Sunday, April 29, 2018

A Very Rare and Historic Antique Toy Comes to Market

Sunday, April 30, 2018
Cloudy and raining
7 C   48.6 F

A Very Rare and Historic 
AntiqueToy Comes to Market

Manufactured by Jerome B. Sercor
Bridgeport Connecticut, U.S.A.
Circa 1880

"Less than known examples still exist in what has come to be considered one of the 
best known historically important banks ever made.The front panel of this exceptional 
museum quality piece reads "Freedman's Bank", which gains its inspiration from
the Freedman's Bank for newly freed slaves as established by the U.S. Congress.
The added detail of the seated black man able to thumb his nose and give a jeering look
at all depositors when the clockwork is activated is so amazing in concept, it must
be seen to be appreciated. The provenance is just amazing. It was discovered in a market in 
Mexico and sold to an antiquities dealer who was diligent enough to distinguished collector, Andrew Emerine's wanted ad, and the rest is history, and here documented with the 
actual letters of this bank's incredible journey.
Provenance: Andrew Emerine to Edwin H. Mosler Jr. to Stanley Sax
to Max Berry Collection.
Minor repair repair to head, and redressed using original cloth material.
(Excellent Condition)
                              Estimated:  $ 100,000.00 - $ 200,000.00 USD

History of the Freedman's Bank

At the end of the American Civil War, the poor economic conditions of the formerly enslaved freedmen was aggravated by the economic devastation of the Southern states. The newly freed African Americans had few economic resources or capital and even less exposure to private enterprise. Many soon turned to sharecropping and forced labor in the South. To help alleviate their socio-economic conditions, the Republican-controlled U. S. Congress established the Freedmen's Bureau, passing an act of incorporation and a charter for the Freedman's Saving and Trust Company, which was signed into law by President Abraham Lincoln on March 3, 1865. Originally headquartered in New York City, the first branch of the company opened in Baltimore, Maryland. By 1866, the bank had established 19 branches in 12 states, mainly in the South. The national headquarters was moved to Washington, D.C. the following year.]*

The company had been created specifically as a depository for African-American veterans, as well  as former slaves and their families to build their savings. However, it also enabled numerous community organizations to increase their financial strength and expand their activities. The company attracted a large number of societies, churches, charities, and other private organizations that opened accounts and established trusts with the company. With the assistance of the company, numerous hospitals, schools and institutions, such as the St. Elizabeth Home for Colored Children and the St. Francis Xavier Church's Orphan Aid Society, were established. Noted community leaders and civil rights activists served as the management of several trusts and held other important positions in the bank. A large number of African American soldiers and veterans of the war opened savings accounts in the banks; the management of their funds was organized through an allotment system supervised by the officers of the various army regiments.*
*Courtesy of Wikipedia
 (The above web address will redirect you to Wikipedia for further reading 
on the Freedman's Bank)

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