The collector market is continuing its rebound as prices from a recent Lyn Knight Currency Auction reveal.
Knight conducted a public auction during the 27th annual National Coin and Currency convention held Nov. 8 to 11 in Rosemont, Ill., hosted by the Professional Currency Dealers Association.
The auction provided a wealth of opportunity for beginning and intermediate collectors with its selection of notes in moderate grades at reasonable prices. Error notes are enjoying a spike in popularity, and 212 of them were in the sale – comparable to the 203 large-size and 263 small-size notes – with most of the selling prices not exceeding several hundred dollars each.
Following a week behind the PCDA show, Stack’s Bowers Galleries offered 800 lots of paper money during the Whitman Baltimore Winter Expo Nov. 15 to 18.
The lots offered Nov. 15 spanned the spectrum of United States paper money. Included among the offerings was the rarest of the rare, 10 lots of War of 1812 Treasury notes. As with the Demand Notes of 1861, these Treasury notes came into existence in response to a war. They were used to raise revenue for the government, and the fact that they bore interest and thus had to be returned to be redeemed makes them very rare today.
Only 16 types of Treasury notes were issued and nearly all known examples are specimens, proofs, or unissued remainders. The Stack’s Bowers auction scheduled an offering of the only $3 note the United States ever issued. An unsigned remainder, it is Friedberg TN-16 (Paper Money of the United States by Arthur L. and Ira S. Friedberg), graded Choice About Uncirculated 58. It approached auction with an estimated price of $20,000 to $30,000.
The large-size silver certificate section of the auction contained close to 90 notes, including a total of 18 Educational $1, $2, and $5 notes, but the unquestionable leader in the category was one of the two finest known Series 1891 $50 notes (F-334).
High face value silver certificates are seen with far less regularity than the lower denominations, and when graded Gem New 66, as this note is, hardly ever.
Gold certificates featured what the cataloger called a “striking” Series 1905 $20 “Technicolor” note (F-1179) in AU-53 condition, and a Gem New 65 Series 1882 $100 note (F-1214), both of which were estimated at strong five-figure prices.
The small-size section included a run of $500 and $1,000 Federal Reserve notes, followed by a $10,000 FRN printed for the Federal Reserve Bank of Dallas (F-2231-K). Although graded in the Very Fine range with edge restorations, with only 1,200 notes printed, it is far rarer than the issues for the Boston, New York and Philadelphia FR banks.
Finally, collectors of fractional currency had a choice of three uncut sheets of 5-cent notes, two sheets (F-1232), in Extremely Fine condition, and one sheet (F-1233) in About Uncirculated.
These are the notes having a bronze oval frame overstamped around George Washington’s portrait in an effort to deter counterfeiting.