Heritage-Currency Auctions of America’s has a record sale in Cincinnati

Dallas, Texas: Enthusiastic bidding activity, both from floor, internet and mail bidders, exceeded all pre-sale expectations as Heritage-Currency Auctions of America’s Fall 2003 Signature Sale in Cincinnati, Ohio topped $3.2 million, including the 15% buyer’s premium. With more than 4,000 lots, this sale offered a wide variety of collectible items to collectors. The response from collectors in the form of bidding activity was tremendous, as more than 2,500 bidders (including more than 2,000 internet bidders) participated and nearly 700 were successful on at least one lot. In all, 94.5% of the lots in the sale actually sold, a tremendous figure for any currency auction.

The sale began with a small offering of Stocks and Bonds, and moved quickly into the Colonials and Fractionalize. Interest in these two specialties remains strong, although buyers are selective in their search for rarity and condition. A beautiful 1776 Continental Currency $1/3 graded Gem New fetched $2,185, while a pair of rare 1781 Massachusetts $16 notes in Choice Extremely Fine brought $6,612.50 each. A complete uncut sheet of Fr. 1230 5 cent First Issue Fractionals brought $4,370 against a $3,500-up estimate, while an uncut perforated vertical pair of Fr. 1311 50 cent First Issue notes brought $3,105 with a $2,000-up estimate.

The miscellaneous section, while usually a haven for the more eclectic items in the sale, had several exciting bonds that realized surprising results. A $10,000 U.S. Treasury Bearer Bond brought $16,100, while a similar $5,000 bond fetched $7,475. A Canadian BC-28 $1,000 1937 in Choice Crisp Uncirculated sold for $4,370, comfortably within the $3,500 to $5,500 pre-sale estimate.

After a small selection of Confederate notes, an important offering of Obsoletes followed, including important collections of New York scrip and North Carolina obsoletes. The Gordon Harris Collection of New York Scrip was highlighted by a very rare 8 cent note from Charles Lord of Ithaca, NY, which sold for $3,105 against a pre-sale estimate of $1,250 to $2,250, while an unusual 18 cent scrip issue from Buffalo, NY brought $2,156. Spirited floor bidding erupted when the Raleigh Collection of New York Obsolete Currency reached the block, and increments spiraled upwards on many rare items. A possibly unique 1799 6 pence note from Wil Kirkland, Cain & Ray, C.A. Campbell, J. Hogg & Co., of Hillsborough, NC, hammered down at $4,312.50, while an extraordinary 1861 $5 from the Bank of Roxboro, NC brought a staggering $8,625. A pair of $50 notes from the Bank of North Carolina, one from the Charlotte branch and another from the Newbern branch, each sold for $3,105, easily more than doubling the high end of the pre-sale estimate ranges for each note. An 1809 10 cent scrip issue from the Raleigh Academy went home to a proud new owner at $4,312.50. Intense interest in obsoletes from other states was evident as well, with a $500 Republic of Texas note grading Crisp Uncirculated with a repaired COC bringing $2,587.50 against a $1,750 to $2,250 estimate.

A varied offering of error notes included several major highlights, including a unique non-inverted double denomination $10/$20 National Bank Note from the National Bank of Lumberton, North Carolina that brought $24,150. An impressive winning bid of $12,075 was received on a modern $50 Federal Reserve Note with a blank face and the third printing on the back, while a nearly unbelievable $1 attached pair from a sheet with the third printing on the back of one note and missing from the second note hammered down at $18,400.

The interest in Small Size Type Notes continued to strengthen, particularly in Federal Reserve Notes, which have been weaker in recent months and showed renewed vigor at the Cincinnati sale. A serial number 1 $20 2001 FRN brought $12,075, while a Fr. 2155-G* $100 Mule 1934C FRN Star Note in Choice CU hammered down at $7,762.50. A newly discovered 1950 $5 Wide II variety FRN in Gem CU sold for $5,060. High denomination notes fared well, as a 1934 $5,000 FRN graded Extremely Fine, with a small repair, brought $28,750, and an Extremely Fine $10,000 1934 FRN sold for $54,625. A 1928 $1,000 Gold Certificate in Very Fine condition hammered down, snuggly within the estimate range of $5,000 to $6,000, at $5,462.50.

