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    The Rarest $5 Federal Reserve Bank Note - One of Only Two Graded Higher Than VF 35

    Fr. 781 $5 1918 Federal Reserve Bank Note PMG Choice About Unc 58 EPQ.
    This Friedberg number, which is the only $5 Federal Reserve Bank Note issued by the Boston district, is scarce but not truly rare in the lower grade ranges. It is, however, a major rarity in any grade above Extremely Fine and becomes a prohibitively rare note in About Uncirculated and higher. As far back as 1951, when William Philpott published his ground-breaking article Federal Reserve Bank Notes Series 1915-1918 in The Numismatist, Fr. 781 was singled out for special attention. Philpott dug into Treasury records which detailed redemptions of each denomination by district, and found that by 1944, when the Treasury stopped keeping records of redemptions by district, the amount of $5 notes still outstanding from the Boston district totaled a mere 375 pieces...by far the lowest total of any district which issued this denomination. More recent statistics disclose similar results. The most recent census supplied by PMG show a mere 10 examples graded since PMG opened its doors fifteen years ago. Most interestingly, of the ten pieces graded to date, eight have received graded of Very Fine 35 and below, leaving only this piece and a lone 65 EPQ higher. The 65 has crossed the auction block twice in the past twenty years, once in 2004 and again in 2012, when it fetched a hair under $15,000. The next highest graded example, the VF 35, realized $5,287.50 when it sold in 2018. This example is fresh from the grading service, and is a real beauty, with great print quality, bright paper, and even margins all around. It would not surprise us at all to have our estimate on this true rarity easily surpassed by the time the hammer falls this evening.
    From the Coral Gables Collection, Part II


    View all of [The Coral Gables Collection, Part II b ]

    Auction Info

    Auction Dates
    January, 2020
    8th-14th Wednesday-Tuesday
    Bids + Registered Phone Bidders: 3
    Lot Tracking Activity: N/A
    Page Views: 376

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