2012 February 3 Currency Signature Auction - Long Beach

Fr. 2221-G $5000 1934 Federal Reserve Note. PCGS New 62PPQ.
A beautifully original piece that is consecutive to one other very nice note in the census. The number of notes known extant for this district hovers around a dozen pieces, a surprising number considering just 6600 examples were printed and issued. We have handled as many $5000 and $10000 notes as all of our competitors combined over the last decade, and this piece ranks among the best in regards to eye appeal. Each of the printed design elements is bold, with the overprint especially colorful. Bright original paper and full margins give the piece a full Choice or better appearance. Some as made crinkling in the paper is noted, but is of little concern, if any.

Fr. 34 $1 1880 Legal Tender PCGS Gem New 66PPQ.
We last offered this piece as part of the Joseph C. Thomas Collection. It is Superb in regards to eye appeal with bigger than usual margins for the type. Bright colors and embossing that might be described as perfect are also noted.

Fr. 39 $1 1917 Legal Tender PMG Gem Uncirculated 66 EPQ.
A simply lovely Legal Tender Ace with bold embossing, nice color, and full margins. Serial number N900A graces the face, which our records show is the lowest serial number to be offered in nearly two years.

Fr. 40 $1 1923 Legal Tender PMG Superb Gem Unc 67 EPQ.
The 1923 $1 Legal Tender is often regarded as common even in high grade. Many pieces were put away, including a number of very nice consecutive runs. However, the number of appearances of Superb Gem graded examples totals ten pieces since PMG and PCGS started operations in 2005. That is an average of less than two pieces each year since, a number hardly sufficient for collector demand. The piece presented here is a wonderfully margined example with perfectly even and larger than average margins. The embossing is as nice as one will find for the type. A perfect note for the finest of type sets.

Fr. 40 $1 1923 Legal Tender PCGS Gem New 66PPQ.
An above average example for the grade, this attractive Legal Tender boasts full embossing and vivid colors on front and back.

Fr. 56 $2 1880 Legal Tender PCGS Gem New 66PPQ.
When this piece was last offered as part of the Joseph C. Thomas Collection, it was described, "A gorgeous Type Note, with broad, even margins, excellent centering of both sides and beautifully bright colors." Since that appearance, no finer examples of this Friedberg number have been offered at auction.

Fr. 72 $5 1880 Legal Tender PCGS Gem New 66PPQ.
Only three examples of this Friedberg number have been offered in this grade, with no finer examples graded by either PMG or PCGS. This piece shows great embossing and margins that are rarely encountered so large for the type. At bottom is a partial plate number 46 in the margin.

Fr. 108 $10 1880 Legal Tender PMG Choice Uncirculated 64 EPQ.
Only two finer examples of this Friedberg number have graced major auctions in third party holders, the last of which appeared in our 2009 Long Beach Auction over two years ago. This piece is wonderfully margined which gives it an overall Gem appearance.

Fr. 113 $10 1880 Legal Tender PMG Choice Uncirculated 64 EPQ.
Each of the design details is perfectly printed with ideal colors on front and back. The embossing from the overprint is easily seen through the holder.

Fr. 122 $10 1901 Legal Tender PMG Gem Uncirculated 65 EPQ.
We last offered this piece in 2006 and described it in part, "Deep, original embossing and gorgeous colors highlight this Bison, which carries the final signature combination of the nine-note run. We generally like to see a touch more top and bottom margin for the Gem grade, but the margins are reasonably generous, and all the other attributes so ideal that we think most all will agree with our grade here." The third party grading service has backed up our assessment of the grade.

Fr. 123 $10 1923 Legal Tender PMG Choice Uncirculated 64 EPQ.
Solid margins are met by razor sharp corners. The bright white paper on this near-Gem is ideal with full embossing and deeply printed colors complementing it. The Bureau of Engraving and Printing produced just 696,000 $10 Legal Tenders for the 1923 Series, all of which were issued. This piece is a few dozen notes from the end of that run and may have been socked away in an attempt to preserve that end of a nearly seven decade run for the $10 Legal Tender denomination.

