High grade, high rarity 1934 FRN

A top-of-the-population 1934 $5,000 Federal Reserve Note is expected to be lead most it not all lots in Heritage Auctions’ FUN Currency Signature Auction, Jan. 4-10. The sale is at the Fort Lauderdale (Fla.) Convention Center in conjunction with the Florida United Numismatists Convention.

The rare $5,000, Fr. 2221-G, is graded PMG Choice Uncirculated 64 EPQ and described as “a simply stunning note.” It was previously offered as part of the Kiawah Collection, where it was cataloged as, “A well centered and very bright $5000 note which is very close to the elusive Gem grade, having received a rating of Choice Uncirculated 64 EPQ by PMG.” It realized $164,500 in that auction and is now estimated at $175,000 to $225,000.

Next on the list of top rarities being presented in Florida is an ex-Binion Hoard $10,000. This 1934 Federal Reserve Note, Fr. 2231-B, is graded PCGS Gem New 65. Estimated at $175,000 to $225,000, the auctioneer wrote: “The Binion Horseshoe notes consisted of 100 $10,000 New York Federal Reserve Notes. They were arranged in a large horseshoe display in the entryway to Binion’s Horseshoe Casino in Las Vegas. Fun 2016 saw us offer a PMG 64 New York district Binion note that sold for $188,000. Tonight’s delightful Gem entrant is in a comment-free holder and additionally we see great margins and ideal inks.”

Another 1934 rarity is a $5,000 from the Dr. A. Wayne Schmalhausen Collection. This Fr. 2221-K is graded PMG Choice Unc 58 and estimated at $120,000 to $140,000. “A record of this note’s existence has been part of the census for a few decades, though it never made its way through a public auction. Dr. Schmalhausen hand picked this $5,000 for its stunning eye appeal.”

Also from the Schmalhausen Collection is a newly reported Boston $10,000. This is an Fr. 2231-A 1934 Federal Reserve Note in PMG About Uncirculated 55. “Tucked away in collections held for decades are incredible notes like this. Until now, this serial number had not been captured by census takers.”

It is estimated at $120,000 to $140,000.

An Fr. 2231-G $10,000 1934 Federal Reserve Note in PMG About Uncirculated 50 is thought to be worth $110,000 to $130,000 and is a new serial number to the census.

Also crossing the block is an original Bechtel album of Confederate notes, containing most of the great rarities in the Confederate series. C.H. Betchtel, a New York coin dealer, created an album to house Confederate notes and sold the 90-page albums to collectors. “The album” up for bid “is in excellent condition, with just the slightest rubbing at the corners of the covers and binding.… The album begins with an introduction page and a four page index of Confederate type notes, as Bechtel identified them, that could be accommodated in the album. This is followed by ninety pages of Confederate type notes that have been affixed to the pages, mostly with stamp hinges. The album concludes with five pages that the owner used for Republic of Texas notes (one note has been removed) and two pages that were used for Colonial Bank of Canada obsolete notes.”

“The upshot of this is that the album contains a complete type set of Confederate Treasury Notes along with some Texas and Canadian notes. Here are the highlights of the typeset:

“T1 $1000 Montgomery-Serial no. 441 Very Good-Fine;
“T2 $500 Montgomery-Serial no. 146 Fine-Very Fine;
“T3 $100 Montgomery- Serial no. 491 Fine
“T4 $50 Montgomery-Serial no. 1561 Fine-Very Fine;
“T27 $10 1861 Fine;
“T35 $5 Indian Princess Very Good with two large cut out cancels and a stain.”

Heritage estimates the value on the notes alone to be at least $80,000 and has a lot estimate of $100,000 to $120,000.

Other notable lots include:

• 1891 $100 Silver Certificate, Fr. 344, PCGS Apparent Very Fine 30.
• 1869 $50 Legal Tender, Fr. 151, PMG Very Fine 25.
• 1902 Plain Back $5, The First National Bank of Lake Worth, Fla., Lake Worth, Fla., charter 11716, Fr. 606, PCGS Very Fine 30.
• Original $5 The Merchants National Bank, Hastings, Minn., charter 1538, Fr. 397a, PMG Very Fine 20.
• 1863 $100 Interest Bearing Note Face Proof, Hessler HX-138D, Fr. 204, PMG Choice Uncirculated 63.

For additional information on this sale, visit www.HA.com.

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