Legal Tender Notes - Lots 22-96
The Harry W. Bass, Jr. Collection - Part I
Legal Tender Notes - Lots
22-96
Legal Tender Notes
(1862 Onward)
Legal Tender Notes Proposed
Salmon P. Chase, secretary of the Treasury under Lincoln, was a "hard money" man. On December 28, 1861, payment of gold coins was suspended by the Treasury (see information under our historical account of Demand Notes). Immediately thereafter, they were in especially strong demand.
On January 29, 1862, in a letter to the Committee of Ways and Means, Secretary Chase shared his view:
It is not unknown to the Committee that I have felt, nor do I wish to conceal, that I now feel a great aversion to making anything but coin legal tender in payment of debts. It has been my anxious wish to avoid the necessity of such legislation. It is, however, at present impossible, in consequence of the large expenditures entailed by the war, and the suspension of the banks, to procure sufficient coin for disbursement; and it has, therefore, become indispensably necessary that we should resort to the issue of Untied States notes.
"The making them a legal tender might, however, still be avoided, if the willingness manifested by the people generally, the railroad companies [at the time the major way to move people and freight between eastern cities], and by many of the banking institutions, to receive and pay them as money in all transactions, were absolutely or practically universal; but, unfortunately there are some people and some institutions which refuse to receive and pay them. Such discriminations would, if possible be prevented; and the provision making the notes a legal tender, in a great measure at least, prevents it, by putting all citizens in this respect on the same level, both of rights and duties."
Chase went on to say that these notes should be based upon security provided by interest-bearing bonds, a "judicious system of adequate taxation," and other safeguards. In any event, he hoped to "secure the earliest possible return to a sound currency of coin and promptly convertible notes [as Demand Notes were]."
In debate, Justin S. Morrill, of Vermont, was among those not in favor of such notes, stating that he was "against making anything a legal tender but gold and silver, as calculated to undermine all confidence in the Republic, whose reputation would be dearer to statesmen, as well as to soldiers, than life itself."
Legal Tender Notes Issued
Notwithstanding such comments, on February 25, 1862, legislation provided for the second issue of federal paper money during the Civil War. The Legal Tender notes succeeded the Demand Notes and were authorized to the extent of a maximum of $150,000,000. The legislation provided for the immediate retirement of Demand Notes, which, as they were redeemed, could be replaced by Legal Tender notes (but not to exceed the $150,000,000 total authorization of the latter). Unlike Demand Notes, the Legal Tender notes were a pure fiat currency and could not be redeemed in gold coins, nor would the government receive them at par (face value) in payment of customs duties. As a numismatic sidelight, it is worth mentioning that the Philadelphia Mint would not accept them at par either, in payment when collectors ordered current Proof coins and sets. Legal Tender notes first reached circulation in April 1862 and helped accelerate the flight of silver and gold coins from the channels of trade and commerce.
Legal Tender and other notes of the era were printed under contract by private bank note companies, as the Treasury Department did not have its own facilities. These firms included the American, Continental, and National companies. The American Bank Note Co., formed in 1858 by a consolidation of leading bank note printers, was the best known and is still in business today.
The front or face of each Legal Tender note, from $1 to $1,000, bore designs, inscriptions, a serial number printed in red, and the reproduced signatures of Treasury Department officials. In April 1862 the first notes reached circulation. Interestingly, these were not receivable at par in payment of customs duties.
Legal Tender Notes in Circulation
Such notes were largely unwanted outside of the North, and, for example, in the financial district of London they were not accepted. Gold coins, the payment of which had been suspended by the Treasury on December 28, 1861, continued to rise in value sharply and were exported in large numbers. In 1864 the value of Legal Tender "greenback" notes went from bad to worse, and on July 11, 1864, a $100 Legal Tender note was worth just $39 in silver coins, this being the nadir of its trade value during the conflict. The situation was worse-much worse-in the Confederacy, where a $100 note was worth just $4.60 in federal coins. However, while Legal Tender notes rose in value, Confederate bills were to depreciate further as time went on. By January 1865, a $100 note from the South was worth about $1.70 in coins, eventually falling to about 2¢ (yes, two cents).