Fr. 123 $10 1923 Legal Tender PMG Choice Uncirculated 64 EPQ.
Another very pleasing $10 Legal Tender that comes from the run of the last hundred examples printed. This piece boasts vivid white paper, a cherry red overprint and exquisite green back. Each of the corners is sharp, a trait rarely seen outside of the very high grade range.

Fr. 127 $20 1869 Legal Tender PMG Gem Uncirculated 66 EPQ.
Rampant counterfeiting of United States Notes led to numerous changes reflected in the Series 1869 Notes. The first major change was the paper, which incorporated heavy colored fibers and a swath of blue color that could be seen from the front and back. A large red seal, blue serial numbers and intricate green back were among the other changes made to thwart counterfeiters. The array of color in the design details resulted in a nickname, "Rainbow Notes," by collectors. The designs are so popular they are revered by collectors, with the finest specimens commanding huge premiums as they most accurately display the brilliance of the design. The margins on this example are as large as one will find on a note that is not graded Superb. Each of the colors is brilliant, with this note likely falling in the top 5% of all specimens that we have laid eyes on. No finer examples have been offered in over two years and in January of last year, we sold a PMG graded Gem Uncirculated 65 EPQ that realized just over $40,000. That number should easily be topped this evening.

Fr. 168 $100 1869 Legal Tender PCGS Extremely Fine 45.
The Series 1869 "Rainbow" Legal Tender notes were produced in denominations from $1 through $1000. The higher denominations are prohibitively scarce, with the $500 and $1000 each represented by a lone survivor. Fewer than 30 survivors of the $100 denomination are enumerated in the census, with a third of the recorded pieces either previously unoffered or locked up in institutional collections belonging to the American Numismatic Association, Federal Reserve, or Smithsonian.

Our records indicate this note was first offered to the collecting public as part of a 1971 Donlon fixed price list. Up until recently, it was listed time and again as a fully uncirculated note with little argument. The technical grade assigned by PCGS indicates there are folds, perhaps light bends, that have long failed to affect the paper whatsoever. The fully uncirculated appearance, wide margins, and excellent colors earned it a spot as the plate note in the Hessler and Chambliss reference, The Comprehensive Catalog of U.S. Paper Money.

In 2007, we sold the example just four digits removed from this serial number. It was a beautiful PMG Extremely Fine 40 EPQ that sold for $184,000 as part of the Dr. Edward and Joanne Dauer Collection. This piece also traces its pedigree to that collection and was also chosen by the Dauers to illustrate the type on page 118 of their book. With all the eye appeal of a fully uncirculated note, a wonderful pedigree and few examples that can best it in terms of appearance, we would not be surprised to see another realization in the neighborhood of the Dauer example in 2007.

Fr. 245 $2 1891 Silver Certificate PMG Superb Gem Unc 67 EPQ.
Flanking either side of Secretary of the Treasury William Windom's portrait are columns of colored silk fibers, a feature implemented to deter malevolent individuals from counterfeiting U.S. notes. Undulating inscriptions on the face are complemented by a bright red seal and perfectly embossed serial numbers. The margins, which can be found large for this type, are perfectly even earning the note a full Superb Gem grade.

Fr. 247 $2 1896 Silver Certificate PMG Gem Uncirculated 65 EPQ.
Long considered America's most beautiful notes, the Series 1896 Educational notes were popular with the public from the time of issue providing for a large number of survivors. The center design by Edwin H. Blashfield features Science Presenting Steam and Electricity to Industry and Commerce. Despite the popularity of these notes and the proclivity people had for setting them aside, storage techniques at the time permitted only a small percentage to survive in conditions that did not age the paper, or create bends and folds. This piece was stored perfectly and may have been selected for its massive margins and beautiful color. The embossing is stronger than usually encountered.

