Treasury Note tops all lots at FUN show

A newly discovered signed and issued 1847 $500 Treasury Note was the top lot in Heritage Auctions’ Florida Untied Numismatists Signature Auction’s Platinum Night, Jan. 6-12 in Tampa, Fla. It was described as “the sole signed and issued example” of any post-War of 1812 and pre-Civil War Treasury issue that is not a proof or essay.

Prices included a buyer’s premium of 17.5 percent. Total for the sale was $6,860,047.

The Hessler X110C rarity, graded PMG Very Fine 25, is dated Jan. 22, 1847 and is signed by the Register of the Treasury and the Treasurer of the United States and has multiple endorsements on the back.

According to the auctioneer, “This Treasury Note was issued pursuant to the Act of July 22, 1846, which authorized the issuance of one year Treasury Notes, with an interest rate of one-tenth of one percent to five and two-fifths percent. The notes were issued at par, with the interest payable at redemption.”

An outgrowth of the war with Mexico, the Act of July 22, 1846 “authorized $10,000,000 in Treasury Notes, but only $7,687,800 were actually issued, in denominations of $50, $100, $500, and $1000, with the Proof illustrated in Hessler’s reference listed as Rarity 8 (1-3 known). As of the last Treasury accounting as of June 30, 1896, $5900 was still listed as unredeemed, including an entry under the title of ‘Old Debt, Unadjusted short $1000.’ The Ford Collection sale in 2004 contained the only known example of this note in an unissued Proof form, and it sold at the time for $8340.”

Bringing $188,000 in the Heritage FUN sale was a Binion Hoard PMG Choice Uncirculated 64 $10,000 Federal Reserve Note, Fr. 2231-B. The Binion Horseshoe notes consisted of 100 $10,000 New York FRNs arranged in a horseshoe display in the entryway of the Binion’s Horseshoe Casino in Las Vegas.

Locked down at $105,750 was a 1934 $5,000 Federal Reserve Note, New York, Fr. 2221-B. Graded PMG Very Fine 30 Net, the note was one of 11,520 printed for the New York Federal Reserve, few of which ever reached circulation. This specimen, serial No. 822, “has sustained moderate circulation and has a few minor edge repairs, but it retains virtually its full original color and has the appearance of a much higher grade.”

Also selling for $105,750 was an Fr. 2405 $100 1928 Gold Certificate, PMG Gem Uncirculated 66 EPQ. The cataloger, noting that these notes are true rarities in gem, added that: “To date, no finer examples of the $100 denomination have been graded by either PMG or PCGS with just two notes each awarded the 66 level by the two services.”

Other top lots included:

• 1882 $5 Brown Back The First National Bank of San Diego, Calif., Fr. 467, charter 3050, newly discovered No. 1, PMG Extremely Fine 40, $76,375.

• 1862 $10 Legal Tender Note, Fr. 94, PMG Choice Uncirculated 63EPQ, $49,350.

• 1914 $100 Red Seal Federal Reserve Note, PMG Very Fine 25, $42,300.

• 1923 $5 “Porthole” Silver Certificate, Fr. 282, PCGS Superb Gem New 68PPQ, $39,950.

• Confederate T4 $50 Montgomery note, Cr. 4, PCGS Extremely Fine 45PPQ, $37,600.

• 1976 $2 star Federal Reserve Note, No. 1, Fr. 1935-L*, PCGS Very Choice New 64PPQ, $35,250.

• 1918 $2 “Battleship” Federal Reserve Bank Note, No. 1, Fr. 757, PMG Choice Uncirculated 64, $35,250.

• Confederate T1 $1,000 Montgomery, Cr. 1, PCGS Apparent Very Fine 30, $29,375.

• 1902 $10 Plain Back The First National Bank of Tombstone, Ariz., Fr. 628, charter 6439, PCGS Very Fine 20, $25,850.

For additional information, visit www.HA.com.

More Collecting Resources
• The Standard Catalog of United States Paper Money is the only annual guide that provides complete coverage of U.S. currency with today’s market prices.
• Come on down to the Chicago International Coin Fair in Rosemont, Ill. on April 14 to 17, 2016 to see impressive world coins, meet new collectors and participate in Heritage Auction’s fantastic coin auction.