PMG Grades Selected Rarities from the Dauer Collection

Posted on 10/5/2007

Dr. Edward and Joanne Dauer are married medical professionals who together share the hobby of currency collecting. Through years of diligent and studious collecting, they have amassed one of the finest currency collections in history.

Recently, the Dauers chose PMG to certify select Demand, Legal Tender, and National Bank Notes from their collection. PMG has already graded their Treasury Notes and Gold Certificates.

The highlights of the Demand Notes graded include four Demand Notes with the handwritten comment "For the" adjacent to the signatures of the Register of the Treasury and the Treasury of the United States. This indicates that the notes were signed by a proxy. Later issues also include this comment, but it is engraved on the plates and printed beside each signature. The change was made to eliminate the tedium of writing "For the" beside every signature. These earliest issue notes are rare and much sought after. The four examples in the Dauer Collection are the first "For the" Demand Notes that PMG has graded:

  • 1861 $5 Demand Note Fr. 1a, PMG VF20
  • 1861 $10 Demand Note Fr. 6a, PMG VF20
  • 1861 $10 Demand Note Fr. 7a, PMG F15
  • 1861 $10 Demand Notes Fr. 9a, PMG VF30 (pictured)

1861 $10 Demand Notes Fr. 9a, PMG VF30
Click image to enlarge.

The quality of these examples is well above what is normally seen. The average grade of the 53 Demand Notes thus far graded by PMG to date is VF20, and it is well lower for rarer issues.

PMG also graded several examples of early series high denomination Legal Tender notes. These notes were issued in small number and most were redeemed, as few could afford to hold such value for long periods. Most surviving high denomination Legal Tender Notes known today are held in public institutions. The Dauer collection includes three highly noteworthy examples:

  • 1862 $500 Legal Tender Fr. 183a, PMG F12 Net, unique. This is the only example known with the "First Obligation" back.
  • 1863 $1,000 Legal Tender Fr. 186d, PMG AU53 EPQ, one of two known. (pictured)
  • 1874 $500 Legal Tender PMG VF30, the only $500 issue from that series, believed unique in private hands.

1863 $1,000 Legal Tender Fr. 186d, PMG AU53 EPQ, one of two known.
Click image to enlarge.

PMG also certified a handful of Nationals from the Dauer Collection. Two especially noteworthy pieces were these scarce $100 bills:

  • 1882 Value Back $100 CH#5649 New Orleans, La, serial number 1, graded PMG F12. The only serial number 1 $100 Value Back known. (pictured)
  • 1902 Red Seal $100 CH#6888 Jacksonville, FL PMG F15, one of only three known 1902 Red Seal $100 known from this bank.

1882 Value Back $100 CH#5649 New Orleans, La, serial number 1, graded PMG F12. The only serial number 1 $100 Value Back known.
Click image to enlarge.

These notes and many others can be viewed on the Dauer Gallery on

"Meeting the Dauers, you immediately sense the passion and commitment that’s enabled them to build one of the finest collections ever. Grading these notes is a once-and-a-lifetime experience to see some of the rarest U.S. currency," comments PMG Finalizer Glen Jorde, "and, PMG is proud to have been selected to certify this collection."

The Dauers are well known for their philanthropy and professional achievements. Dr. Edward Dauer served two terms as Chairman of the Florida State Board of Medicine. He has lectured widely on currency. He began collecting in 1971, and amassed an important collection of diverse currency from the U.S., British Commonwealth, Australia, Canada. He and his wife authored American History as Seen Through Currency, which explores the historical context of circulating US currency and the history depicted in its designs. Their newest book, Australian History as Seen Through Currency, has just been published. They recently launched the website

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