Fr. 267 $5 1891 Silver Certificate PMG Choice Uncirculated 64 EPQ.
This beautiful $5 Silver was last offered as part of a cut sheet in our 2005 FUN Signature Auction. It is plate position C from that sheet, but retained nice big margins. The colors contrast nicely against the bright white paper.

Fr. 269 $5 1896 Silver Certificate PMG Gem Uncirculated 65 EPQ.
A beautiful example from a small consecutive run of very well margined $5 Educational Silver Certificates. The central vignette is Electricity Presenting Light to the World, an adaptation of a Walter Shirlaw painting. That work still hangs in the halls of the Bureau of Engraving and Printing today. The adaptation of his work was executed by engraver G.F.C. Smillie, perhaps the most prolific and talented artist that ever worked for the B.E.P. The margins on this note are ample enough to compete with many Superb Gems, while the embossing and colors are bold and vivid.

Fr. 271 $5 1899 Silver Certificate PMG Gem Uncirculated 66 EPQ.
America's love affair with the West is depicted on these notes. G.F.C. Smillie's engraving features a Sioux Indian Chief wearing a Pawnee headdress. The Chief is widely reported to be Tatoka-Inyanka, or Running Antelope. His authentic headdress had three upright feathers and those feathers rose too high to be included in the design. An attempt was made to have him pose with a Pawnee war bonnet from the Smithsonian, but he refused to wear a headdress belonging to a rival tribe. A BEP employee was photographed with the bonnet and that feature was then added to the design. This example is widely margined with as deep embossing as is found on the type. A lovely piece with bright paper and vivid colors.

Fr. 280 $5 1899 Mule Silver Certificate PCGS Gem New 66PPQ.
A mere two third party graded notes have been offered at auction in the 66 grade, with this piece the lone example to appear over the last four years. Neither PMG nor PCGS have bequeathed a Superb Gem grade to a Chief with the Elliott-White signature combination, making this a must have for the Onepapa and Friedberg number specialists. Punch through embossing is noted in the open areas of the back design and the corners are sharp. The large, even margins are atypical of this type which is often poorly framed, giving this note a look comparable to the many Superbs that we have handled. With no finer options available for the number and a full Superb Gem appearance, expect the price this evening to fall closer to a full Superb Gem price.

Fr. 282 $5 1923 Silver Certificate PMG Choice Uncirculated 64 EPQ.
This Porthole Five has great original embossing, unusually nice margins and tons of eye appeal. The centering is excellent on both sides and the note is just a tiny bit away from the full gem grade. The notes earned the "Porthole" nickname because Lincoln is encircled by a window that resembles a ship's porthole.

Fr. 321 $20 1891 Silver Certificate PMG Gem Uncirculated 66 EPQ.
A tall face design left little room for ample margins on this design type, and as a result Gems are far less common than other silver certificates from this time period. Neither PMG nor PCGS have graded a finer example of this Friedberg number. Only two Superb Gems have been graded for all of the 1891 $20 Silver signature combinations, making this a very elusive type and a must have for any serious type collector. The margins on this example are as nice as one will find, with bright design details and vivid paper.

Fr. 327 $50 1880 Silver Certificate PCGS Very Fine 35.
The design is uninterrupted on this moderately circulated note that retains wonderful eye appeal. The overprint and paper both retain good color. Edward Everett's portrait, as engraved by Charles Schlecht, is seen at right. Although Everett held a number of offices over the years, including Governor of Massachusetts and Secretary of State during Millard Fillmore's administration (he was appointed to the post after Daniel Webster's death), he is perhaps best remembered as the orator who spoke prior to Lincoln at the dedication of Gettysburg National Cemetery on November 19, 1863. Everett was well known for his speaking abilities and delivered a speech that lasted over two hours at that event. In contrast, Lincoln's well remembered speech on that occasion lasted a mere two minutes. Everett later wrote to Lincoln, "I should be glad if I could flatter myself that I came as near to the central idea of the occasion, in two hours, as you did in two minutes." The Bruce-Wyman signature combination is one of the scarcer Friedberg numbers for the 1880 Series. The Treasury seal was changed to a large brown seal for this series and a large "L" counter was also added. The note is one of only eleven listed in the Track & Price census.

