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    25 Cent Second Issue Negative Essay

    25c Second Issue Negative Essay Very Choice New Milton 2E25FR.2. This note from the Hoffman Collection is one of three examples of this number that we believe exists. It's identical to the Gem that we sold as Lot 1026 of the Milt Friedberg Collection in January of 1997 for $4400. It differs from Milt's note only in its centering; this note has three good margins and it is cut somewhat tight at the bottom of the face, hence the Choice grade. In all other respects, it is identical to Milt's note, which we described as follows: "Perfect for the grade and of incredible significance. If this 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 note could easily have been assigned a Friedberg number had it been brought to the author's attention at the proper moment. The back engraving is the negative essay (Reverse Matrix) printing. It is the exact design of the back printing used on Regular Issue notes, but many of the features are reversed, that is, heavily printed in purple on this note where they appear white-reverse on the regular issue and vice versa. Early collectors and dealers felt that this was the result of a printing from a matrix die, but this is clearly not the case as some but not all elements are reversed. The D-5-18-63 corner surcharge is found only on these Negative Essays. It was never used on regular-issue notes or on other essay 'positive' printings." This piece is an absolute beauty, with good paper originality, proof-like sharp printing of the inks on both sides, perfect colors and clear, sharp bronze. When we wrote the Milt Friedberg auction catalog, we suspected that the "18" in the lower left corner was actually an inverted "81," but were not certain. A magnified view of the very clear numbers on this note demonstrates it is indeed an inverted 81. The offering of this piece is an important and most infrequent opportunity for the serious Fractional specialist.

    Auction Info

    Auction Dates
    January, 2003
    9th-11th Thursday-Saturday
    Bids + Registered Phone Bidders: 15
    Lot Tracking Activity: N/A
    Page Views: 185

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