Paper Money

Michigan nationals focus of sale from Lyn Knight Auctions

Lyn Knight Currency Auctions offers an Original Series First Charter Lazy Deuce $2 national bank note from the Union City National Bank, graded PMG Very Fine 35, in a Dec. 8 auction.

Images courtesy of Lyn Knight Currency Auctions.

The market usually takes a breather between the annual Stack’s Bowers Galleries November paper money auction in Baltimore and the Heritage January Florida United Numismatists auction in Orlando.

This year is an exception, with an online session by Lyn Knight Currency Auctions on Dec. 8 that will offer the Dan Freeland Collection of Michigan national bank notes. Freeland was a long-time collector and researcher, well known for sharing his knowledge and putting his collection on display throughout the country. He and his wife, Kathy, were active in numerous numismatic organizations at the regional and national level.

The Freeland Collection contains 284 notes, all from Michigan, a comprehensive collection formed over decades. It encompasses large-size and small-size national bank notes, and scarce uncut sheets. The diversity of the offering, says the auctioneer, enables collectors of Michigan national bank notes to acquire a lacking city or charter, and more universally, provides options for non-Michigan collectors to secure important type notes. Michigan dealer Fred Bart says the Freeland Collection ranks among the top three assemblages of Michigan national bank notes ever offered for public sale.

A sampling of highlights include a serial number one Friedberg 382 original series First Charter Period $1 national bank note from the Lyons National Bank. This is the earliest known note from the bank, which received its charter in 1872. It has been off the market for a decade. It is graded Very Fine and estimated at $7,500 to $12,500.

There is also an Original Series First Charter Lazy Deuce $2 from the Union City National Bank (Friedberg 389a) with a similar estimated price and a PMG Very Fine 35 grade. It is described as having amazing centering and color with near perfect signatures. It is estimated at $7,500 to $15,000. This is the only $2 note known from the bank, and only one other First Charter national is recorded — a $5 note in Very Fine.

A F-563 Second Charter $50 1882 Date Back note issued by the National Bank of Ionia is one of only five known for this charter number (5789). It is graded Very Fine/Extremely Fine with a $5,000 to $10,000 price estimate.

There are also a pair of uncut sheets of Series 1902 large-size notes. One is a F-624/650 $10-10-10-20 sheet (containing three $10 notes and a single $20 note) from the First National Bank of Marshall, pen signed by bank president E. Robert Robinson and Paul A. Overman in PMG Choice Very Fine 35 Exceptional Paper Quality. It estimated at $2,500 to $5,000. The other is an About Uncirculated F-619/652 $10-10-10-20 uncut sheet of the First National Bank and Trust Company of Port Huron. It is one of two known, and is projected at $3,500 to $6,000.

Also destined to attract attention at $10,000 to $20,000, in no small part thanks to an interesting bank name, is a $100 Series 1882 Brown Back note from Sioux City’s Livestock National Bank (F-527). Even with a Very Fine 30 grade by PCGS Currency, it still received a “premium paper quality” designation.

The auction also offers four First Charter Period issues from East Saginaw. The two Original Series $1 notes and two Series 1875 $5 notes are each from a different bank in the same city.

Although the high-rarity nationals may grab the headlines, the Freeland Collection is broad enough that it also offers dozens of national bank notes expected to sell for around a hundred dollars each, providing an opportunity for collectors of all budgets and interests.

Information can be found at www.LynKnight.com.

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