Heritage CSNS Currency Auction Realizes $6.2+ Million

by Heritage Auctions on May 17, 2011 · 0 comments

Uncirculated Serial Number One SF Red Seals bring $638,250 to lead the $6.2+ million CSNS Currency Auction at Heritage Auctions

$100 1914 San Francisco Serial Number One Red Seal

This fresh $100 1914 San Francisco Serial Number One Red Seal Federal Reserve Note realized $218,500.00 in the Heritage Central States Signature Currency Auction. It was one of a complete set of San Francisco notes, sold as individual lots, that brought a total of $638,250. Just four other serial number 1 Red Seal hundreds are reported.

Heritage Auctions’ 2011 April Rosemont Central States Signature Currency Auction #3513, held in Chicago, IL, April 27-May 2 – in conjunction with the Central States Numismatic Society (CSNS) Convention, realized $6.2 million – including the non-floor session held on May 2. All prices include a 15% Buyer’s Premium.

Highlights from Session One included a number of World notes that brought strong prices, with a lovely blue and purple specimen Israel Anglo-Palestine Bank Limited £50 (1948-51) Pick 18s graded PMG Choice About Uncirculated 58 EPQ selling for $3,738. The leading Canadian lot was a PMG Gem Uncirculated 65 EPQ BC-27a $100 1937, which brought $6,325.

Among the Fractional Currency lots offered was a Fr. 1230 5¢ First Issue Uncut Sheet of Twenty, graded by PCGS as Very Choice New 64PPQ, that went for $6,325.

The Bank of St. Louis $1 G70a Proof

The Bank of St. Louis $1 G70a Proof was one of several Missouri proofs that surpassed its estimate. It was graded PMG Choice Uncirculated 64 EPQ, 6 POC and sold for $4,312.50.

Bidders responded exceedingly well to the offering of Obsoletes presented. Several Missouri proofs brought strong bids and surpassed the estimates, including a Fayette, MO – Bank of the State of Missouri $10 G122a Proof graded PCGS Choice About New 58PPQ, 4 POC that realized $3,737.50 and a St. Louis, MO- The Bank of St. Louis $1 G70a Proof graded PMG Choice Uncirculated 64 EPQ, 6 POC that sold for $4,312.50.

A fabulous PCGS graded Very Fine 20 Nashville, TN- Bank of Tennessee $500 Sept. 1, 1860 G506a Garland 902 was sold for $8,625 while Texas rarities continued to perform well as winning bids of $6,325 each went for a Austin, TX- Republic of Texas $10 Jan. 25, 1840 Cr. A5 Medlar 25 graded PCGS Very Choice New 64PPQ, CC and a rare Harrisburg, TX- Briscoe, Harris & Co. $5-$5-$10-$20 Medlar UNL Uncut Sheet that was graded Apparent Very Fine 25 by PCGS.

The two much anticipated  Salt Lake City, UT- California & Salt Lake Mail Line notes, both graded PCGS Very Fine 25, outperformed the estimates, with the California & Salt Lake Mail Line $5 bringing $29,900 and the California & Salt Lake Mail Line $50 realizing $34,500. The excessively rare Richmond, VA- Virginia Treasury Note $100 Aug. 13, 1861 Cr. 1 Jones VT02-06 graded PMG Uncirculated 62 Net sold for $14,950.

Confederate offerings included a pleasing T15 $50 1861 PF-1 Cr. 79 graded PCGS Very Fine 25 that sold for $9,775 and a newly discovered T58 $20 1863 Inverted Back PF-UNL, CC crossed the auction block for $11,500. That note was graded PMG Very Fine 30. An excessively rare Series 661 50¢ Replacement graded PMG Very Fine 25 realized $2,990 among the offering of Military Payment Certificates.

$50 and $100 Kidder National Gold Bank Specimens

A detailed study of the short lived Kidder National Gold Bank revealed not a single one of its notes entered circulation, yet a few specimens of its paper money survived. A $50 and $100 specimen pair resided in the John J. Ford Collection until it was sold in 2004. The only other specimen pair, here, realized $74,750.00 in the Heritage CSNS Signature Currency Auction.

Highlights from Session Two, National Bank notes, included Boston, MA – $50 / $100 National Gold Bank Note Specimens 1870 Hessler NGBE1 / NGBE2 The Kidder National Gold Bank Ch. #1699 graded PMG Gem Uncirculated 65 EPQ that sold for $74,750 and Nebraska Territory notes that brought strong prices, with the Omaha, NT – $1 Original Fr. 380 The First NB Ch. # 209 graded PMG Very Good 10 bringing $71,875 and the PMG graded Very Good 8 Nebraska City, NT – $2 Original Fr. 387 The Otoe County NB Ch. # 1417 realizing $54,625.

Among the many wonderful Boston area offerings from the Capital District Collection, the Boston, MA – $2 Original Fr. 389 The Central NB Ch. # 2103 graded PMG About Uncirculated 50, one of two Serial Number One Lazy Deuces known from Massachusetts, sold for $32,200.

Session Three contained Small Size and Error notes and among the Small Size highlights was the Fr. 2221-B $5000 1934 Light Green Seal Federal Reserve Note graded PMG Choice Uncirculated 63 that sold for $92,000. Exceptional error notes included the Double Denomination Atlanta, GA – $20/$10 1882 Value Back Fr. 581 The Lowry NB Ch. # 5318 which realized $48,875 and the Atlanta, GA – $10/$20 1882 Value Back Fr. 577 The Lowry NB Ch. # 5318 that sold for $40,250. Both notes were graded PCGS About New 50.

Serial Number One San Francisco $5 Red Seal

The census lists only thirteen San Francisco $5 Red Seals in all grades combined, with two being in the National Numismatic Collection in the Smithsonian Institution. Of the remaining eleven pieces, one is AU, 2 are VF, and the others are all low grade, except for this PCGS graded Gem New 65PPQ example which realized $109,250.00 in the Heritage CSNS Signature Currency Auction.

Arguably, the most anticipated session was Session Four containing the Large Size offerings, due to the Serial Number One Federal Reserve Note Red Seals. The complete set of San Francisco notes, sold as individual lots, brought a total of $638,250. The notes included:

Two other Serial Number One Red Seals were also offered. The winning bid for the Kansas City Fr. 841a $5 1914 Red Seal Federal Reserve Note graded PCGS About New 50 was $18,400 while the Dallas Fr. 902a $10 1914 Red Seal Federal Reserve Note graded PCGS Extremely Fine 45PPQ example went for $37,375. An attractive Fr. 167a $100 1863 Legal Tender PMG Very Fine 20 Net sold for $63,250.

Session Five, the non-floor session, included a number of lots that competing bidders drove well above the pre-auction estimates.

About Heritage Auctions

Heritage Auctions, headed by Steve Ivy, Jim Halperin and Greg Rohan, is the world’s third largest auction house, with annual sales more than $600 million, and 500,000+ registered online bidder members. For more information about Heritage Auctions, and to join and gain access to a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit HA.com.

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