Currency Auction Record Smashed by CAA

The Heritage-Currency Auctions of America January, 2004 Signature Sale at the FUN Convention in Orlando, Florida shattered numerous records, including the record for the highest grossing currency auction of all time by any firm, as total prices realized topped $6.4 million, including the 15% buyers premium and excluding buybacks. With almost 5,300 lots, this sale represented both the largest CAA auction ever in terms of number of lots and blew past CAA’s previous record of $4.7 million in prices realized. Of more than 2,000 bidders, almost 900 individual bidders were successful on at least one lot, and an incredible 96% of the lots in the sale actually sold.

The sale began with an impressive offering of Continental and Colonial Notes. Interest in these two specialties remains strong, although buyers are selective in their search for rarity and condition. Highlights in the Continental and Colonials included a half sheet of eight Continental Currency May 9, 1776 notes in Gem New, which brought $7,877.50 (including the 15% buyers premium), and a Vermont February 1781 2s6d in Extremely Fine which sold for just shy of $9,000. In Fractionals, a rare Fifth Issue 10 cent Tete-Beche pair brought $3,565.

A small offering of Military Payment Certificates, Canadian and World Currency, and Miscellaneous was highlighted by an extremely rare Series 661 50 cent Replacement MPC note in Very Fine, which hammered for $3,450, a Canadian 1954 $5 Devil’s Face Replacement Note in Gem CU which fetched $6,900, and the finest known copy of W.L. Ormsby’s book Bank-Note Engraving hammered for $6,900, this being the copy presented by Ormsby to President-elect Franklin Pierce.

The Obsolete section was highlighted by a massive offering of Michigan items from the William T. Thompson, Sr. Collection of Michigan Obsolete Currency and Scrip. Heated floor bidding saw many notes surpass their pre-sale estimates, including an early City of Detroit 18 _ cent Proof that brought $2,415 against a pre-sale estimate of $1,250-$1,750, and a Bank of Monroe, MI $3 July 18, 1828 in Very Fine which sold for nearly $1,100 against an estimate of $600-$900. Other Obsolete highlights included a rare Mormon-related 1837 Kirtland Safety Society Bank $100 that reached $12,650, surpassing its pre-sale estimate of $8,500-$12,500, and a possibly unique piece of 10 cent scrip from 1865 issued by the merchants Bewley, Keese & Co., of Anderson Court House, South Carolina, which astounded all onlookers by reaching $10,925 in a spirited competition between two determined bidders.

More than 100 lots of Error Notes were offered, including a Cut Half Sheet of Six Fr. 1601 $1 1928A Silver Certificate Inverts in Choice CU which brought $5,290. An “excessively rare” Mismatched Charter Number $5 1902 Date Back National Bank Note from the NB of Savannah, GA brought $17,250.

Small Size Type Notes showed continued strength, although buyers are becoming increasingly selective in their purchases. A Fr. 1531 $5 1928F Legal Tender Specimen Note brought $10,350 against a pre-sale estimate of $4,000-$6,000, while a CGA certified Fr. 1700 $10 1933 Silver Certificate graded CGA Gem Uncirculated 67 sold for $23,000 to a client bidding live on eBay. The Dr. Lawrence Cookson Collection of Small Size Federal Reserve Bank Notes saw many rarities find new homes with appreciative buyers, including the unique Fr. 1890-K* Dallas $100 1929 FRBN Star Note, grading Fine, which brought $23,000. Other small size highlights included a Fr. 1901-A $1 1963A Federal Reserve Note with a solid “9s” serial number which soared to $27,600, and a Fr. 2231-J $10,000 Federal Reserve Note, encapsulated by CGA and graded Gem Uncirculated 67, which sold for $120,750.

An outstanding offering of Large Size Type Notes was highlighted by many rare and high grade issues, and results proved that the demand for high grade type notes and scarcer Friedberg numbers continues to outpace the limited availability of such items. Highlighting this section of the sale were a Fr. 185d $500 1878 Legal Tender grading Choice Fine, one of only four examples in collector hands, which sold for $75,900 against a pre-sale estimate of $60,000-up, a Fr. 198 $50 One Year Interest Bearing Note grading Fine that realized $29,900, and a Fr. 212d $50 1865 Interest Bearing Note grading Very Fine-Extremely Fine that was bid up to $66,125 against a pre-sale estimate of $50,000-up. Black Eagle Silver Certificates continued to show intense demand, as a Fr. 231 $1 1899 Silver Certificate in Superb Gem New with a single digit serial number D5D realized just over $10,000 against a pre-sale estimate of $4,000-up. Scarcer signature combinations of large size Federal Reserve Notes continued to define new price levels, as numerous examples in both circulated and uncirculated grades surpassed all pre-sale expectations. A Fr. 1040 $50 1914 FRN graded Very Choice New brought $5,520 against a pre-sale estimate of $4,000-up, and a Fr. 1072a $100 1914 Red Seal FRN graded Gem New fetched $9,775 against an estimate of $7,500-up. Rounding out the large size type notes, Gold Certificates saw strong bidding as a CGA certified Fr. 1179 “Technicolor” $20 1905 Gold Certificate encapsulated as CGA Gem Uncirculated 66 sold for $20,700 against an estimate of $17,500-up, and a Fr. 1220 $1,000 1922 Gold Certificate grading Choice Very Fine surpassed its pre-sale estimate of $12,500-up, going to an excited new owner at $18,400.

The Frank T. Kennedy Collection of Confederate Currency, a complete type collection of all 72 types issued by the CSA government, highlighted the Saturday afternoon session. A lovely T2 $500 1861 Montgomery example, grading Very Fine with minor restorations, realized $21,275, while a rare “Indian Princess” T35 $5 1861 grading Very Good brought $17,250 against a pre-sale estimate of $9,000-$14,000.

