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    Very Rare 1821 St. Charles Loan Office "Unconstitutional" $1 Treasury Note

    St. Charles, MO - Treasury or any of the Loan Offices of the State of Missouri $1 at 2% per Year (Act of June 27, 1821) Oct. 1, 1821 Cr. 02. PCGS Very Fine 25 Apparent.
    One of the great state-issued note rarities. The Newman Collection was one of only two collections (the other being Joseph Vacca) that contained multiple examples. The series is historic because the notes were challenged in the courts, with the decision eventually moving to the United States Supreme Court which declared Missouri's issuance of them unconstitutional. The Hiram Craig vs. Missouri case was written in the majority by Chief Justice John Marshall, upholding the prohibition of states' rights ability to create and circulate currency (Article 1, Section 10, Clause 1 of the United States Constitution). This is discussed in further detail in our Newman VIII sale catalog. Despite being printed from a plate without the deep details observed on the Harrison imprint proof from the Newman Collection sold in the Part VIII sale, this $1 example is genuine. The final notes were printed from plates of lesser quality than normally seen from the East. The paper is quite sturdy and exhibits blue fibers observed from the back. Layout and style are similar to the Harrison imprinted $1 proof: a Native American man canoeing past a beaver, fancy end panels with denominations, and two oval dies at the top. With the engraved "St. Charles" location at the left, and the fully engraved date of "1st Oct 1821" spread across the center. Signed by the treasurer and auditor. Plate A. No. 2529. Noted by PCGS with "Mounting Remnants on Back." It is quite extraordinary and has ample paper body. The lower left end is trimmed inward slightly near the base. Otherwise, the note is remarkable for the series and type. A similar example, the Criswell Plate Note, realized $3,000 in Newman Part VIII. Another extremely important Missouri note of the highest rarity.
    Ex: Eric P. Newman Numismatic Education Society




    Auction Info

    Auction Dates
    November, 2018
    7th-10th Wednesday-Saturday
    Bids + Registered Phone Bidders: 12
    Lot Tracking Activity: N/A
    Page Views: 199

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    Truth Seeker: The Life of Eric P. Newman (softcover)
    A powerful and intimidating dealer of the 1960s, backed by important colleagues, was accused of selling fraudulent gold coins and ingots to unsuspecting numismatists. Who would go up against a man like that and, over the course of decades, prove the fraud? Who would expose a widely respected scholar as a thief, then doggedly pursue recovery of coins that the scholar had stolen from an embarrassed numismatic organization, all over the objections of influential collectors who had bought coins with clouded titles? Eric P. Newman would - and did. Reserve your copy today.
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