Prices Strong as Heritage-CAA Sale Nets Over $2.6 Million

A surprisingly large crowd of enthusiastic bidders produced robust results in Heritage-Currency Auctions of America’s Fall 2001 sale held in Cincinnati, Ohio on September 21-22 in conjunction with the 18th Annual Greater Cincinnati Numismatic Expo. A record number of bidders for any CAA sale, totaling more than 1200 participants, took part in the sale, many coming through the Internet, which saw more than 600 registered bidders alone. Despite pre-sale concerns over potential transportation disruptions, the two-night event saw even more floor registrants than the preceding year, proving once again that collectors and dealers will overcome almost any obstacle to attend an event that offers the opportunity to obtain items which are truly rare and much sought after. The total prices realized for all items sold in the 2987 lot sale was $2,695,928, a figure which includes, as do all prices reported here, the 10% buyer’s premium.

This was a sale in which collector dominated areas turned in extremely strong performances virtually across the board. Colonial Currency, a somewhat neglected area of the market in previous years, turned in a very exuberant showing, with just about all of the higher grade lots bringing prices at or over the estimates. A Superb Gem 1764 Pennsylvania note printed by Ben Franklin realized $2695 against a $1500 pre-sale estimate, while a rare Vermont example sold for $12,650, right in line with pre-sale expectations. Likewise, Fractional Currency was strong as well, with rarities and high grade pieces bringing more than respectable numbers. Specimens were exceptionally hot, with just about every such piece offered realizing well in excess of estimates. Also of interest in the early going was a remarkable piece of macerated currency, quite likely the largest example of its kind in existence. It went to a collector for $2860, almost double the pre-sale estimate and a record price for any piece of macerated currency, a realization which was typical of the demand shown by collectors for the rare and the unusual.

One of the highlights of the sale was the Dr. Walter B. Jones collection of Confederate and Alabama obsolete currency, and this did not disappoint the many collectors who were in attendance. An 1861 Montgomery $500 reached the $38,500 mark, while the Alabama obsoletes were the subject of much floor bidding, with few if any lots going to the mail or Internet bidders. An early Huntsville piece grading only Fine with a corner off realized $3960 against a pre-sale estimate of $600-1000, with most lots reaching or exceeding early expectations. Obsolete currency in general was very much in demand, with a low grade but rare early Idaho piece of scrip fetching $3300 and a $5.00 and $10.00 Kirtland (Ohio) Mormon issues realizing almost triple their pre-sale estimates when they were hammered down at $2860 and $3025 respectively. Error notes went generally in line with estimates, although bidding was hot and heavy on every one of the eight large size errors, with each coming in well in excess of their estimates. Rare small size type notes brought very strong prices as well, with a Gem Crisp Uncirculated 1928 Philadelphia $500 star Federal Reserve Note selling after a protracted floor battle for $41,800 (against an estimate of $10,000-15,000) and a $5.00 North Africa star grading Gem Crisp Uncirculated and bearing face plate 307 reached $7150 against a pre-sale estimate of $2000-4000 and a catalogue value of $1250. A pack of 100 consecutive Richmond district hundreds caused gasps in the audience when it was hammered down after a fierce floor battle at $60,500, after opening at $22,000, while a 1928 $20 Gold certificate star grading Choice Crisp Uncirculated brought a strong $6325.

Large Size Type Notes results were mixed, with some lots selling well and others realizing slightly lower levels than in previous sales. Rare Friedberg numbers and condition rarities were again in demand, with a Superb Gem New Fr. 42 1869 $2.00 Legal Tender realizing $15,400 against a $10,000 pre-sale estimate and a Fr. 151 grading Very Fine-Extremely Fine hitting the $37,400 mark. Interestingly, this marks the fourth time CAA has sold this particular note in the past decade, with each sale coming at an increasingly higher price. The first took place in June of 1994, when the note realized $15,500, then two sales in 1997, when it realized $22,000 and $24,200 respectively, and again now. A rare Fr. 163 brought $68,750, and a Fr. 1166b $20 Gold Certificate was hammered down at $154,000. While somewhat lower than expected, this apparent bargain price reflects the reality of an honest auction, where, when all of the collectors already have such an example, the last potential buyer will obtain the lot at just one bidding increment over what dealers are willing to pay to stock such an item. The ultra-rare $500 Fr. 345d $500 1880 Silver Certificate came tantalizingly close to meeting its reserve when it failed to sell despite reaching the $687,500 mark on the floor, a testament to the true strength of the high end market despite the otherwise adverse economic conditions prevailing in the days immediately preceding the sale.

National Bank Notes, however, were quite another story, with better notes from just about all states bringing strong to record prices. A unique Hampton, Georgia blue seal brought $9900, and a serial number 1 $10.00 Brown Back on Honolulu, Hawaii Territory soared to $52,500. The much anticipated Knudsen Collection of Idaho National Banknotes more than lived up to its advance billing, with collectors in attendance coming from as far away as Washington, Oregon, and Montana, as well as Idaho to participate in person at the sale. Virtually every lot became a floor battle between determined collectors, with just about every good note pushing far past the pre-sale estimates. Just to give one example, a $20.00 Brown Back from St. Anthony, estimated at $8000-14000, soared to $22,550, typical of the demand seen throughout this section of the sale. A small size example from a bank in Hubbell, Michigan which was making its first appearance at public sale since 1974 reached a startling $4125 against a $1000-2000 estimate, while a high grade but circulated serial number 1 Brown Back from St. Albans, Vermont ran to $11,000 on the floor on a pre-sale estimate of $3500-6500.

The next Heritage-CAA auction will be held in Orlando, Florida, as the official auctioneer of the Florida United Numismatists convention on January 11-12, 2002. For further information about consigning, contact , PO Box 700, Spicewood, TX 78669 (800-872-6467) ext. 327, e-mail Allen@CurrencyAuction.com, or Len Glazer, PO Box 111, Forest Hills, NY 11375 (800-872-6467) ext. 390, e-mail Len@CurrencyAuction.com.

The Heritage Group includes Heritage Rare Coin Galleries, Heritage Numismatic Auctions, and Currency Auctions of America, which together comprise the world's largest dealer and auctioneer of rare coins and currency. The Heritage name is recognized worldwide for selection, quality, value, expertise, financial strength and technological and numismatic leadership. Year 2000 sales exceeded $150 million and assets were approximately $30 million as audited by Arthur Andersen & Company. www.HeritageCoin.com is the Internet's most popular and highly trafficked rare coin site with over 42,000 registered members and approximately 80,000 unique users per month. HeritageCoin.com is the only coin site ever chosen by Forbes Best of the Web (1999 and 2001). McGraw Hill recently recommended its "Virtual Coin Collection" as an excellent teaching resource. Heritage also won the 2000 and 2001 Numismatic Literary Guild awards for Best Numismatic Web Site.