Double Denomination Error Fr. 2071-K $20/$10 1974 Federal Reserve Note. PCGS Banknote Choice Unc 64 PPQ.. ...

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"King of Errors" Dallas $20/$10 Double Denomination

Double Denomination Error Fr. 2071-K $20/$10 1974 Federal Reserve Note. PCGS Banknote Choice Unc 64 PPQ.
The only double denomination to escape into the wild from the confines of the BEP since the 1950s. The news of these "$30" notes coming out of Houston hit in the summer of 1978 and sent one Dallas paper money collector/teller/future cataloguer to go through an insane amount of $20 packs looking for the Holy Grail. Alas, your cataloguer was unsuccessful, yet an August 9, 1978 Coin World and other related articles were saved in a currency scrapbook. Reported in the numismatic press was that it was believed by the BEP that ten sheets had been printed with the double denominations. The Dallas Federal Reserve Bank retrieved 160 examples from a still sealed BEP shipment, while the Houston Branch of the Dallas Fed was able to corral another 120 specimens. These 280 notes were returned to the BEP for destruction. Many of the remaining Dallas $20/$10 double denomination errors in circulation went unnoticed and were eventually withdrawn from circulation and destroyed in the course of normal banking procedures. Today, double denominations always create excitement and they have rightfully earned their "King of Errors" title. The example in this lot is tied with only one other for the highest third party grade that we have offered. We have auctioned that other error example, graded PMG 64 EPQ, twice. The first time it crossed our auction block was to the tune of $27,600 in January 2011 and at its second auction appearance in April 2016 it closed at $37,600. Our current offering has undeniably superior margins and centering when compared to the PMG 64 EPQ piece. Simply, a great error that is on the very cusp of the Gem grade and it certainly has a good chance to fetch a record price for a Dallas double denomination.
From the Fred Weinberg Collection

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