would have graded higher if not for the pinholes.

Second, I bought it ungraded, knowing it had the two pinholes. I chose not to try to repair or restore it because I like the idea that it was probably used at the bank to detect counterfeit notes.

Third, I probably paid about $1,000 less than market value for a similarly graded note without pinholes. What is interesting to me is that it was not graded NET by PMG because the pinholes were evident and no one tried to hide them. If the pinholes had been repaired, it would have graded NET - Closed Pinholes.

Would you live with pinholes to save a $1,000? I think you know how I would answer the question. I love the note as is!!

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