Meanwhile, from reserves held in New York City the Treasury Department had been selling gold coins to brokers, investors, merchants needing coins for customs payments, etc. A Treasury report dated April 11, 1868, noted that from March 2, 1861, to March 18, 1868, gold coins amounting to $200,325,856 had been sold for $293,783,360 in paper money (mostly Legal Tender notes, but some Demand Notes in the earlier months), and that commissions on the sales had been paid to the extent of $231,650, also in paper money. Some sales made during periods of great devaluation of Legal Tender notes yielded a great premium in paper money, such as a sale of $780,000 face value in gold coins to Ketcham, Son & Co. for $1,840,837.50 in paper money.
Although the Treasury Department was the largest dealer of all, trading in Legal Tender notes and gold coins took place in most American cities. Bullion dealers and exchanges posted prices for converting one medium into the other. Silver coins were also traded.
Silver and gold coins remained in hiding for most of the next decade. The Act of April 17, 1876 directed the Treasury to issue coins, and many were turned loose from government storage during that month. For the first time, teenagers who had seen nothing but paper 5¢, 10¢, 25¢, and 50¢ Fractional Currency notes were able to see what Miss Liberty looked like on a dime, quarter, or half dollar. It took some time before enough coins were in circulation to satisfy demands, and it was not until December 17, 1878, greenback Legal Tender notes achieved par with gold and silver (which would have happened soon thereafter anyway, as mandated by law to take place on January 1, 1879). For the first time in American history, paper dollars, gold dollars, and silver dollars all had the same value!
Although the Demand Notes of 1861 were the first "greenbacks," the Legal Tender notes gave rise to the popularity of the term. In time, "greenback" came to mean paper money, with a green back or of some other hue. Later in the century, many citizens who desired to vastly increase the amount of paper in circulation joined the Greenback Party. It was felt that such paper money would make it easier for farmers and others to repay their debts, something that would have been more difficult to do in silver or gold coins.
In the meantime, the Legal Tender notes were the workhorses of the American financial system.
Denominations and Designs
Over a long period of time Legal Tender notes were issued under various authorizations and in denominations of $1, $2, $5, $10, $20, $50, $100, $500, $1000, $5000, and $10000. The first Legal Tender notes of 1862-3 were issued from $1 to $1000, with most being of the lower denominations. It was thought that a $3 note would be issued, and the lower central vignette on the $1 and $2 notes had a 1-2-3 design, but despite the popularity of $3 bills among private bank issues of the 1840s and 1850s, there never was a federal counterpart in later years.
Some 28,351,348 examples of the $1 were issued of the early Legal Tender notes, each bearing the printed signatures of L.E. Chittenden and F.E. Spinner and the portrait of Secretary of the Treasury Salmon P. Chase. Much smaller quantities were produced of other denominations. During this decade, the use of a living person's image on paper money occurred in several instances, and little was thought of it. In contrast, it was tradition at the time not to identify living people on coins, although real people modeled for "Miss Liberty" from time to time.
On the Legal Tender $1 the portrait of George Washington was instituted beginning with the Series of 1869, and more or less since that time the Father of our Country has been associated with this denomination.
Although the Legal Tender notes of 1863 depicted Alexander Hamilton, the depiction was changed to Thomas Jefferson with the Series of 1869, and since that time the $2 legal tender has been his bill.
Legal Tender $5 notes of 1862-3 copied the motif of the 1861 $5 Demand Notes, perhaps facilitating the absorption of such controversial paper into circulation. Similarly, the earliest $10 and $20 Legal Tender notes echoed their Demand Note counterparts. Alexander Hamilton, seen on the Legal Tender notes of 1863 was also used on $50 notes of the same era, an interesting and somewhat unusual crossing of denominations in the same era. The $100 Legal Tender note of 1862-3 depicts one of the most dramatic eagles ever seen on American currency, a cynosure then and now. Higher denominations were made in small numbers and bear different designs and portraits, with, perhaps, the back designs of the 1878 $5000 and $10000 being the most dramatic (no such notes have survived to the present day).
