Rare 25¢ Negative Essay Milton 2E25FR.2 - One of Three KnownMilton 2E25FR.2 Second Issue 25¢ Experimental PCGS Choice About New 58.
We last sold this note in January of 2011 with the following description: "From our January 2009 FUN auction, 'This rare Negative Reverse Experimental is not punched or stamped, and it has the full face engraving. The back is a beautiful purple color, negative matrix reverse, with the 'D-5-18-63' surcharge referred to in the Chapman sale of the Wilcox Collection in 1904. The so-called 'Negative Essay' 'Reverse Matrix,' or 'Negative Matrix' reverse is in reality none of these three things. Early catalogs erroneously called these 'Matrix Reverses,' mistakenly believing that they were printed from matrix dyes (transfer rolls) rather than plates. Some also felt, as the Chapmans did, that the notes were printed from plates that had been made from other plates rather than from matrix dyes or transfer rolls. The term 'Negative Reverses,' or 'Negative Essays,' came from the appearance of the notes, which look at a glance like a photo negative, that is, the dark areas appear light and the light areas appear dark. However, this is not consistent throughout the entire design, as the denomination, parts of the shield and the lettered ribbons are not reversed. This back design was simply an unadopted proposal where someone decided that certain design elements would look better reversed. Debate still continues today as to whether these Negative Essays or the adopted positive designs are the more handsome. The term 'Negative Essay,' while it would not be technically correct in the realm of professional photography, has been universally accepted by Fractional collectors, dealers and researchers, and it will be used throughout this catalog to describe this category of note. This piece has the entire, completed face printing, lacking only the bronze. The back is the full purple Negative Essay printing, including the large bronze '25' and the 'D-5-18-63' corner surcharges which are found only on these negatives. It is a spectacular piece, missing from the 1890's until it appeared in Superior's Fraser Collection Sale in 1982. Purchased then by this cataloger and sold to Doug Hales, it was acquired by Tom O'Mara when he purchased Doug's collection. It is one of only three known examples of this note. If the note had a bronze oval on the face, it would be complete and ready for circulation. As it is, we believe it to be Legal Tender. This piece and its 5¢, 10¢, and 50¢ counterparts could easily have been assigned a Friedberg number had they been brought to the attention of the authors at the proper moment.'" It is also worth mention, that when we last sold it, it was in a PMG 64 EPQ holder. Why it was crossed and which grade is accurate is impossible for us to say. At our January 2011 auction it realized $4,887.50.
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