The Saturday evening session offered an incredible 1,800 lots of National Bank Notes, and, despite the sale lasting well into the early-morning hours, spirited bidders helped this auction surpass all expectations. National Bank Notes continue to be the area of the market that leads in increased demand, and prices realized showed that this increased demand is leading to higher values. Among the many highlights were major collections of Alabama Nationals from the Frank T. Kennedy Collection, Georgia Nationals from the “Rome Collection,” Mississippi Nationals from the Monty Farmer Collection, and Oregon Nationals from the Dustinn L. Gibson Collection. Highlights were too numerous to mention, as the entire session surpassed an astounding $3 million, but are represented by an Original First Charter $1 from the Thompson NB in Thompson, CT which brought $27,600 against a pre-sale estimate of $8,000-$14,000, a serial number 1 $5 1882 Brown Back from the Third NB of Atlanta, GA that hammered for $29,900 against an estimate of $5,000-$9,000, and a $10 1902 Red Seal from the First NB of Forest Grove, OR that sold at the high end of the estimate range of $15,000-$25,000 by selling to a phone bidder for $23,000. A $10 1902 Red Seal from Corinth, MS sold to an internet bidder for $27,025, while a newly discovered Territorial $10 1902 Red Seal from the First NB of Lake Arthur, NM brought $21,850. Pre-sale estimates, offered as a guide only, were generally disregarded in cases where two bidders desired the same rare item, as shown with a $10 1902 Red Seal from the Citizens NB of Daingerfield, TX, which sold to a determined phone bidder for $26,450 against a conservative pre-sale estimate of $5,000-$9,000.

The next Heritage-CAA auction will be held in Milwaukee, Wisconsin, in conjunction with the Central States Numismatic Society (CSNS) Convention on May 7-8, 2004. For further information about consigning, please contact Allen Mincho, 800-872-6467, ext. 327, e-mail Allen@HeritageCoin.com, Len Glazer, 800-872-6467, ext. 390, e-mail Len@HeritageCoin.com, Kevin Foley, 800-872-6467, ext. 256, e-mail Kfoley@HeritageCoin.com, or Jason W. Bradford, 800-872-6467, ext. 280, e-mail Jbradford@HeritageCoin.com.

Links to Sale Highlights:

• Fr. 2231-J $10,000 1934 Federal Reserve Note. CGA Gem Uncirculated 67.
• Fr. 185d $500 1878 Legal Tender Choice Fine.
• Fr. 212d $50 1865 Interest Bearing Note Very Fine-Extremely Fine.
• Fr. 2231-B $10,000 Federal Reserve Note. CGA Choice Uncirculated 64.
• Chester, SC - $5 Original Fr. 399 The NB of Chester Ch. # 1804.
• Fr. 1605* $1 1928E Silver Certificate. CGA Gem Uncirculated 65.
• Washington, PA - $50 1882 Brown Back Fr. 508 The First NB Ch. # (E)586
• Atlanta, GA - $5 1882 Brown Back Fr. 474 The Third NB Ch. # 5030
• Fr. 198 $50 One Year Interest Bearing Note Fine.
• Thompson, CT - $1 Original Fr. 380 The Thompson NB Ch. # 1477
• Fr. 1901-A $1 1963A Federal Reserve Note. Gem Crisp Uncirculated.
• Corinth, MS - $10 1902 Red Seal Fr. 615 The First NB Ch. # (S)9094.
• Daingerfield, TX - $10 1902 Red Seal Fr. 613 The Citizens NB Ch. # (S)7096.
• Fr. 298 $10 1891 Silver Certificate Superb Gem New.
• Pueblo, Colorado Territory - $1 Original Fr. 382 The First NB Ch. # 1833.
• Fr. 54 $2 1880 Legal Tender Choice New.
• Forest Grove, OR - $10 1902 Red Seal Fr. 614 The First NB Ch. # (P)8036.
• Saint Johns, OR - $5 1902 Red Seal Fr. 589 The First NB Ch. # (P)9047.
• Fr. 1890-K* $100 1929 Federal Reserve Bank Note. Fine.
• Fr. 1700 $10 1933 Silver Certificate. CGA Gem Uncirculated 67.
• Lake Arthur, New Mexico Territory - $10 1902 Red Seal Fr. 615 The First NB Ch. # (W)8584.
• T2 $500 1861.
• Long Island City, NY - $5 1902 Date Back Fr. 595 The Commercial NB Ch. # (E)10329.
• Woodlake, CA - $10 1902 Date Back Fr. 621 The First NB Ch. # (P)10309.
• Fr. 1220 $1,000 1922 Gold Certificate Choice Very Fine.
• Fr. 150a $50 1863 Legal Tender Fine.
• T35 $5 1861.
• Fr. 344 $100 1891 Silver Certificate Very Fine.
• Carlsbad, NM - $10 1902 Plain Back Fr. 628 The NB of Carlsbad Ch. # (W)6884.
• Fr. 11 $20 1861 Demand Note Very Fine.
• T4 $50 1861.
• Canyon City, OR - $10 1902 Date Back Fr. 616 The First NB of Grant County Ch. # (P)6491.
• Kirtland, OH- The Kirtland Safety Society Bank $100 Mar. 9, 1837 Rust SV-6.
• Anderson Court House, SC - Bewley, Keese & Co. 10¢ Oct. 16, 1865 UNL.

Images, descriptions, and prices realized are available in the Permanent Auction Archives at the Heritage website, www.HeritageCoin.com