Numismatic Considerations
Sufficient quantities of Legal Tender notes were printed of the denominations from $1 to $10 that all are readily collectible today as types, although some signature combinations and seal varieties are scarce. Among higher denominations, the $20, $50, and $100 are all scarce to rare, with high-grade examples being elusive for nearly all 19th-century issues, less so for their 20th-century counterparts.
Some designs are, well, quite forgettable, while others have become numismatic favorites. Among the latter are all of the early notes of 1862-3, which with their colorful green printing, red serial numbers, and historical importance, are widely sought. The "Pioneer Family" vignette, also known as the "Woodchopper," as used for a long series of notes beginning with the 1869 Legal Tender $5 has attracted many buyers.
The $10 Legal Tender notes of the Series of 1901 have an imposing bison as the central motif, flanked by the portraits of Meriwether Lewis and William Clark. The back of the series of 1869 Legal Tender $20 is somewhat but very subtly Egyptianesque, perhaps reflective of the popularity of Egyptology during that era. Of the $50 notes they are probably more rare than they are beautiful, but, then, rarity sometimes induces beauty; witness the 1793 Chain AMERI. cent, condemned it its time, but at once beautiful (in the eye of the numismatic beholder) and rare today.
The Bass Collection offers a rich selection of Legal Tender notes, from the available to the seldom seen, with the rare $50 and $100 notes being stellar attractions, including not one, but two of the beautiful $100 issues of 1862-3.
22 $1 Friedberg-16. Legal Tender note. Series of 1862. Chittenden-Spinner. Serial: 73179. Choice Uncirculated-64 (CGA). A delightful example boasting bold colors as well as a very bright and fresh overall appearance. The face margins are nearly complete, while the back is printed somewhat low. A tiny foxing spot is noted on the back. The variety with "National Bank Note Company" printed twice on the lower central portion of the face. An example that would be difficult to improve upon.
The vignette is that of Salmon P. Chase, a gentleman with a distinguished career in government, although with a few slip ups, as in his endorsement of his long-time pal Victor Smith. He served as the governor of Ohio, held office in the U.S. Senate, helped to organize the Ohio Republican Party, and eventually was appointed Chief Justice of the U.S. Supreme Court. During Lincoln's presidency, he was Secretary of the Treasury, during which term he established the national banking system. His name is remembered today with the Chase Manhattan Bank.
About F.E. Spinner and "the signature": Of all autographs associated with United States paper money, none has achieved the fame of "F.E. Spinner." In The Numismatist, May 1949, Herman K. Crofoot contributed an article, "The Autographs of Francis E. Spinner," which was illustrated by many varieties of the most distinctive signature ever employed on American paper money. Crofoot was the owner of the Thomas Cunningham collection of Fractional Currency and related memorabilia. Cunningham, of Mohawk, New York, acquired it from the Spinner estate. The present editor (QDB) recalls Crofoot as a kindly old man who used to attended Empire State Numismatic Association meetings in the 1950s. As mentioned in the general introduction to the Bass Collection currency, Crofoot was one of only about a half dozen active bidders at the Grinnell Collection series of sales 1944-1946, joining William Donlon, James Wade, Harley Freeman, F.C.C. Boyd, and Richard Safflin in the gallery.
Francis Elias Spinner was born in 1806 in New York State, the son of Rev. and Mrs. John Spinner. Early occupations included candy making and saddle making, after which he went to Herkimer in the same state and opened a business which does not seem to have been profitable. In the 1820s and 1830s he was active in the New York State Militia, and in due course also served as deputy sheriff and sheriff of Herkimer County. He found his true calling in banking, and for a long time served as a principal of the Mohawk Valley Bank, under titles of cashier, director, and president. Along the way he had occasion to sign many documents and engage in extensive correspondence (Spinner loved to write letters), creating for a later generation of collectors a large corpus of items signed with his name, typically rendered boldly in black ink, with ornate flourishes. Many words have been used to describe his trademark, but none more colorful than this in the January 1871 issue of the American Journal of Numismatics: "Gen. Spinner's signature on the Greenbacks looks like the track of a drunken crab playing tag with a corkscrew."
