Miscellaneous

Lot 801    SESSION 2 (2.00PM TUESDAY 28TH JULY)    Miscellaneous

Estimate $40
Bid at live.noble.com.au
SOLD $40

CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO, letter dated February 1, 1933 'To Our Correspondents' enclosing specimen of new Travellers' Letter of Credit and Letter of Indication; another similar letter dated December 20, 1937, also enclosing specimens and also explaining details and procedures for issue. The specimens of the Letters of Credit and letters of Indication virtually uncirculated except for a staple in top left corner, the covering letters with some small signs of ageing, otherwise extremely fine. (6 items)

In 1932 the Continental and Commercial National Bank of Chicago was renamed to become the Continental Illinois National Bank and Trust Company of Chicago. At one time it was the 7th largest bank in America but in 1984 it became, at that time, the largest bank failure in US history. In the 1980s prior to its collapse, it sold part of its reserves to raise funds. It held approximately 1.5 million US silver dollars as part of its reserves and with the then rise in the price of silver these silver dollars were sold to an American coin dealer and are now sold individually and categorised as Ex The Continental-Illinois Bank Horde.