PMG-certified Rarities from the Mike Coltrane Collection Being Sold

Paper Money Guaranty® (PMG®) has certified hundreds of banknotes from the renowned Mike Coltrane Collection, which boasts some of the greatest rarities in American numismatics. Heritage Auctions is offering the Mike Coltrane Collection notes in two auctions in November: a signature sale on Nov. 4-5, 2020 and an auction focused on North Carolina currency on Nov. 29.

A unique piece of paper money, a fully issued and uncanceled 1815 $3 Treasury Note, shares the honor for the note with the highest estimate in the first sale. It is the only known example of the only $3 bill ever issued by the United States government. Graded PMG Very Fine 25, it has an estimate of $150,000 to $250,000.

1815 $3 Treasury Note graded PMG Very Fine 25 and pedigreed to the Mike Coltrane Collection, as well as FCC Boyd, JJ Ford, Jim O'Neal and Donald Kagin. Click images to enlarge.

This note was issued by the federal government for its debts accumulated during the War of 1812, which ended in early 1815. With its immense numismatic significance, this note is certain to attract intense interest from elite collectors.

In all, the first Coltrane Collection sale features 21 War of 1812 Treasury Notes spread across 19 catalog numbers. This is an impressive collecting feat considering that PMG has certified less than 80 War of 1812 Treasury Notes total across 26 catalog numbers. To see all of the PMG-certified War of 1812 Treasury Notes in the sale, which generally have estimates in the five figures, click here.

The other note in the sale with an estimate of $150,000 to $250,000 is an 1875 $100 National Gold Bank Note issued by Union National Gold Bank of Oakland. This unique note is graded PMG 12 Fine NET.

1875 $100 National Gold Bank Note issued by Union National Gold Bank of Oakland graded PMG 12 Fine NET and pedigreed to the Mike Coltrane Collection. Click images to enlarge.

National Gold Bank Notes were issued by nine National Gold Banks that were chartered in California in the 1870s. The $100 denomination is incredibly rare, with only eight examples known from four banks. Notes of any denomination from Union National Gold Bank of Oakland are also extremely rare, and this is the only known $100 National Gold Bank Note from this bank.

The note was submitted to PMG through its CrossOver service since it was previously graded by another certification service. (To learn more about PMG CrossOver, click here.)

An 1863 $50 Interest Bearing Note graded PMG 30 Very Fine is also featured in the sale alongside other rarities from the Civil War, when a revolution in federal paper money set the stage for the system we have today. This particular note is one of just eight pieces known, and is tied with one other example for the status of finest certified. It has an estimate of $120,000 to $180,000.

1863 $50 Interest Bearing Note graded PMG 30 Very Fine and pedigreed to the Mike Coltrane Collection. Click images to enlarge.

"The Mike Coltrane Collection is a tribute to the immense range and amazing artistry that have characterized US paper money since Colonial times," said Mark Salzberg, PMG Chairman. "PMG is honored to have certified hundreds of rare notes from this monumental collection."

“The Coltrane Collection rarities, including the fantastic War of 1812 Treasury Notes, are a broad and complex group,” said Dustin Johnston, Director of US Currency at Heritage Auctions. “The PMG team was the obvious choice for third-party certification, which we expect will help this collection achieve its full potential.”

Other highlights of the Nov. 4-5 signature sale include:

• an 1863 $20 Interest Bearing note graded PMG 35 Choice Very Fine with an estimate of $100,000 to $150,000.
• an 1861 Demand Note (New York) graded PMG 25 Very Fine, with an estimate of $80,000 to $120,000
• an 1864 $50 Compound Interest Treasury Note graded PMG 30 Very Fine, with an estimate of $80,000 to $120,000
• an 1875 $100 issued by The City National Bank of Williamsport, Pennsylvania graded PMG 30 Very Fine, with an estimate of $80,000 to $120,000
• an 1891 $50 Treasury Note graded PMG 25 Very Fine, with an estimate of $80,000 to $120,000
• an 1863 $100 Legal Tender graded PMG 35 Choice Very Fine, with an estimate of $50,000 to $75,000
• an 1875 $50 issued by The Second National Bank of Danville, Illinois, graded PMG 30 Very Fine, with an estimate of $50,000 to $75,000
• an 1880 $100 Silver Certificate graded PMG 30 Very Fine, with an estimate of $50,000 to $75,000

All estimates are provided by the auction house.