There is no shortage of supply in the paper money market. And another
massive Heritage Currency auction will be held Jan. 7 to 12, 2015, at
the Florida United Numismatists show in Orlando.
Of note is world paper money, which has its own separate catalog of
1,000-plus lots. This is a reflection of both increased collector
interest in world notes and the realization that with the United
States paper money market relatively strong, attractive buying
opportunities exist in an otherwise overlooked field.
However, that said, the world sale is still dwarfed by the immense
amount of American notes to be offered — running the gamut from
Colonial through all federal issues and more than 1,450 lots of
obsolete currency, which is another category drawing new blood.
Nonetheless, large-size type notes, and to a lesser extent,
small-size type notes, continue to be the market’s barometers.
Such is not the case among most other type notes.
Two offerings of the same note in various grades are worth
mentioning. Five “Technicolor” Series 1905 $20 gold certificates are
offered, cataloged as F-1179 and F-1180, including a F-1179 note
graded by Paper Money Guaranty as Gem 67 Exceptional Paper Quality
that is said to be the finest known. Multiple examples of the famous
Series 1901 $10 “Bison” United States note, F-114 to -121, are also offered.
This issue is so common in lower grades that thousands are known.
They sell for as little as a few hundred dollars in Fine up to a few
thousand in a respectable Extremely Fine. It is a different story at
the high end. Three Uncirculated examples of the F-119 Series 1901 $10
“Bison” note are in the sale: a Very Choice New 64, a Gem Uncirculated
65, and a PCGS Currency graded “superb” Gem New 67 Premium Paper Quality.
The latter note is said to be the finest known, and a price in the
low five-figure range should be expected, which would at least double
expected results for the other two notes.
These, among many examples, illustrate the increased attention at
the high end of the market to outsized prices for outsized grades.
Often the higher the grade, the more subjective the pricing.
Bidding on these “super notes” requires study, knowledge, and not a
small amount of courage.
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