New York 1709 5s and 10s Notes in a Custom Leather Folder - Incredible Pedigree with DocumentationNew York May 31, 1709 5s and 10s Enclosed in Custom Made Early Leather Holder.
An incredible pair of early New York notes housed in a holder custom made for them. There is a 5s and 10s (NY-1 and NY-2) both of which are in incredible as made condition. The two notes are attached to each other with a very early strip of gauze that would be easily removable leaving two notes that either grading service would grade between 58 and 67 at their whim. The point is moot as it is unlikely any collector or dealer would ever alter them from their current, classic form. The origin of the leather folder is unknown to us. This pair and folder was sold by Wayte Raymond to Maurice Burgett in July of 1956. Raymond writes to Burgett from his summer house in Montauk, Long Island on July 9, 1956: "I have been very ill for the last year so not [sic] letters written. This folder was part of a find made a long time ago by a New York book or autograph dealer. The binder looks like about 1870. It had been in my collection for about forty years. This is all I know except that one of such formally used to come up in important book sales years ago. If you have any other questions please send to John as I am not up to letters." It is addressed "Dear Mr. Burgett" and signed "Sincerely, Wayte Raymond." The original envelope the letter was enclosed in is also with the lot. Also enclosed is a piece of light cardstock apparently used by Mr. Burgett in an exhibit of the notes and folder. Both notes bear the clear signatures of Robert Walter who was to become mayor of New York in 1720, Johannes De Peyster mayor in 1698, and Robert Lurting who was to become mayor of New York in 1726 and again in 1734 (Lurting Avenue in the Bronx is named for him). The folder is essentially in as made condition save for a few very minor surface scuffs. It is a maroon color and clearly leather with a red cloth interior and a matching red ribbon holding the notes in place. In his exhibit description, Burgett refers to it as a "Red Morocco Folder." Morocco leather is basically a catch phrase for any high grade soft leather which this certainly is. Of the two most recent auction records for comparable notes was a 5s PCGS 40 which auctioned for $12,650 in September 2009 and a PCGS 62 10s at that same auction for $13,225. While the notes are treasures in and of themselves, this whole package with the correspondence between two giants in early paper money and the custom made folder should add a considerable premium. Tonight's bidders will make that decision.
Estimate: $40,000 - up.
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