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One of Only Four Fr. 187k $1000 1880 Legal Tenders KnownFr. 187k $1,000 1880 Legal Tender PMG Extremely Fine 40 Net.
Only four examples of this number are known, two of which are forever off the market in government hands. One of those is in the holdings of the Federal Reserve Bank of New York, and the second is the Hessler illustration note which is now in the Smithsonian Institution. All four notes in the census grade VF or EF, with this piece and the Smithsonian example the EF's. This note is the better of the only two pieces that will ever be available to collectors. It's a solid EF with the eye appeal of a fully Uncirculated piece. As noted in the census and on the PMG holder the note has a well done restoration in the left margin area. PMG has placed two comments on their holder, "Good Color" and "Professional Restoration Left End". The work has been done with such skill that visual detection is all but impossible. 1880 thousands are rare as a type, and the appearance of any example on the market is noticed by all advanced collectors. When one does appear, it is almost always the "common" (14 known) Fr.187j. This note realized $517,000 in 2006 at our September Auction that year. The other Fr. 187k has been off the market since 1998. Two of the "common" (14 known) Fr. 187j's have sold recently. PCGS 35 for $253,000 last August and a PCGS 40 for $322,000 at the Memphis 2011 Auction. This great note, which is reaching the market at a time when great notes are being sought after by more than the usual small group of collectors, could easily reach, and quite likely exceed...
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