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Auction Name: 2021 June 24 - 25 The Mike Coltrane Collection Part 2 Currency Signature Auction - Dallas

Lot Number: 20153

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Fr. 715 $1 1918 Federal Reserve Bank Note PMG Gem Uncirculated 66 EPQ*.
The Federal Reserve Bank Notes (abbreviated FRBN) and the Federal Reserve Notes (FRN) were authorized under the same 1913 enactments. The FRBNs were intended as temporary currency to supersede National Bank Notes during the transition to nationwide usage of FRNs, but there was little demand for the first 1915 series. However, notes from the 1918 series filled in for the Silver Certificates during World War I (the backing silver had been sold to Great Britain). Since the vast majority of Silver Certificates printed (such as the "Black Eagles" and other 1899 series notes) were $1, $2, and $5 denominations, so were the FRBNs. The $1 and $2 Series of 1918 notes were issued for each of the 12 Federal Reserve Bank districts. All notes have four signatures: a pair of U.S. Federal signatures and a pair of local Federal Reserve Bank officials, generally creating signature combinations within the banks. As a rule, Federal Reserve Bank Notes are much scarcer than Federal Reserve Notes. The common $1 faces feature G.F.C. Smillie's Washington portrait at the left along with blue overprints. The green backs show the Eagle with Flag vignette engraved by Robert Ponickau. Scarcer than the Fr. 708 $1 Boston notes, and the census indicates relatively few strictly Uncirculated notes. A lightly handled example with Willett and Morss signatures, acquired decades ago like so many pieces in the collection. A superb note for an elite type set, this gorgeous Philadelphia FRBN Teehee-Burke has the Dyer and Passmore branch signatures. The census is ample for Fr. 715, but not for notes in this condition; track & Price has few auction records in this lofty grade. Perfect centering and bold colors make this a quintessential type note representative.
From The Mike Coltrane Collection.

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