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The Drake Family and the First National Bank of Albia, Iowa

 
 
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 Posted 12/02/2016  3:59 pm Show Profile   Bookmark this topic Add MeadowviewCollector to your friends list Get a Link to this Message
I've passed through Albia numerous times in the summer on the way to a family event that takes place further north in Iowa. Our route takes us past the east side of the city square. The buildings on the square are all well-maintained.

The story of the First National Bank of Albia cannot be told without providing the backstory of the Drake family.

John Adams Drake (1802-1880) and his wife Harriett came to Iowa and founded the town of Drakesville in 1846. J.A. Drake was a successful merchant, mill owner, banker in Drakesville. Two of his sons would follow his lead into the banking profession.


Image of John A. Drake found on a bank check

John Hamilton Drake (1828-1900) was in business with his father and brother F.M. Drake in Drakesville. J.H. Drake was the first president of the First National Bank of Albia a position he held beginning in 1871 and concluding in 1898.

Francis Marion Drake (1830-1903) made business trips to California in 1852 and 1854. Upon returning to Iowa he engaged in mercantile trade until the Civil War started. Francis enlisted and rose to the rank of Lieutenant Colonel. After the war, F.M. became a lawyer and financier. Served as President of FNB of Albia 1899 to 1903.



After Francis' death John Hamilton Drake's wife, Caroline B (Lockman) Drake became president of the bank a position she held from 1904 to around 1910.

Nancy M. (Lockman) Mabry, Caroline's niece assumed the presidency in 1911. She passed away in 1923 and her husband Jefferson Clite Mabry stepped into this role.

Nancy's brother, Thomas D. Lockman served as Cashier at the bank for over a decade in the mid-1880s to late 1890s.

The First National Bank was located on the northwest corner of the square. A view of the bank building appeared on a deposit ticket used by the bank.



Denominations printed for the bank included Original Series $1, $2, $5, $10 and $20's. Beginning with Series 1882 the bankers elected to issue $50's and $100's only.


The above note is one of two #1 Original Series $5's known for the bank. Formerly held by the Higgins Museum and deaccessioned in 2012. Sold for $6,900.

While it issued over 1,500 sheets of Brown Backs $50's and $100's, the bank only issued 5 sheets of Series 1882 Date Backs for the denominations. Neither type are known.

Series 1902 notes constitute the rest of the large size population.

When the switch to small size currency occurred in 1929 the bank received 58 sheets of $50's or 348 individual notes and 2 sheets of $100's or 12 total notes. Only fifties are currently reported

June 18, 1930 was the date the bank liquidated with the succeeding institution named First Iowa State Bank of Albia.

While its currency might cost thousands of dollars an affordable alternative is available in the form of ephemera such as bank checks and deposit tickets.
I'm slowly building my numismatic library--106 works and counting

With assistance, trying to compile a listing of numismatic reference books & materials available to collectors http://goccf.com/t/174749
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 Posted 12/02/2016  5:09 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Wonderful info and pics as always.

By any chance are you the owner of that #1 note?

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 Posted 12/02/2016  6:35 pm  Show Profile   Bookmark this reply Add moxking to your friends list Get a Link to this Reply
Great article. Thank you for posting it.
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 Posted 12/02/2016  7:32 pm  Show Profile   Bookmark this reply Add SteveInTampa to your friends list Get a Link to this Reply
Awesome read, and love the eye candy. The vignettes tell a story; Columbus in sight of land, America presented to the Old World, and the Landing of Columbus. Truly a spectacular note.

The backstory about the Drakes was entertaining...... they lived in interesting times.
Edited by SteveInTampa
12/02/2016 7:33 pm
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 Posted 12/02/2016  7:54 pm  Show Profile   Bookmark this reply Add scopru to your friends list Get a Link to this Reply
Great information that definitely adds to the story of these notes.
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Edited by scopru
12/02/2016 7:56 pm
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 Posted 12/03/2016  12:16 am  Show Profile   Bookmark this reply Add NoteCollector to your friends list Get a Link to this Reply
Great information. I have been working my way through the Iowa National Banknote Book the Higgins Foundation published.
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 Posted 12/03/2016  1:41 pm  Show Profile   Bookmark this reply Add MeadowviewCollector to your friends list Get a Link to this Reply
I can only dream about owning a #1 like the one above. No doubt the note is a crowning jewel in its owner's collection.


-MV
I'm slowly building my numismatic library--106 works and counting

With assistance, trying to compile a listing of numismatic reference books & materials available to collectors http://goccf.com/t/174749
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 Posted 12/05/2016  11:00 pm  Show Profile   Bookmark this reply Add GregAlex to your friends list Get a Link to this Reply
I've got one of those checks! I always wondered who that sour old fellow was -- and now I know. Thanks for sharing!

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 Posted 12/06/2016  1:18 pm  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
Sour indeed! Could have easily played Ebeneezer Scrooge.
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 Posted 08/27/2018  6:07 pm  Show Profile   Bookmark this reply Add MvleMO55 to your friends list Get a Link to this Reply
Interesting that one of the notes was deaccessioned. Has that happened with the museum collection before? Curious. Also wondering if the museum produces a listing of their notes held?
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 Posted 08/27/2018  6:11 pm  Show Profile   Bookmark this reply Add MvleMO55 to your friends list Get a Link to this Reply
btw...Drake University in Des Moines was founded by Francis Drake. Thanks for your history Meadowview!
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 Posted 08/27/2018  6:54 pm  Show Profile   Bookmark this reply Add babysitr to your friends list Get a Link to this Reply
Thanks, Meadowview! as another national note "nut", I truly enjoyed that.
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 Posted 08/28/2018  1:55 pm  Show Profile   Bookmark this reply Add realnick to your friends list Get a Link to this Reply
Great article, thanks for posting!
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 Posted 08/28/2018  3:57 pm  Show Profile   Bookmark this reply Add MeadowviewCollector to your friends list Get a Link to this Reply

Quote:
Has that happened with the museum collection before?


I've read about two or three nationals the museum added to its holdings.When it comes to deaccessioning notes, I don't know.

The museum most likely has a catalog or database of notes in their collection for tracking purposes. Never visited the museum in person but would love to one day.

-MV
I'm slowly building my numismatic library--106 works and counting

With assistance, trying to compile a listing of numismatic reference books & materials available to collectors http://goccf.com/t/174749
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 Posted 08/28/2018  11:19 pm  Show Profile   Bookmark this reply Add NoteCollector to your friends list Get a Link to this Reply
Great info, as a fellow Iowan. I enjoy looking at those banknotes!
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 Posted 08/28/2018  11:40 pm  Show Profile   Bookmark this reply Add CelticKnot to your friends list Get a Link to this Reply
This was a fun re-read. Glad to have new members enjoying some old posts with great content.
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