Fr. 353 $2 1890 Treasury Note PMG Gem Uncirculated 66 EPQ.
A well margined note from the 1890 Series that retains great paper and ink colors, this lovely example, featuring a portrait of Union General James McPherson, has serial number A68. The large brown Treasury seal and ornate back certainly add to the eye appeal. To date, PCGS has only graded one example at this level and PMG has graded this note and three others at this level. Neither service has graded any examples higher than the 66 level, making this note very desirable to collectors who wish to obtain the best notes for their collections. Ex: Abe Kosoff.

Fr. 357 $2 1891 Treasury Note PMG Gem Uncirculated 65 EPQ.
A beautifully preserved example from the 1891 Series, this note displays bold embossing and great paper. The design for this series features a small red Treasury seal and an open back. Union General James McPherson was the only commander of a Union army to actually die in the field and he was also the second highest ranking Union officer to be killed during the war. He met his end during the Battle of Atlanta. Trivia buffs might be interested to learn that the highest ranking Union officer to be killed was John Sedgwick, Major General of Volunteers, who was killed by a sniper during the Battle of Spotsylvania Court House.

Fr. 361 $5 1890 Treasury Note PMG Gem Uncirculated 65 EPQ.
Wide margins, along with great ink and paper colors are attributes of this $5 Treasury note that features the ornate back design and has a small red Treasury seal. General George Henry Thomas's portrait appears at center. Although Thomas does not remain as famous today as many of the other Civil War generals, his leadership during the Battle of Chickamauga earned him the nickname, "The Rock of Chickamauga," as his forces managed to hold their ground despite the fact the Confederates broke through both flanks. The note has great visual appeal.

Fr. 364 $5 1891 Treasury Note PMG Gem Uncirculated 65 EPQ.
A well margined example of the open back design, this note possesses great paper, with numerous colorful fibers clearly visible. The serial numbers for the 1891 Series begin with a B and the Bruce-Roberts signature combination is found on this Friedberg number. A note that would fit quite well into a high grade type set.

Fr. 372 $20 1890 Treasury Note PMG Gem Uncirculated 65 EPQ.
Serial number 3 is found on this appealing note that has a large, spiked brown Treasury seal and an ornate back with "TWENTY" curved gently in the center on the back. Of the sixty three notes listed in the Track & Price census for this Friedberg number, this example has the lowest serial number. PCGS has only graded one example higher, a 66, and PMG has only graded one example higher, a 67 with serial number A5 that we sold for $115,000 in our September 2006 Long Beach sale. This piece has pedigrees to several great collections, including Bluestone, B. Max Mehl, and Bob Schermerhorn. Mehl and Schermerhorn were both members of the Dallas Coin Club that was established in May 1928. Schermerhorn was among those who traveled to Egypt in 1954 for the sale of King Farouk's numismatic collection. This wonderful serial number A3 note has nice margins and great color.

Fr. 374 $20 1890 Treasury Note PMG Choice Uncirculated 64 EPQ.
Great color adds to the attractiveness of this note along with traces of embossing. The portrait of John Marshall, the fourth Chief Justice of the U.S. Supreme Court, was engraved by Charles Schlecht based on a painting by Henry Inman. The portrait was also used on $500 Federal Reserve Notes and $1000 bonds. This $20 Treasury Note with the ornate back design and small pink Treasury seal is a lovely example for the grade and will make a nice addition to the next collection it enters.

Fr. 375 $20 1891 Treasury Note PCGS Very Choice New 64PPQ.
Great paper and embossing are highlights of this lovely note that displays nice color as well. Further adding to the appeal is serial number B32. This is an example of the open back design with the Tillman-Morgan signature combination.

