Nevada, Reno, 1870s to 1880 $10 Gold Certificate of Deposit. One of Two Known! The obligation would make this item more like a $10 in gold circulating Certificate of Deposit than a promissory note. Payable at The Reno Savings Bank or the Anglo California Bank of San Francisco. One of only two known and the other was sold just recently at auction and brought just over $2000. That note, was used to Illustrate the book Nevada Sixteen National Banks and their Mining Camps by W.O. Warns. A remainder and unissued. Good to Very Good with a number of pinholes.
The Reno Savings Bank was opened in 1877 by local merchants with James H. Kinkead (who signed this note) as manager. By 1881, the bank closed its doors forever.
Shortages of hard money in the west were still widespread in the 1870s and 1880s. Many attempts were made to issue private currency elsewhere in Nevada during this time period. The officers of the Reno Savings Bank obviously intended this to circulate as currency, and called the note a "Certificate of Deposit" in attempt to evade Nevada's law against the movement of private currency.
Kinkead was deputy Sheriff of Washoe County (where Reno is located) during the time when the Central Pacific Railroad refused to pay taxes. One day Kinkead appeared at the Reno train station at first light and chained the first locomotive (which was eastbound) to the tracks. Later, when a westbound train arrived a number of hours later, he also chained it to the tracks. Central Pacific Railroad lost no time in wiring the tax payments to Reno. After receiving word that the taxes had been paid, Kinkead released the trains from the tracks.
Estimated Value $1,000-1,500.
For a full discription of the other example known, see Lyn Knight Currency Auctions, Memphis Sale, 1999, lot 56.
