PMG-certified 1865 Note Realizes $264,000 at Stack’s Bowers Sale

Posted on 11/18/2019

The $500 Interest Bearing Note apparently was used in a scheme to redeem it twice.

A banknote certified by Paper Money Guaranty® (PMG®) realized $264,000 at the Stack’s Bowers Galleries currency auction on November 14, 2019.

The 1865 $500 Interest Bearing Note, Fr. 212f, graded PMG 25 Very Fine, had an altered serial number and the payee’s name removed after it was redeemed, apparently in an attempt to redeem it again.

It also bears signs that Treasury Department officials discovered that plan, writing the correct serial number by hand on the note and punch-cancelling it repeatedly. A hand-written note on the back says: “Writing has evidently been removed from the payee mark on this note SMC June 26/68.” Numismatic experts believe that indicates the note was written by Spencer Clark, head of the National Currency Bureau at the time.

This 1865 $500 Interest Bearing Note, Fr. 212f, is graded PMG 25 Very Fine. It realized: $264,000.
Click image to enlarge.

The note, submitted to PMG through its CrossOver service, was part of the collection of well-known numismatist Joel R. Anderson and is the only 1865 $500 Interest Bearing Note, Fr. 212f in the PMG Population Report.

Other notable paper money results of the Stack’s Bowers sale in Baltimore include:

All prices realized include a buyer’s premium.

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