Two notes crossed the $1 million mark in Lyn Knight's paper money auction in Memphis June 16-17, contributing to the sale's overall $9.5 million total.
Both of the high-steppers were $1,000 notes.
An 1863 $1,000 Legal Tender Note, Krause-Lemke No. 969, Friedberg 186d, graded choice about uncirculated by Knight catalogers, brought $1,150,000. Catalogers wrote that four examples of the type are known, one held by the U.S. Treasury, and that this one being the finest of the three available to collectors.
This is a record high price realized at a public auction. The previous record for a note of $1,092,500 was held by Knight from an October 2005 sale.
The second note in this sale to beat $1 million was an 1882 $1,000 Gold Certificate, KL-996, Fr. 1218d, graded about uncirculated by catalogers. Three examples of this note are known but only this one is available to collectors, the others held by the Smithsonian Institution and the Federal Reserve Bank of San Francisco. It sold for $1,092,500.
A third $1,000 note in the sale approached the $1 million level. A price of $862,500 was paid for 1880 $1,000 Legal Tender Note, KL-971, Fr. 187b, graded Choice About Uncirculated-55 by PCGS Currency.
All prices reported here include the 15-percent buyers' fees.
Large-size type notes led the prices realized.
An 1882 $100 Gold Certificate, KL-815, Fr. 1203, graded ?fine or better? by the auction firm, went for $327,750. It is the only example of its seal-signature variety available in private hands.
Estimated at $80,000-$120,000 was an 1880 $100 Silver Certificate, KL-840, Fr. 342, graded About Uncirculated-55 by Currency Grading and Authentication. Pedigreed to the Abe Kosoff and F.C.C. Boyd collections, this note beat its presale estimate to bring $143,750.
Another $1,000 Gold Certificate, this one a Series 1907, KL-1005, Fr. 1219e, graded Choice Uncirculated-63 by Paper Money Guaranty, went for $138,000.
Solidly within its $75,000-$150,000 presale estimates at $132,250 was an 1880 $50 Silver Certificate, KL-713, Fr. 327, graded extremely fine/about uncirculated by catalogers.
An 1869 $100 "Rainbow" Legal Tender Note, KL-787, Fr. 168, graded choice crisp uncirculated by the auction firm, sold for $126,500.
A $5 Treasury Note of 1890, KL-254, Fr. 360, went for $115,000. It was graded gem CU by catalogers.
A small-size highlight was a replacement Series 1928 $1 Legal Tender Note graded gem CU by Knight catalogers. Estimated at $25,000-$50,000, it realized $28,750.
A Series 1933 $10 Silver Certificate called Gem CU-65 by PMG brought $32,200 on an estimate of $30,000-$40,000.
A Series 1934 $5,000 Federal Reserve Note from the Richmond district was graded Gem New-65 PPQ by PCGS Currency. It sold for $74,750.
Among National Bank Notes, an 1882 $5 Brown Back from the First National Bank of Telluride, Colo., graded XF, sold for $51,750, over its estimate of $20,000-$40,000. An 1875 $5 from the First National Bank of Central City, Colorado Territory, with black charter numbers reached $43,550 and had been estimated at $35,000-$50,000.
The sale featured the Richard Dreger collection of Oregon Nationals. A highlight from the offering was an 1882 $50 Brown Back from the First National Bank of Heppner, Ore., in fine, that realized $33,350. It followed a 1902 $10 Plain Back from the First National Bank of Bandon, Ore., in XF that reached $25,300.
Also bringing $33,350 was a 1902 $20 Plain Back from the First National Bank of Tonasket, Wash., graded XF. Estimate was $7,500-$10,000.
Military Payment Certificates performed well, led by a Series 651 $10 replacement graded XF. It whipped its $500-$850 estimate by selling for $12,650. A Series 521 $5 graded gem CU realized $8,050 on estimates or $4,750-$6,750.
Top world note in the sale was a Banco de Puerto Rico five pesos/$5 dated July 1, 1904, Standard Catalog of World Paper Money No. P-41. Graded fine, it sold for $12,650. An issued Banco de Costa Rica five colones of 1901, P-S173a, called fine+ brought $5,750.
Knight's next sale is planned for October at the firm?s auction facility in Lenexa, Kan.
For more information, contact Lyn Knight Currency Auctions, P.O. Box 7364, Overland Park, KS 66207; telephone (800) 243-5211; e-mail firstname.lastname@example.org.