Single Finest Black Eagle Replacement NoteFr. 230* $1 1899 Silver Certificate PCGS Superb Gem New 68PPQ.
Black Eagles survived in great numbers in Uncirculated grades mostly due to the massive number of examples printed and the low face value. An average Uncirculated Black Eagle is easily within reach of most collectors and the entire set of signature combinations can be assembled with some time and patience. So far, well more than 10,000 Black Eagles have been sent to PMG and PCGS combined. Between them, a little more than a dozen have received a Superb 68 EPQ or 68PPQ grade. This stunning example however, is the lone replacement note to receive the grade. Full margins frame the boldly printed design. The paper wave is readily apparent in the holder and the original embossing is also prominent.
When this note was last sold, it realized $23,000. In that same auction in 2007, the example consecutive to it realized $20,125 in a Superb Gem New 67PPQ holder. It is clear that collectors did not realize the rarity of the grade with such a small spread between the two grades. A half decade hence, the rarity of the grade should be proven and we expect a realization of at least...
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