Iaeger, West Virginia. $20 1902 Plain Back. Fr. 658. The First NB.

A Treasure from the Coalfields of West Virginia Iaeger, West Virginia. $20 1902 Plain Back. Fr. 658. The First NB. Charter #11268. PMG Very Fine 20. Hailing from one of the many small towns that dot the coalfields of West Virginia. Iaeger (pronounced YAY-ger) was once a bustling town like many in the region and saw its fortunes decline significantly after the 1950s roughly two decades after the First National Bank (Charter# 11268) fell to receivership in 1930. This institution which had originally organized in 1918 kept a respectable circulation of around $25,000 but ultimately fell to the pressures of the Great Depression. This institution is nonetheless extremely rare in the present with only just seven non-institutional notes recorded by the National Bank Note Census including this evenly circulated $20 Plain Back which recently surfaced in the Carolinas. Here distinct signatures attributable to Cashier Elmer Waitman Cook and President W.J. Hatfield are bold and effectively overshadow the "Tear" noted by PMG which can be seen at left. No doubt this note offers a rare opportunity here in the present for the collector who specializes in Nationals from West Virginia. PMG comments "Tear." Estimate: $2,000 - $3,000. Click here for certification details from PMG.

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