Fr. 377 $100 1890 Treasury Note PMG Very Fine 25.
The story about United States Treasury Notes begins in the 1870's with monetary policy that greatly affected the use of silver in coinage. First, silver was demonetized in the Coinage Law of 1873. This move was set about by a Congress that was largely for the Gold Standard. The timing however could not have been worse as a depression in Europe sank its claws into the American economy. Western Senators were hard pressed to take care of their constituency, which was hit hard by falling silver prices in addition to the recession.

Congressman Richard P. Bland and Senator William A. Allison proposed the Bland-Allison Act of 1878. In addition to calling for the Double Standard, it also called for between $2 million and $4 million worth of silver to be purchased by the Treasury each month. Both Morgan Dollars and Silver Certificates were born of this act as it called for the silver to be placed into circulation. Since the law called for excess silver purchases, beyond the needs of the public, the vaults at the Treasury began to fill up with Morgan Dollars.

By 1889, the surplus was in the hundreds of millions of dollars. President William Harrison mentioned in his annual address that $283,539,521 worth of silver dollars sat in the vaults, and more than $6 million of it was not represented by Silver Certificates. At this time silver was worth around 70 cents per ounce, but special interests pushed even harder. The introduction of the Windom Silver Bullion Purchase Act in the House was an attempt to remove all restrictions on the purchase and coining of silver. The act passed on July 14, 1890, called for greatly increased limits as well as introducing the issue of Treasury Notes. The increase called for the purchase of up to 4.5 million ounces of silver each month, or whatever was available on the market. It also introduced Treasury Notes in form of payment for the purchases in denominations of not less than $1 and not more than $1000.

The Act doubled the amount of silver purchased by the government each month. The technical change to Treasury Notes in the act proved fatal for silver. The notes were redeemable in both gold and silver and with silver far below par, the public would be foolish to not choose gold when redeeming their notes. James Nelson Huston, the Treasurer at the time, was a steadfast Republican and hardly the fiscal conservative. The law allowed him to cease the issuance of $1000 and $500 Silver Certificates in favor of Treasury Notes. A total of 16,000 of each of those two denominations were printed, hardly enough to back five months worth of silver purchases.

The favored status of the Treasury notes is evidenced by increased redemption rates. Logically they would have also been favored by those hoarding cash, providing for a slightly larger survival rate to date than silver certificates. The smaller print runs though provided for a very limited number of survivors. With the $500 denomination unknown, and the $1000 denomination exceeding the seven figure mark whenever sold, the $100 denomination is the largest that appears with any regularity at auction. The engraved 100 on the back of the $100 and the 1000 on the $1000 note were executed in such a fashion that the design details and green ink resemble the skin of a watermelon. The aesthetic designs earned them the nickname "Watermelons," most commonly referred to as the "Baby Watermelon" for the $100 note and "Grand Watermelon" for the $1000 note.

Approximately three dozen survivors of this Friedberg number are enumerated in the most recent census, though a quarter of those are permanently impounded in institutional collections or are rumored to exist with just serial numbers and no recorded sales histories. This $100 Treasury note is the lone example to be offered on the market since 2008. The colors remain very bright for the grade with a rich green back. Some minor pinholes are noted for accuracy, but are a refreshing departure from the often invasive restorations usually found on major currency rarities. As one of the most highly sought after design types in the field, expect the realization for this wonderful example to meet or exceed...

Fr. 712 $1 1918 Federal Reserve Bank Note PMG Gem Uncirculated 65 EPQ.
Full margins are seen on this $1 Federal Reserve Bank Note. The embossing of the deep blue seal is as nice as one will find for the type.

Fr. 757 $2 1918 Federal Reserve Bank Note PMG Gem Uncirculated 66 EPQ.
Were it not for a number of low serial numbered examples that were set aside by collectors, the number of survivors for this Friedberg number would be a few dozen at best. This is one of those pieces featuring a three digit serial number, D403A. Luckily for type aficionados, these low serial numbered examples are almost always found in very nice grade with a number of 66's available. Extremely nice examples however are scarce, with a lone Superb note offered in our 2008 Central States Auction. That piece was graded by PCGS and realized nearly $14,000. The embossing on this example is very well pronounced, a result of the deep midnight blue overprint being applied with some pressure.

