Watch List notes:

North Western Telephone Exchange Company of Minnesota Stock Certificate. Minneapolis, Minnesota, 1879, 20 Shares, Issued and ink cancelled, Black with no underprint, small locomotive and steamboat flank agricultural products, gold foil seal, Cert.#4, Capital $10,000, The stock appears VF to XF with a small hole on the upper right, Rare and very early telephone company from Minnesota.

Estimate: 125-250