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1869 Legal Tender “Rainbow” $50 tops Central States auction

A high-grade 1869 Legal Tender “Rainbow” $50, Fr. 151 in PMG About Uncirculated 55, is expected to bring in excess of $175,000 in Heritage Auctions’ April 27-May 2, CSNS Currency Signature Auction. The auction is being held in conjunction with the Central States Numismatic Society Convention at the Renaissance Schaumburg Convention Center Hotel in Schaumburg, Ill.

“Rainbow” $50 expected to bring in excess of $175,000 in Heritage’s upcoming sale.

“Rainbow” $50 expected to bring in excess of $175,000 in Heritage’s upcoming sale.

“Only a grand total of 64 examples of the Rainbow $50 are enumerated in the Track & Price Census,” said Dustin Johnston, Director of Rare Currency at Heritage Auctions. “PMG and PCGS combined statistics show that they’ve graded only four pieces higher with none equal to this one. It’s just a superb AU note and we expect top collectors will stretch a bit to get it.”

Popular and rare “Watermelon” $100. This specimen has been off the market for some time.

Popular and rare “Watermelon” $100. This specimen has been off the market for some time.

Reverse of the $100 "Watermelon" note. Note the iconic "0's" that give the note its nickname.

Reverse of the $100 “Watermelon” note. Note the iconic “0’s” that give the note its nickname.

A famed “Watermelon” 1890 $100 Treasury Note,  Fr. 377,  PMG Very Fine 25 Net, that has been off the market for two decades is anticipated to sell for more than $150,000. The same pre-sale estimate is given to a “beautifully and broadly margined” 1934 Dallas $5,000 Federal Reserve Note, Fr. 2221-K, PMG Choice Uncirculated 64, “part of rare run that was discovered in the Lone Star State a decade ago.”

A 1934 $5,000 Federal Reserve Note, Fr. 2221-H in  PMG Choice Extremely Fine 45, one of just five known examples from the St. Louis District, has a pre-auction estimate of $115,000+, while an 1886 Fr. 313 $20 Silver Certificate PMG Extremely Fine 40, with a $60,000+ pre-auction estimate, gives “collectors a chance to acquire the finest offering of its kind in almost a decade.”

Additional highlights include:

• 1902 $20 Red Seal, The First National Bank of Murray, Utah, Fr. 639, charter No. (P)6558, PMG Very Fine 25 Net, $35,000+ estimate.

• 1974 $20/$10 double denomination Federal Reserve Note, Fr. 2071-K,  PMG Choice Uncirculated 64 EPQ, $35,000+ estimate.

• 1902 $10 Red Seal, The First National Bank of Scotland, Fr. 613,  charter No.   (W)7048, only known example, PMG Very Fine 20, $20,000+ estimate.

• 1902 $20 Red Seal, The United States National Bank of Salem, Ore.,  Fr. 641, charter No. (P)9021, PCGS About New 53PPQ, $17,500+ estimate.

• Serial No. 1 Original $2, The Fayette County National Bank, Washington, Ohio, Fr. 389, charter No. 1972, PMG Very Fine 25 Net, $17,500+ estimate.

For additional information, visit www.HA.com.

This article was originally printed in Bank Note Reporter.
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