Fr. 765 $2 1918 Federal Reserve Bank Note PMG Gem Uncirculated 66 EPQ.
The recently commissioned USS New York was chosen as the centerpiece of the back design for the Series 1918 $2 Federal Reserve Bank Notes. She survived two World Wars and even served as part of the flotilla for two different atomic bomb tests before being intentionally sunk in 1946. Neither PMG nor PCGS have graded a finer example than Gem 66, with just two others in this grade having ever been offered at public auction. This note is a very nice piece with ideal bright white paper and deep attractive inks.

Fr. 765 $2 1918 Federal Reserve Bank Note PMG Choice Uncirculated 64 EPQ.
A second example of this popular type note. The embossing is ideal for the type and the note also has a very deep overprint and bright white paper.

Fr. 817 $10 1915 Federal Reserve Bank Note PMG Gem Uncirculated 65 EPQ.
Listed in the census, this Gem comes from a small run of very nice consecutively numbered pieces. In general, most of the examples have very nice margins, though they are not often as large as the margins exhibited here. The overprint is deep and vivid and perfectly complementary to the bright and original paper.

Fr. 817 $10 1915 Federal Reserve Bank Note PCGS Gem New 65PPQ.
This stunner nearly doubled its $6000-up estimate when we offered it in our 2006 Long Beach Auction, settling at $11,500. The piece was offered as a raw Gem and our inspection and description revealed, "Natural paper ripple and embossing adorn this $10 that is newly discovered but falls nicely within a CU run of notes in the census." The paper is indeed excellent, and the margins are larger than usually encountered on large size Federal Reserve Bank Notes.

Fr. 953b $20 1914 Red Seal Federal Reserve Note PMG Gem Uncirculated 66 EPQ.
This colorful example is pedigreed to the Old North Church Collection offered in our 2009 Central States Signature Auction. Its description calls on another very similar note for comparison, "Huge margins, 100% perfect colors of the paper and inks, great paper originality, and perfect centering of both sides all highlight this glorious Red Seal $20. In our Flynn collection sale of April 2008, we sold an identical note just three serial numbers removed for over $40,000. Also, PMG has not graded a single example of this Friedberg number higher. Red Seal Fed Twenties in this grade are both extremely popular and very rare, a combination almost guaranteed to see strong bidding and record high realizations." The piece remains at the top of the PMG population report for the Friedberg number and should easily reach...

Fr. 1104 $100 1914 Federal Reserve Note PMG Gem Uncirculated 66 EPQ.
Four very nice and even margins are Superb Gem in size making this Atlanta $100 one of the top-end 66's available. Its originality is exhibited by bold and attractive paper and punch through embossing. In our September Long Beach Auction a few months ago, we offered a similarly graded example of this number that topped the $7700 mark. This piece could easily see that level as it is one of the nicer examples we have handled for the grade.

Fr. 1133-B $1000 1918 Federal Reserve Note PMG Very Fine 25.
The finest third party graded New York District $1000 to be offered since 2006. Some higher grade examples of this New York $1000 have been reported, including a couple of Uncirculated pieces. Where they are is anyone's guess as just two EF or better examples have been offered at public auction. A strong overprint, with deep blue color and full margins are present. Some toning of the paper is noted, but poses minimal concern due to the overall rarity of the type.

Fr. 1133-C $1000 1918 Federal Reserve Note PCGS Choice About New 58.
Two dollar signs under the numbers 1000 flank either side of the heraldic eagle on back. Just 12,800 Series 1918 $1000 notes were printed and issued by the Philadelphia district. This piece comes from a very small run of nice examples that accounts for more than half of the dozen or so surviving examples. The full margins and vivid colors give it a full Gem appearance, which is how it was listed in the census since it was first offered in a 1979 NASCA sale. A survey of the notes from this small run leads to a 2005 offering of an example from the sheet before, the description of which in part captures this note's qualities precisely, "The colors are beautifully bright, and the centering of both sides approaches perfection."

