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Framed Presentation Set of Federal Reserve Note Proofs. Ten Note Proof Presentation Set, Presented by Secretary of the Tre...
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Description
Framed Presentation Set of Federal Reserve Proof Notes
Framed Presentation Set of Federal Reserve Note ProofsTen Note Proof Presentation Set, Presented by Secretary of the Treasury William G. McAdoo on December 21, 1914.
On December 23, 1913, President Woodrow Wilson signed into law the Federal Reserve Act, which transformed the American monetary system. Central to that effort was a Virginian named Milton Courtwright Elliott, who served as the Secretary to the committee that prepared the report which laid out the basis and rationale for the law that Congress passed establishing the Federal Reserve System. Soon thereafter, Joseph E. Ralph, the Director of the Bureau of Engraving and Printing, was assigned the task of designing and producing the new Federal Reserve Notes. During the next year, various prototype designs were produced until a standardized design was finalized in the Fall of 1914. As a part of the design process, a small quantity of Proof examples was produced. These Proofs were printed from the actual currency plates onto card stock, with the Treasury seal and the all zero serial numbers glued on by hand by the pressman. In honor of Elliott's work, and in recognition of the efforts of Virginia Representative Carter Glass in sponsoring the legislation, Secretary McAdoo decreed that the first of the new Federal Reserve Notes would bear the Richmond Federal Reserve District seal.
Gene Hessler, in his book U.S. Essay, Proof & Specimen Notes, states that the 1916 "Annual Report of the Bureau of Engraving & Printing" notes that only two complete sets of Proofs were produced, although it is likely that either three more sets were unofficially created or that other Proofs were combined to make at least three more sets, as only five complete sets are said to exist today. The set we offer tonight is new to the numismatic market and was presented by Secretary McAdoo to Mr. Elliott, who not only served as secretary to the committee which drafted the legislation establishing the Federal Reserve System but then served for over a decade as counsel to the newly established Federal Reserve Board. As with all of the sets we have ever seen, this set has nine evenly aged notes with the tenth note, the face example of the $100 note, perfectly bright. Interestingly, the one bright note in each of the other sets is different in each set, which certainly is a strong indication that for whatever reason the sets were presented in that fashion. With the current demand for Federal Proof notes at an all time high, expect this historically significant presentation example to easily reach and possibly well exceed...
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Auction Info
2019 August 15 ANA World's Fair of Money Currency Platinum Night Auction - Chicago #3573 (go to Auction Home page)
Auction Dates
August, 2019
15th
Thursday
Bids + Registered Phone Bidders: 4
Lot Tracking Activity: N/A
Page Views: 1,781
Buyer's Premium per Lot:
20% of the successful bid (minimum $19) per lot.
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