Coins DIG

Mark Berg was able to discover the first three $10 notes dated 1837 and launched by the Saginaw City Bank. The three banknotes feature serial numbers 1, 2 and 3. All of the ten dollar notes are in perfect condition.

Back in 1836 Saginaw City's founder, Norman Little, was the president of the bank and signed these banknotes Dec. 26, 1837, which is exactly 170 years ago.

"The significance isn't in the value of these notes or in their pristine, uncirculated condition. It's the fact that they still survive today, 170 years later, as a group," mentioned Berg, a Saginaw Township numismatic hobbyist and who is also a small-time collector.

According to "Saginaw's Changeable Past: An Illustrated History," a book written by Delta College history Professor Jeremy W. Kilar, in 1837 the bank of Norman Little introduced "wildcat" currency. The issued notes were backed by his talent to sell land in Saginaw City.

Nelson Smith, who at that time was the treasurer of the bank, was the one to make the first sailing vessel that would float on Saginaw River. He was also the one to appear on the $10 note.

Banks called "wildcats" got their name due to the overproduction of money. These banks issued more money than the population of the state really required.

However, according to the managers of the Saginaw City Bank, the history of James Cooke Mills, living in Saginaw County, benefited the future material interests of the valley. Despite this fact the financial crash of 1838 forced the bank to fail. The paper money is the only evidence of the bank's existence after it went bankrupt.

Mark Berg stated that he was allowed to look through "a small hoard of notes" bought by one of his friends at an estate in spring of 2006. He refused to give more information on the findings.

"He had a bag of these notes that were stuck together in piles. They're so thin," said Berg about the rice paper currency. "They hadn't seen the light of day in many years. Apparently they were locked up in a bank vault."

Besides the three rare ten dollar notes Berg also found: 1827 two dollar error note, two five dollar notes that featured matching serial numbers, as well as ten dollar notes featuring serial numbers 6, 7 and 9.

"These notes belong to Saginaw and are an important part of the city's history," stated Berg.