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Rare notes sell for millions

It wasn’t just multi-million dollar coins in the news this week.

Sergio Sanchez Jr., president of Sergio Sanchez Currency and Coins, Miami, Fla., announced Dec. 7 the private sale of two of the rarest pieces of U.S. paper currency.

In an anonymous transaction where he represented both the buyer and seller, Series 1869 $500 and $1,000 Legal Tender Notes changed hands for seven figures.

When asked about the amount of the transaction, Sanchez said that both parties agreed not to disclose the value or their identities “but it is in the millions of dollars.”

He said the notes were pedigreed to the Grinnell, Friedberg and Amon Carter Collections.

“I was pleased to be able to arrange the sale between two major collectors,” he added.

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Sanchez said the notes are two of the three rarest U.S. paper issues, nicknamed the “triple crown.” The third note is the $1,000 1891 Silver Certificate commonly known as the “Marcy note.” All three are unique in private hands. The complete set of eight rainbow notes from $1-$1,000 was exhibited by Sanchez at the January 2008 Florida United Numismatists convention in Orlando.

Rainbow notes were printed on special paper that had a vertical segment of blue color interspersed with a large number of silk fibers to deter counterfeiting, Sanchez explained. The combination of this paper with red serials numbers, Treasury seal, and the black main design gave rise to the term “Rainbow note.”

For further information, Sanchez can be reached at Sergio@sanchezcurrency.com.

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