Fr. 1016a $50 1914 Red Seal Federal Reserve Note Front and Back Proofs PMG Choice Uncirculated 63; Uncirculated 62.. ...

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$50 1914 Red Seal Richmond FRN Front and Back Proofs

Fr. 1016a $50 1914 Red Seal Federal Reserve Note Front and Back Proofs PMG Choice Uncirculated 63; Uncirculated 62.
Both Proofs in this lot are printed on India paper and are mounted on cardstock. The basic $50 design was printed on the front with these three main elements pasted on, the Richmond district seal, both E-A block serial numbers consisting of seven zeros, and the Treasury seal. The $50 back is printed in its entirety. We have now offered two different examples of this Proof, with our first offering being a part of the Ten Note Front and Back Proof Presentation Set that was presented by Secretary of the Treasury William G. McAdoo to Milton Courtwright Elliot on December 21, 1914. The reason Proofs were prepared on the Richmond district was because Mr. Elliot was a Virginian. He served as the secretary to the committee that prepared the report which laid out the basis and rationale for the law that Congress passed establishing the Federal Reserve System. A few other Proofs of this new paper money class were certainly prepared to be given out to deserving recipients. Both of the Proofs in this lot were previously mounted, and the back has stains. Nonetheless, large size Proofs for any class of notes are very rare and they will always remain so.

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