Fr. 1187 $20 1922 Gold Certificate PMG Choice Uncirculated 64 EPQ.
One of the nicer $20 Gold Certificates available to collectors, this piece has full margins and deep original colors. The fully defined embossing is perfectly original and easily seen on the back of the note. Some as-made crinkles are noted at the left edge, but they are clearly a result of the printing process and should not be considered a distraction.

Fr. 1215 $100 1922 Gold Certificate PMG Gem Uncirculated 65 EPQ.
In 2007, we sold the plate position D note from this sheet. Its description captures the originality and overall eye appeal almost perfectly, "A brilliant and flashy example of the final Large Size $100 Gold. The original surfaces are readily apparent and the note is superb in every sense save for the left end of the top margin, which strays a bit too close for the full Gem grade. The Benton portrait has a razor-sharp clarity that is rather unusual for the type." What that piece lacked in margins is present on this example. Few $100 Gold certificates boast margins of this size and retain the color exhibited by this note.

Fr. 1216 $500 1882 Gold Certificate PMG Choice Very Fine 35.
Almost half of the approximately two dozen notes known are listed without auction records in the census, or have simply been locked away in institutional collections. For years, this piece was listed as a full Extremely Fine in the census and our research indicates it is one of the top two or three notes known for the Friedberg number. We last featured the note in our 2005 Central States Signature Auction where it was described, "The note gives the appearance of a full AU when viewed from the broadly margined face. The back shows a few more hints of circulation, but it has retained its bright orange color and is almost totally free of soil." A simply lovely note with more eye appeal than one usually expects for the grade.

Fr. 1217 $500 1922 Gold Certificate PMG About Uncirculated 55 EPQ.
This spectacular $500 is one of our longtime friends and one of our favorite type notes to ever grace our auctions. In our 2010 ANA Signature Auction, it was described, "This wonderful $500 Gold Certificate is an old friend which CAA had sold before as part of the Cookson collection of Gold Certificates which we sold in January of 1999. It was offered there as a Choice About New with the following description: 'This absolutely magnificent $500 Gold is the finest example of this type that we have ever seen. It lays considerable claim to the grade of Gem New. There are two parallel folds near the left end of the face clearly caused during production of the note. The outermost of the two folds is a printed gutter fold (no white area in the ink) that caused a tiny butterfly corner in the left margin of the note when it unfolded after the note was cut. The second fold, about 3/4" into the note, is precisely parallel to the first and clearly production-caused. Minus this minor error, the note is flawless. It's incredibly bright in both its inks and paper, and the surfaces are impeccably original with the full embossing effect clearly evident. About 40 pieces are known in total, with no uncirculated notes reported. There are five AU's: this note, the Grinnell note which has not been seen since 1945, the Jim Thompson note, one in government hands and an example which we sold in January of 1997 which realized $18,700. We fully expect this incredible example to do far better.'

Now, more than a decade later not much has changed. The census of "about 40" has gone up to 52...but there are still no uncirculated examples known. And the five best then are still the five best now. Two big changes have occurred, first, the value...which has way more than doubled. Ten and a half years ago this note realized $26,400 on an estimate of 25,000-up. Tonight, it will likely sell for about triple that. The second change is that the note is now encased in a sealed holder...either to protect it from collectors or to protect collectors from the note...this cataloger forgets which it is...but can't think of any other logical reason. Someone has written "Exceptional Paper Quality" and "Great Margins & Color" on a slip of paper that is also in the sealed holder...and they certainly are right. In any event, this is still right at the top of the census...with just one serious challenger." That appearance netted $66,125, nearly three times its previous record. Since then, a few more low grade pieces have snuck into the census, none of which approach the quality of this example.

