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    Exceedingly Rare November 1, 1709 20 Lyon Dollars Note

    Colony of New York November 1, 1709 Lyon Dollars Issue 20 Lyon Dollars (13 Oz., 15 Dws.) Fr. NY-12. PCGS Choice About New 55 Apparent.
    This is the rarest issue of 1709 notes, and it is fascinating. There are very few Lyon Dollar notes known, and we believe there are less than ten of all denominations in private hands (five impressions were in Boyd). Until our April 2015 Newman VI auction, our research had not found any instance of this denomination offered for public sale. Thus, this is one of the key New York Colonial Currency rarities. The issue was backed with 10,000 ounces of silver. Lyon dollars themselves were Dutch "Silver Dollars" which circulated worldwide as trade coins, just as the Spanish Milled Dollars. The rate of 5 shillings 6 pence was pegged to each (Lyon) dollar. There is also an interesting use of multiple denomination equivalents based on weight. There were only 300 notes authorized, and this highest denomination was not in Boyd. The style is similar to the other 1709 notes printed by Bradford, with typeset texts on the face and indent design at the top. There are four signatures, as required, like those appearing on the November 1, 1709 Shilling Issue note. This is a beautiful and well-balanced example. Though Apparent, it has a PPQ note appeal, with minimal handling only. Noted by PCGS as having only a "Small Edge Split at Top Center." In this case, being less than perfect is purely academic. This is an exceedingly rare note and only the second we are aware of: both from the Newman collection. The Boyd collection contained five Lyon dollar notes, a bonanza that is deceptive now, since up to that time there was only one auction record in the modern era for a Lyon dollar note. In our January 2002 FUN auction we sold a four Lyon dollars note, Lot 356 (Serial No. 50, "Very Choice New"), for $37,375. At the time, that was one of the highest prices achieved for a Colonial note (with prices surpassing that number for the two 1690 notes auctioned by Smythe at CPMX at just above $50,000). The Boyd collection had a three-note strip of four Lyon dollars, interestingly serial numbers from left to right 52, 51, and 49; note that the serial number 50 cited above was once part of the uncut horizontal sheet. Boyd also had the only observed 16 Lyon dollars denomination, which had seen some considerable circulation. The first Newman collection 20 Lyon Dollars sold in April 2015 realized $25,850 graded slightly finer at Choice About New 55. This is a fabulous combination of historical significance, highest rarity, and elite Colonial currency pedigree. Another significant offering awaits our bidding audience in this auspicious Newman VII auction sale.
    Ex: Eric P. Newman Numismatic Education Society

    Auction Info

    Auction Dates
    October, 2015
    21st-24th Wednesday-Saturday
    Bids + Registered Phone Bidders: 12
    Lot Tracking Activity: N/A
    Page Views: 1,281

    Buyer's Premium per Lot:
    17.5% of the successful bid (minimum $14) per lot.

    Truth Seeker: The Life of Eric P. Newman (softcover)
    A powerful and intimidating dealer of the 1960s, backed by important colleagues, was accused of selling fraudulent gold coins and ingots to unsuspecting numismatists. Who would go up against a man like that and, over the course of decades, prove the fraud? Who would expose a widely respected scholar as a thief, then doggedly pursue recovery of coins that the scholar had stolen from an embarrassed numismatic organization, all over the objections of influential collectors who had bought coins with clouded titles? Eric P. Newman would - and did. Reserve your copy today.
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