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    Very Rare 1862 First Obligation Fifty

    Fr. 148 $50 1862 Legal Tender PMG Fine 12. An even two dozen examples are known of this rare Fifty. This is the earliest of the $50 Legals bearing the 1862 date and the First Obligation on the back. The note is illustrated both sides on page 104 of the Dauers' book. PMG has noted "Restoration, Splits" on the back of their holder, which is almost universally the case for this early type. As the Dauers mention in their book, "The paper used on this first issue of Legal Tender notes was very thin and did not hold up during the normal wear and tear of everyday use." This one has fared far better than most. We are unable to spot any meaningful repairs. There seems to be just a scattering of small edge splits that have been deftly closed. Fr. 148s are rarely on the market with only five pieces having been offered at auction in the past eight years. This example is far more handsome than the impression that comes to mind when the Fine 12 grade is mentioned. We sold an XF of this number last September for over $43,000, and a Fine sold just a few months later for over $30,000. We would expect this note to fall right in between.
    From The Dr. Edward & Joanne Dauer Collection

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    Auction Dates
    September, 2007
    26th-28th Wednesday-Friday
    Bids + Registered Phone Bidders: 1
    Lot Tracking Activity: N/A
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