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Fr. 1166b-I $20 1863 Gold Certificate PMG Very Fine 25.. ...
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Sold on Jan 12, 2024 for:
$480,000.00
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Description
1863 $20 Gold Certificate - America's First Gold Certificate
One of Six Known - Only Four in Private Hands
Fr. 1166b-I $20 1863 Gold Certificate PMG Very Fine 25.Collecting major design types is often one of the most popular methods to collect. Budget minded collectors can find the most common examples of a type, while others may seek the nicest. Within coin collecting, major design types that are moderately rare easily command six-figures include the likes of the 1794 Flowing Hair Dollar or 1796 No Stars $2.50. Early collectors squirreled away these rare design types.
Within the realm of paper currency, there are some major design types that dwarf the rarity of these six and even seven figure coins. Case in point, the Series 1863 Gold Certificates. These notes were the first Gold Certificates printed and issued. Their favored status for redemption of physical gold led them to be redeemed en masse. Today, just four of the $20 notes, and one of the $100 notes are available to collectors. The $100 was offered in our 2013 presentation of the Greensboro Collection and realized $2,115,000. The face designs are somewhat similar, featuring a bald eagle at left atop a shield with the stars and stripes, ready to take flight. A golden-orange denomination overprint at center, and ornate lathework on face and back. They are distinctly different than any other United States Currency type, and exceptionally rare.
The Gold Certificates of 1863 were intended to bring some stability to interbank trading, since they were backed by gold on deposit with the Treasury, and were less subject to the increasing perils of the war. However, Treasury records and dates on the notes reveal that they were issued between 1865 and 1869. During that few short years, a total of 48,000 1863 $20 Gold Certificates were printed and issued.
Two variations of the $20 denomination are known. The first notes were countersigned by the Assistant Treasurer H.H. VanDyck. Later, the design was changed to add his engraved signature at the bottom. Just two of the hand signed notes are known, and four are known of the latter variety. This note is one of the four examples that feature the engraved signature of the Assistant Treasurer. Since two of the four "engraved" examples are cancelled and permanently impounded in the Bureau of Public Debt and the Smithsonian, collectors face the same odds of landing an example of either type for their collection. Collectors who use Friedberg numbers as a guide should note that these two varieties have now been assigned their own Friedberg numbers, 1166b and 1166b-I.
This example has spent the better part of a quarter century in private hands. It was last offered in 2000, when it realized just over $580,000. The three other privately held examples have been offered since, with the last offering nearly five years ago. That piece was the finest known, but only an Extremely Fine 40, also with minor repairs. With so few survivors with which to compare, our argument for this note having the eye appeal of a higher Very Fine grade would be futile. That said, it is a wonderfully attractive note, with strong design elements, rich golden yellow paper, and a still strong orange back design. In terms of importance, it ranks among the rarest and most desirable United States bank notes in existence.
Auction Info
2024 January 10 - 12 FUN Currency Signature® Auction #3594 (go to Auction Home page)
Auction Dates
January, 2024
10th-12th
Wednesday-Friday
Bids + Registered Phone Bidders: 3
Lot Tracking Activity: N/A
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