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    PMG About New Watermelon Hundred - The Finest Yet Graded

    Fr. 377 $100 1890 Treasury Note PMG About Uncirculated 53 NET. In spite of its net grade, this PMG 53 is the highest Watermelon Hundred yet graded by either service. PMG has graded ten pieces, with this the highest grade, and PCGS has graded six pieces, with a 50 the highest. This note gives the appearance of a Choice Uncirculated example. Very close inspection reveals that all four corners on this high-end AU note had been quite rounded, a problem that we are used to seeing with so-called "Vault Cash" - money that has banged around for years in bank safes but has never actually circulated. All four corners have been rebuilt and returned to square by a rather experienced hand in restoration. None of the work touches the design at all, but affects only the blank paper corners; all of the design elements are 100% natural. The work is not impossible to spot, but it is very convincing and not seen at a glance. This note has a tremendous pedigree. It was originally owned by Colonel E.H.R. Green, then William Philpott. It then went on to Frank Limpert, where it was used as the illustration for his book. Stack's sold the Limpert Collection in September of 1955, where the note was Lot 112. After that, it went to Morey Perlmutter, who advertised it in Paper Money Magazine as Uncirculated. It then appeared in Kagin's November 1973 sale, also as CU. Track & Price shows no auction record for it, but Tom Flynn had a handwritten notation which he kept with this piece, "This came from the Carter Collection," which we believe to be correct. There are a few recent auction records to go by. The PCGS 50 sold for $207,000 in October of 2005, and we sold a PMG 30 in May of 2007 for $143,750. This net 53, the highest graded by either service, should comfortably slip past those figures.
    From The Thomas M. Flynn Collection




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    Auction Dates
    April, 2008
    16th-18th Wednesday-Friday
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