Stack’s Bowers Galleries has announced the discovery of a new banknote variety, a Series 1882 $10 Date Back from the First National Bank of Hereford, TX, that bears the unique signature combination of Treasury officials J.W. Lyons and Charles Treat.
The company will offer the note in its upcoming 2014 ANA World’s Fair of Money Showcase Auction in Chicago, IL, August 6 to 10.
"You may ask what is so special about this combination," said Peter Treglia, director of currency at Stack’s Bowers Galleries. "A quick perusal of the 20th edition of Paper Money of the United States lists no 1882 $10 Date Back with that signature combination, nor any other Lyons-Treat 1882 Date Backs for that matter."
Graded and encapsulated by PMG as Fine 12 Net, the banknote will add a new catalog number to the next edition of the Paper Money of United States, better known as the Friedberg Catalog.
The signature combination of Treasury officials J.W. Lyons and Charles Treat was used from July 1, 1905 to June 11, 1906, according to Peter Huntoon, noted National Currency researcher and author. Huntoon indicates that the only way for a post 1902 signature combination to appear on an 1882 dated note was for the bank to undergo a title charge after 1902. That is indeed what happened.
On February 17, 1906, the title of the bank changed to the First National Bank of Hereford from the Hereford National Bank. As a result, the bank had 1882 $10 and $20 Date Backs with the two signatures. Research by Huntoon also concluded that First National Bank of Hereford was the only bank to receive 1882 Date Backs from Lyons-Treat plates. Since the Friedberg number can only be found on notes from one bank, the chance of more notes of this number surfacing is exceedingly low.
Arthur L. Friedberg of Paper Money of the United States stated the note will officially be listed as Fr. 545a in the 21st edition of Paper Money of the United States.
Stack’s Bowers Galleries (www.stacksbowers.com) is currently accepting U.S. and world coin and paper money consignments for its ANA World’s Fair of Money Showcase and Rarities Night auctions. To speak to a consignment specialist, call the company at 800.458.4646 (West Coast) or 800.566.2580 (East Coast).