PMG-certified American Banknote Rarities from the Mike Coltrane Collection Realize $2.4 Million
Posted on 6/25/2021
Two banknotes from the renowned Mike Coltrane Collection certified by Paper Money Guaranty® (PMG®) realized prices over $100,000 in a Heritage Auctions sale that ended June 25, 2021. The collection includes some of the earliest federal notes known and other great rarities in American numismatics. With the $2.4 million realized in this sale, the entire collection has now realized over $5 million.
The star of the sale was an 1875 $20 National Gold Bank Note issued by The First National Gold Bank, Petaluma graded PMG 45 Choice Extremely Fine (lot 20190) that realized $204,000.
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| 1875 $20 The First National Gold Bank, Petaluma Note graded PMG 45 Choice Extremely Fine and pedigreed to the Mike Coltrane Collection. Realized $204,000. Click images to enlarge. |
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These notes were issued in the late 1800s by nine national gold banks in California, where gold coins were preferred for transactions. This particular $20 is believed to be the highest-graded of only several dozen known survivors from all of the national gold banks.
The other six-figure note in the sale was an 1815 $10 Treasury Note graded PMG 35 Choice Very Fine (lot 20015), which realized $132,000. These notes were issued during and immediately after the War of 1812.
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| 1815 $10 Treasury Note graded PMG 35 Choice Very Fine. Realized $132,000. Click images to enlarge. |
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This is one of only two fully issued 1815 notes confirmed to be triple-signed. The other, a $3 example graded PMG 25 Very Fine, realized $168,000 in a previous Coltrane sale in November 2020.
Other PMG-certified highlights from the Mike Coltrane Collection in the June sale included:
- an 1864 $50 Interest Bearing Note graded PMG 20 Very Fine NET and also pedigreed to Anderson and Grinnel (lot 20087) that realized $84,000
- an 1864 $100 Compound Interest Treasury Note graded PMG 20 Very Fine and also pedigreed as the Friedberg Plate Note (lot 20084) that realized $78,000
- an 1861 $50 Interest Bearing Note Specimen graded PMG 58 Choice About Uncirculated (lot 20086) that realized $38,400
- a 1918 $50 Federal Reserve Bank Note (St. Louis) graded PMG 45 Choice Extremely Fine (lot 20184) that realized $37,200
- an 1863 $50 Legal Tender graded PMG 20 Very Fine (lot 20075) that realized $33,600
- an 1886 $20 Silver Certificate graded PMG 35 Choice Very Fine (lot 20112) that realized $33,600
- a Boston, Massachusetts $100 issued by The New England National Bank graded PMG 20 Very Fine (lot 20140) that realized $31,200
- a 1915 $20 Federal Reserve Bank Note (Dallas) graded PMG 20 Very Fine (lot 20183) that realized $30,000
- an 1812 $100 Treasury Note graded PMG 55 About Uncirculated EPQ (lot 20001) that realized $28,800
- an 1873 $20 National Gold Bank Note issued by the First National Gold Bank, Santa Barbara graded PMG 8 Very Good (lot 20191) that realized $26,400
Prices realized include buyer's premium.
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