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Fr. 148 $50 1862 Legal Tender PCGS Apparent Very Fine 20.. ...
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Rare 1862 $50 Legal
Fr. 148 $50 1862 Legal Tender PCGS Apparent Very Fine
20.A just plain rare type, with fewer than 50 pieces reported for all three Friedberg numbers covering both the 1862 and 1863 issues. This piece is new to the census, and the first of what is certainly the best offering of early $50 Legals to cross the auction block in many years. All come from the Coral Gables Collection, as the gentleman who assembled the collection long felt that notes of this denomination were underappreciated and undervalued. Alexander Hamilton's portrait was used for the design with UNITED and STATES flanking each side rising from left to right. The lathework is extensive both on front and back, an implement used to thwart counterfeiters. Despite the relatively complex design, counterfeiters still worked to mimic the Bureau's efforts. At least three well known counterfeit engravings are known and it was not long before the Bureau of Engraving and Printing was forced to change the design. In all, just over 600,000 examples were printed for the 1862 and 1863 Series. Offerings of any of the Friedberg numbers, as one might expect, have been infrequent to say the least, with Track & Price reporting only two Fr. 148's having been available in the past nine years, with a 2019 offering of a pinholed PCGS Very Fine 20 fetching $40,800 and a PCGS Very Fine 30 realizing $78,000 in our 2018 Central States auction. This piece is evenly circulated and pinhole free, with its only defect a couple very professionally executed edge restorations that come nowhere close to the design. If rarity and desirability are any guide here, expect the hammer to fall in the range of...
From the Coral Gables Collection, Part II
View all of [The Coral Gables Collection, Part II b ]
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