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Media Relations

Christina Rees

Christina Rees

Director of Public Relations and Communications

CRees@HA.com
Steve Lansdale

Steve Lansdale

Senior Public Relations and Communications Specialist

SteveL@HA.com
Rhonda Reinhart

Rhonda Reinhart

Intelligent Collector Editor and Communications Specialist

RhondaR@HA.com
Jesse Hughey

Jesse Hughey

Public Relations Specialist

JesseH@ha.com

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Press Release - May 15, 2004

Heritage Currency Auctions of America realizes over $3.2 million at CS Auction

Dallas, Texas: The Heritage Currency Auctions of America May, 2004 Signature Sale at the CSNS Convention in Milwaukee, Wisconsin exceeded expectations, with total prices realized of over $3.2 million, including the 15% buyers premium, with a sell-through rate of approximately 95%. With more than 3,400 lots, the sale attracted almost 1,400 Internet, mail, phone, and floor bidders. While about half of the lots sold to floor bidders, almost 25% sold to Internet bidders, showing the continuing impact of Internet bidding in Heritage-CAA Auctions.

The sale began with an 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 included a rare Vermont February 1781 20s note, which brought $14,950 against a pre-sale estimate of $12,500-up. The Fractional Currency section followed, and the small offering and strong prices indicated both a lack of supply and strong demand for these items. An uncut sheet of twenty Fr. 1230 5 cent First Issue notes in Gem New brought $3,450, while a Fr. 1357 50 cent Third Issue Justice in Extremely Fine-About New fetched $1,667. Among the Miscellaneous items sold was a fine selection of Encased Postage, including a rare S. Steinfeld 1 cent HB-221 that reached $11,500 in spirited bidding, far surpassing its pre-sale estimate of $5,000-up.

The Obsolete section was highlighted by a massive offering of Maryland items from the Armand Shank, Jr. Collection of Maryland Obsolete Bank Notes. Heated floor bidding saw many notes surpass their pre-sale estimates, including a $20-$50-$100 uncut sheet of proofs from the Patapsco Bank of Maryland in Ellicotts Mills which brought $2,530 against a presale estimate of $600-$900. A pair of uncut $1-$2 proofs from the North East Manufacturing Co. of North East, MD brought $2,300 against an estimate of $400-$600. Other highlights in the obsoletes included a rare Arizona Territory issue from Lord & Williams of Tucson, which surpassed $2,700, and a trio of $5, $10, and $20 notes from the Harrisburg, Texas firm of Briscoe, Harris & Co., which brought $3,680, $3,220, and $3,680 respectively.

Almost 100 lots of Error Notes were offered, including a rare Fr. 18 $1 1869 Legal Tender with mismatched serial numbers that sold for $17,250. A 1976 $2 Federal Reserve Note with a double third printing brought $8,050. A rare double denomination $10/$20 on a First Charter National Bank Note from the Second NB of Springfield, Massachusetts, only the second known double denomination error on a First Charter note, brought $18,687.

Small Size Type Notes showed continued strength. Highlights included an extremely rare $5 1934B Federal Reserve Note from the Kansas City district in Gem Crisp Uncirculated, which far surpassed the pre-sale estimate of $3,000-$5,000 in selling for $6,900, and a 1928 $1,000 Gold Certificate graded Very Fine-Extremely Fine that reached $9,000 in active bidding. Lot 17484, a 1934 $10,000 Federal Reserve Note from the Binion's Horseshoe Casino Hoard graded Choice Uncirculated 64 by CGA, sold for $54,050. The Fred R. Thomson Collection of $1 Silver Certificates was led by a Fr. 1603* $1 1928C Silver Certificate star note in About Fine condition which brought $4,887, and a Fr. 1604* $1 1928D Silver Certificate star note in Fine-Very Fine which surpassed $6,000.

An outstanding offering of Large Size Type Notes was highlighted by many scarce issues, both in high grades and in collectible circulated grades, and was enhanced by selections from the Frank O. Fredericks Collection. Results proved that the demand for type notes and scarcer Friedberg numbers continues to outpace the limited availability of such items. Highlights from this section of the sale included a pair of low serial number (98 and 99) Fr. 224 $1 1896 Educational Series Silver Certificates in Gem New, which brought $4,140 and $5,290 respectively, and a Fr. 247 $2 1896 Educational Silver Certificate in Gem New, with serial number 88, that reached $7,130 against a pre-sale estimate of $6,000-up. The second finest known Fr. 341 $100 1880 Silver Certificate, cataloged as About New, sold to the winning bidder at $54,625. A Fr. 818 $10 1915 Federal Reserve Bank Note graded Choice Extremely Fine, one of only four examples in collector hands, passed by the pre-sale estimate of $6,000-up and hammered down at a winning bid of $21,850. Large Size Federal Reserve Notes continue to spiral upward in value, as numerous examples saw hammer prices in excess of previous auction results. A Fr. 1064 $50 1914 FRN in Gem New fetched $3,795, while a Fr. 1084 $100 1914 FRN in Gem New sold for $4,370. Highlights among the Gold Certificates included a Fr. 1178 $20 1882 example in Superb Gem New which hammered down at $7,187, including the 15% buyers premium.

The Saturday evening session offered a varied selection of more than 1,100 lots of National Bank Notes. 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. Highlights included a newly discovered 1902 PB $10 from the First NB of Clifton, AZ, graded Choice About Uncirculated, which sold to a happy new owner at $9,775, and a 1902 PB $5 from the First NB of Laton, CA in Fine condition, the first note ever offered for public sale from this community, which brought $14,375 in active bidding. National Gold Bank Notes showed continued strength, with a $5 Original from the National Gold Bank of D.O. Mills & Co., Sacramento, CA, graded Very Fine 35 by CGA, selling for $14,950, and a high grade $5 Original from the First National Gold Bank of San Francisco, CA, graded Extremely Fine 40 by CGA, reaching $20,700. New York Nationals continued to show enormous popularity, with an uncut pair of $1-$2 First Charter notes from the Cambridge Valley NB of North White Creek, NY, grading About Uncirculated, bringing $12,650 against a pre-sale estimate of $4,000-$7,000, and a 1902 PB $20 from the First NB of Rouses Point, NY, grading Fine, fetching $12,650. The Southwest Collection of Oklahoma and Texas Nationals was led off by a $10 1882 Brown Back from the First NB of McAlester, Indian Territory which, cataloged as Fine+, surpassed the estimate and hammered down at $8,625. A nice selection of Tennessee notes was highlighted by a $2 Original First Charter "Lazy Deuce", one of only six known from the entire state, from the NB of Franklin, TN, which was graded Fine-Very Fine and brought $12,650. Bidders actively participated in the offering of Wisconsin Nationals, and those in attendance saw a $100 1902 Red Seal from the Germania NB of Milwaukee, grading Very Fine, reach $29,900. A pretty First Charter Ace from the First NB of Sparta, WI, grading Fine-Very Fine, hammered down at $19,550.

The next Heritage-CAA auction will be held in Long Beach, California, in conjunction with the Long Beach Coin, Stamp & Collectibles Expo, on September 9-11, 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.

Links to Sale Highlights: