Switzerland, Bank in St. Gallen, 1.1.1905 P-S450 PMG Very Fine 25 50 Franken
Concordat Issue. An extremely rare type, issued by a number of different banks and which was later used as the first type for the Swiss National Bank. The Richter-Kunzmann catalog (2003) lists four different dates of this issue, but the 1905 date seen here is not listed. The only one graded by PMG and the first we have handled. PMG mentions "Pinholes".
PMG Population in 25: 1 (0 Finer)