Fr. 1219e $1000 1907 Gold Certificate PMG Choice Uncirculated 64.
On March 24, 1915, Houston B. Teehee was appointed Register of the Treasury, accompanying Treasurer John Burke who had been in the position since early 1913. Their tenure ran until days after the Great War ended in November of 1919 and between them, they were responsible for great sums of money and massive finance campaigns to back war efforts. This note bearing their signatures was printed sometime between 1915 and 1919. Despite 116,000 notes issued with their signature combination, fewer than four dozen notes are known in all grades. A look at the census and auction records shows this Friedberg number is the only one of the $1000 Gold Certificates from all series and signatures where fully uncirculated examples known. The margins are full and even all around with embossing still easily visible through the third party holder. Paper Money Guaranty includes mention of "Great Color," which is refreshing as Gold Certificates are more susceptible to discoloration than most other large size type notes. Collectors have long sought type notes that are at the pinnacle of condition, and a price history for this example reveals just that. As a PMG graded note it realized $184,000 in 2006 and then topped $240,000 just last year. Another realization topping the $200,000 mark would not come as a surprise this evening.

Fr. 1220 $1000 1922 Gold Certificate PMG Choice Extremely Fine 45.
We last offered this piece as part of the Dr. Edward and Joanne Dauer Collection Auction in late 2006. After more than a half decade off the market, it is back. In its last Heritage appearance, it was described in part, "A gorgeous Thousand Dollar Gold, with beautifully bright color, excellent margins and tons of eye appeal. We last sold this note in January of 1992, and it has resided in the Dauers' Collection since that time. Our 1992 grade was the same Choice Extra Fine as PMG has currently assigned. Our previous description read, 'Appearing Choice Uncirculated at a glance, particularly so from the face, this new number to the census brings the total known up to 21, only five of which are near this grade or better. Well margined and perfectly centered on both sides, this gorgeous Thousand Dollar Gold would be one of the highlights of any collection it entered.' While the census figures have gone up in the past fourteen years, the proportions still hold, and this note is now in the top seven or eight known. It's a strikingly handsome piece that any collector would be proud to own and display. Photographed on page 348 of the Dauer book." With a total of three auction appearances since 1992, it is likely this trophy will be put away for some time.

Los Angeles, CA - $50 1882 Brown Back Fr. 515 The Los Angeles NB Ch. # 2938
A wonderful rarity for the bank and the type. Chartered in April of 1883, the Los Angeles National Bank was the second National Bank to open in the city. It was seemingly well funded as evidenced by the issuance of larger denominations ($50s and $100s), though by 1905, it was liquidated. To date just a half dozen notes are known from the bank. This piece, the lone high denomination known from the bank, is one of just seven $50 Brown Backs reported from the entire state of California. Graded PCGS Very Fine 30, it boasts large, even margins and solid colors on front and back. The state seal on back is perfectly printed and uninterrupted.

San Francisco, CA - $5 1882 Brown Back Fr. 475 The San Francisco NB Ch. # (P)5096
A small consecutive run of survivors has left collectors with a few of the nicest Brown Backs available from banks nationwide. When it last appeared in our 2004 FUN Signature Auction, it was ungraded. A physical inspection of the note resulted in the following description, "Pure perfection, as this example is just as nice a $5 Brown Back as we have ever offered. From the hugely embossed paper to the utter originality of this piece, it offers collectors everything they could desire in a note of this type." PCGS Superb Gem Unc 67PPQ.

Saint Louis, MO - $10 1882 Brown Back Fr. 484 The NB of Commerce Ch. # (M)4178
An outstanding PCGS Superb Gem Unc 67PPQ $10 Brown Back that complements the $5 Brown Back also in this auction. Vivid colors are noted on front and back, and the embossing, which is often obscured by the elaborate design details, remains bold and easily visible through the third party holder. The corners are sharp and deep, printed signatures add to the overall eye appeal.