PMG-Graded Treasury Note Tops All Lots At FUN Show

Posted on 2/1/2016

PMG-graded US notes garner robust prices at Heritage Auctions' Platinum Night.

A newly discovered signed and issued 1847 $500 Treasury Note was the top lot in Heritage Auctions’ Florida United Numismatists Signature Auction’s Platinum Night, Jan. 6-12 in Tampa, Fla. It was described as “the sole signed and issued example” of any post-War of 1812 and pre-Civil War Treasury issue that is not a proof or essay.

Prices included a buyer’s premium of 17.5 percent. Total for the sale was $6,860,047.

The Hessler X110C rarity, graded PMG Very Fine 25, is dated Jan. 22, 1847 and is signed by the Register of the Treasury and the Treasurer of the United States and has multiple endorsements on the back.

Bearing multiple endorsements on its back, this newly discovered
$500 Treasury Note sold for $199,750.
Click image to enlarge.

The note contains endorsements on the reverse.
Click image to enlarge.

According to the auctioneer, “This Treasury Note was issued pursuant to the Act of July 22, 1846, which authorized the issuance of one year Treasury Notes, with an interest rate of one-tenth of one percent to five and two-fifths percent. The notes were issued at par, with the interest payable at redemption.”

An outgrowth of the war with Mexico, the Act of July 22, 1846 “authorized $10,000,000 in Treasury Notes, but only $7,687,800 were actually issued, in denominations of $50, $100, $500, and $1000, with the Proof illustrated in Hessler’s reference listed as Rarity 8 (1-3 known). As of the last Treasury accounting as of June 30, 1896, $5900 was still listed as unredeemed, including an entry under the title of ‘Old Debt, Unadjusted short $1000.’ The Ford Collection sale in 2004 contained the only known example of this note in an unissued Proof form, and it sold at the time for $8,340.”

Bringing $188,000 in the Heritage FUN sale was a Binion Hoard PMG Choice Uncirculated 64 $10,000 Federal Reserve Note, Fr. 2231-B. The Binion Horseshoe notes consisted of 100 $10,000 New York FRNs arranged in a horseshoe display in the entryway of the Binion’s Horseshoe Casino in Las Vegas.

Bringing $105,750 was a 1934 $5,000 Federal Reserve Note, New York, Fr. 2221-B.
It was graded PMG Very Fine 30 Net.
Click image to enlarge.

Locked down at $105,750 was a 1934 $5,000 Federal Reserve Note, New York, Fr. 2221-B. Graded PMG Very Fine 30 Net, the note was one of 11,520 printed for the New York Federal Reserve, few of which ever reached circulation. This specimen, serial No. 822, “has sustained moderate circulation and has a few minor edge repairs, but it retains virtually its full original color and has the appearance of a much higher grade.”

This 1928 $100 Gold Certificate sold for $105,750.
Click image to enlarge.

Also selling for $105,750 was an Fr. 2405 $100 1928 Gold Certificate, PMG Gem Uncirculated 66 EPQ. The cataloger, noting that these notes are true rarities in gem.

Other top lots included:

  • 1882 $5 Brown Back The First National Bank of San Diego, Calif., Fr. 467, charter 3050, newly discovered No. 1, PMG Extremely Fine 40, $76,375 (pictured below).
  • A newly discovered No. 1 $5 national on The First National Bank
    of San Diego, Calif. went for $76,375.
    Click image to enlarge.

  • 1862 $10 Legal Tender Note, Fr. 94, PMG Choice Uncirculated 63 EPQ, $49,350 (pictured below).
  • In PMG Choice Uncirculated 63 EPQ, this 1862 $10 Legal Tender Note.
    Fr. 94, went for $49,350.
    Click image to enlarge.

  • 1914 $100 Red Seal Federal Reserve Note, PMG Very Fine 25, $42,300 (pictured below).
  • This 1914 $100 Red Seal Federal Reserve Note in PMG Very Fine 25 commanded $42,300.
    Click image to enlarge.

  • 1918 $2 “Battleship” Federal Reserve Bank Note, No. 1, Fr. 757, PMG Choice Uncirculated 64, $35,250.

This article was originally printed in Bank Note Reporter and published January 25, 2016 on the Numismatic News website.

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