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    Boldly Colored High-Grade $50 Rainbow

    Fr. 151 $50 1869 Legal Tender Very Fine-Extremely Fine. This note is an old friend that we have handled on four previous occasions. When we last sold it, in September of 2001, it was described, "This is one of this cataloger's personal favorite pieces, and this is now the [fourth] time we have been privileged to handle it. It was most recently from our sale of the Jerry Sternberg Collection, and Jerry acquired it out of our 1994 Memphis sale of the Randy Haynie Collection. We described it both times, 'A technically accurate but highly misleading grade, as the note appears to be closer to New than Very Fine when either side is looked at by the casual viewer. Viewed in reflected light, quite a number of folds can be seen, but all are light, with none breaking the ink or paper surfaces. Forty-seven pieces are known for this type [now 57], and fourteen of those are in government or museum hands. Only seven notes, including several permanently off the market, are reported to be higher-grade than this piece. The margins are excellent, and the colors, which earned this note its place in the Rainbow series, are fully bright and beautiful. There is not a hint of a repair or restoration of any kind. Even when candled (viewed with the light source passing through it), none of the folds are heavy enough to be seen as dark lines. It seems inconsistent to grade a note VF-XF and then to say it would not look out of place in an uncirculated set, but this is just such a note.' " We sold the finest known example three months ago and saw it more than double its $90,000 estimate--realizing $184,000. While its technical grade was far superior to this piece, this lovely note is not very far behind it for eye appeal. In September of 2001, when we last sold this note, it realized $37,400. It's a pleasure to handle this important and extremely beautiful note again, and we would expect this one-number type to now easily realize . . .

    Auction Info

    Auction Dates
    May, 2005
    5th-7th Thursday-Saturday
    Bids + Registered Phone Bidders: 12
    Lot Tracking Activity: N/A
    Page Views: 392

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