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Reviewing the Tabacco Family Collection

$50 1928 Minneapolis note (All images courtesy of Heritage Auctions www.ha.com)

$50 1928 Minneapolis note (All images courtesy of Heritage Auctions www.ha.com)

Reviewing the April Tabacco Family Collection was a special treat for me. This collection, although on a much greater scale, closely follows my favorite areas of currency collecting. First, the immense complete collection of Fractional currency. Besides being complete it includes a vast number of inverted back notes. This mirrors the O’Mara collection and one of my special favorites. I only completed a type set and it took me 19 years, as this is a rare and difficult area. The collection’s two major rarities include the Third issue 10 cent Green Back autographed note in PMG 40, Fr1255a, with only two in the census, and selling for $108,000; and the Fr 1352 50 cent Justice note in 64 PPQ grade, one of three known. It sold for $98,000.

Another area that I especially enjoy is collecting the 1928 and 1928A Federal Reserve Notes. These notes feature a numerical District identifier instead of an alphabetical letter. These are scarce and hard to find in any condition. I only collect the Minnesota District, while this collection features all 12 Districts. I was fortunate enough to purchase a $50 1928 Minneapolis note in PMG 12, one of four reported.

One of six 1929 $5 Minneapolis star notes

One of six 1929 $5 Minneapolis star notes

My next favorite group are the 1929 Federal Reserve Bank Notes. This was a depression issued series and the notes endured hard labor. Again, I only collect the Minneapolis District, while Mr. Tabacco collected all the Districts. The star notes are especially scarce. They rarely come in great condition, but when they do, the scarcer Districts command serious prices. Here again my luck held and I was able to secure a $5 Minneapolis star in PMG Fine 15, one of only six with only one in higher condition.

1935 Canada

The good news is that prices have gained new momentum with very few reductions in value. High denomination notes continued very high prices. The only $10,000 note reported on the 1928 Kansas District was a PMG 30 grade which realized $456,000. This is the highest price reported on any $10,000 in any condition or from any District. World currency continues strong. Canadian in particular. For example, a Princess Elizabeth $20 French language version in PMG 50 condition sold for $6,300 with Buyers fees, while a French language note in PMG 30, PPQ brought $5,800. This is one of my favorite notes. From the 1935 notes issued by Canada it depicts a very young Princess Elizabeth and is nicknamed the “Shirley Temple note. This series is very popular with collectors of Canadian notes as it Features a number of Royals George V, his Queen Mary, their daughter Princess Mary, the Countess of Harewood, The Prince of Wales who would become Edward VIII, The Duke of York who would become George VI on the abdication of Edward VIII, and the third son, the Duke of Gloucester. While prices were high, I economized by buying a Proof of the 1924 Large Size $5 note featuring George the V’s wife Queen Mary, after whom the Ocean liner Queen Mary is named. The note goes for more than double what I had to pay. A Brazil category of 112 lots grossed almost $160,000 with buyers’ fees. Counting all the paper and coins, the Auction brought in $47 Million. Contact me at billbrandimore@charter.net