Collector interest in Large Size Type Notes continued unabated, with both rare and common issues bringing hefty premiums. A wide range of individual collectors strongly influenced the prices realized, with numerous bidding cards in the air on most of the lots in this section. A Fr. 97 $10 1875 Legal Tender in Choice AU, likely the finest known example of this classically rare number, sold for $24,150. While not quite reaching the pre-sale estimate, this is still a strong price in today’s market for this note. An uncut sheet of four Fr. 226a $1 1899 Silver Certificates in Extremely Fine brought $8,337.50, and nearly all the other Black Eagle notes in the sale continued to surpass expected estimates. A very pretty Choice EF Fr. 245 $2 1891 Silver Certificate Windom note brought $4,370, while a pristine Superb Gem New Fr. 248 $2 1896 Educational Silver Certificate hammered down at nearly $5,500. A Fr. 1083b $100 1914 Red Seal Federal Reserve Note surprised all onlookers by far surpassing the estimate of $3,500-up when it reached $8,625 in spirited bidding, and equally intense competition saw a Fr. 1108 $100 1914 FRN in Choice AU reach $3,105 against a $750-up estimate. A Large Size $500 1918 FRN, Fr. 1132, graded Very Fine brought $9,775 against a $6,000-up estimate. Among Gold Certificates, highlights included a Superb Gem New Uncut Sheet of Fr. 1187 $20 1922 Gold Certificates that sold for $9,775 and a rare high grade Fr. 1219e $1,000 1907 Gold Certificate graded About Extremely Fine that fetched $17,250.

Once again a massive offering of National Bank Notes rounded out this CAA sale, with more than 1,100 lots sold to collectors from all over the country. It was once again proved that bidders on Nationals cannot be timid if one expects success, especially on rare items from hard-to-locate banks or high condition rarities that do not appear on the market with any frequency. Numerous estimates were surpassed throughout the Nationals section, including many selected notes from the collection of Chet Krause. An evenly circulated Fine example from the First NB of Juneau, Alaska brought $19,550 with an estimate of $12,500-$22,500, and a beautiful Choice CU $50 1882 Brown Back from Elgin, Illinois reached $10,350. The continued popularity of First Charter Aces was shown when a $1 1875 from the Waterville (Maine) NB, graded Fine, brought $5,175, and again when a $1 Original from the First NB of Mankato, MN, also graded Fine, reached $9,775. Rare New York Nationals continued to surpass all expectations, as shown with a First NB of Andes $5 Original First Charter in VF-EF that sold for $11,500, a $10 1902 Date Back from the First NB of East Aurora (in its first public offering in 60 years) that brought a staggering $26,450, and an uncut sheet of serial number 1 $5 1902 Red Seals from the First NB of Moravia that reached $27,600 in spirited bidding. Western state notes continued to show unabated strength, with an ex: Amon Carter $5 1902 Plain Back from the First NB of Hobson, Montana, grading Choice CU, fetching $7,475, and a hitherto unknown large size $50 1902 Date Back from the First NB of Winnemucca, Nevada, grading Very Good, hammering at $32,200. The dueling between collectors of Texas Nationals continued, as notes from this widely collected state continue to advance in value with every sale. A rare $1 Original First Charter Ace from the NB of Texas in Galveston, graded Very Good-Fine, reached $25,300, and a newly discovered $50 1902 Date Back from the Farmers NB of Manor, Texas sold for $27,600 to a determined collector. Rounding out the sale were a nice selection of Nationals from West Virginia, highlighted by a small size 1929 $50 from the First NB of Richwood which sold for $8912.50, and a nice group of high grade Wisconsin notes, including a First Charter Ace from the First NB of Madison that graded Very Fine+ and reached $16,675 in heated bidding.

The next Heritage-CAA auction will be held in Orlando, Florida, in conjunction with the Florida United Numismatists (FUN) Convention on January 8-10, 2004. For further information about consigning, please contact Allen Mincho, 800-872-6467, ext. 327, e-mail Allen@CurrencyAuction.com, Len Glazer, 800-872-6467, ext. 390, e-mail Len@CurrencyAuction.com, Kevin Foley, 800-872-6467, ext. 256, e-mail KFoley@CurrencyAuction.com, or Jason W. Bradford, 800-872-6467, ext. 280, e-mail JBradford@CurrencyAuction.com.

Here are a few highlights:
Fr. 2231-G $10,000 1934 Federal Reserve Note. Extremely Fine.
Winnemucca, NV - $50 1902 Date Back Fr. 669 The First NB Ch. # (P)3575
Fr. 2221-G $5,000 1934 Federal Reserve Note. Extremely Fine.
Moravia, NY - $5 1902 Red Seal Fr. 587 The First NB Ch. # (E)99 Uncut Sheet
Manor, TX - $50 1902 Date Back Fr. 667 Farmers NB Ch. # 7146
East Aurora, NY - $10 1902 Date Back Fr. 619 The First NB Ch. # (E)9950
Galveston, TX - $1 Original Fr. 380 The NB of Texas Ch. # 1642
Lumberton, NC- Fr. 623/649 $10/20 1902 Date Back The NB of Lumberton Ch. # (S)10610 Double Denomination
Fr. 97 $10 1875 Legal Tender Choice About New.
Juneau, AK - $10 1929 Ty. 1 The First NB Ch. # 5117