Spinner resigned from the Mohawk Valley Bank in 1856, when he found that his duties in the United States Congress, following his election in 1854, occupied nearly all of his time. In March 1861, President Abraham Lincoln appointed him as treasurer of the United States, a position he was to occupy for 14 years, retiring in June 1875, after which he became an early "snowbird" and forsook New York State for the warmer climate of Jacksonville, Florida, where he lived until his death in 1890.
For a long time, Spinner's autograph signature on federal paper money has been popularly collected. In February 1932, in The Numismatist, Rollo E. Gilmore noted, in part:
"Our paper notes and fractional currency was first issued during Abraham Lincoln's administration and all the notes and much other fractional currency bore the personal ink signature of F.E. Spinner, Jr."
In the same journal, in May 1949, the aforementioned Herman K. Crofoot wrote, in part:
"During his years in the Treasury Department, Spinner's famous autograph signature appeared on all United States currency. This signature was perfected while Spinner was sheriff of Herkimer County, as a stumbling block to counterfeiters. It is notoriously difficult to duplicate."
However, the fact was and still is that Francis E. Spinner personally signed few if any of his notes. Instead, the work was done by trained helpers or, in most instances, printed. This situation is mentioned in several places, but mostly out of the mainstream of today's numismatic publications.
Carl Sandburg's popular and wonderful four-volume biography, Abraham Lincoln: The War Years, relates an anecdote in which President Lincoln mused that Spinner must be very busy, considering all of the notes he had to sign, but quickly smiled when it was called to his attention that no human being on earth could possibly personally sign millions of such items!
However, years before, in the American Journal of Numismatics, Volume 20-21, July 1883, "About Greenbacks," this was stated (but was mostly overlooked by later generations of currency experts):
"In 1861 our first Greenbacks were printed by the New York bank note companies, and the Treasurer and Register signed them with their own proper hands. But the infant army, that financial Oliver Twist, was always clamoring for 'More.' Spinner was no Briareus the hundred-handed, and Chittenden could not devote more than 24 hours a day to his own autographs. So Congress authorized them to sign by proxy. Then the issue grew till 70 clerks…were kept busy in writing their own in lieu of these officers' names. But so many different hands destroyed all the value of signatures. They were no more protection against fraud than the type in which this is printed, and the Secretary was in sore perplexity. There was a keen-eyed Superintendent of Constructing the Public Buildings, named S.M. Clark. A Vermont Yankee, and true to his nativity, he had done a little of everything, and could make anything. Just now he was at leisure; the nation needed no new edifices till arms should decide whether it was a nation. He proposed fac similies of the signatures, and also of the Treasury Seal, to be engraved and printed on the notes in peculiar ink, and by a peculiar process. Chase, under sanction of Congress, adopted the suggestion. Then Spinner was the hundred-handed. He could sign with a rapidity limited only by the capacity of lightning presses. Notes came to the Department in sheets of four each. Seventy-five girls, everyone armed with her shears, trimmed and separated them by hand."
Today, in the field of autographs (outside of numismatics) many facsimile signatures on stock certificates, bonds, etc., are sold as being from the personal hands of America's political and business leaders. No one seems to want to correct the illusion.
From the Robert F. Schermerhorn Collection.
23 $1 F-16. Legal Tender note. Series of 1862. Chittenden-Spinner. Serial: 45929. About Uncirculated-58 (CGA). Attractive, and actually an Uncirculated note, though the grade is lessened due to a short edge tear in the lower margin. The colors remain bright although the paper has aged slightly. A smudge of black ink is noted on the back. A second example for your consideration.
From the Robert F. Schermerhorn Collection.
24 $1 F-17a. Legal Tender note. Series of 1862. Chittenden-Spinner. Serial: 79102. Crisp Uncirculated-62 (CGA). Three of the face margins are close, the lower one being trimmed into the design at the left end. The back is centered somewhat low and a trifle too far left. The paper is fresh and bright, and though the Treasury Seal was lightly printed, the colors are sharp. Slightly different variety than the preceding lots, this time with "National Bank Note Company" and "American Bank Note Company" at the lower center. The monogram of the latter appears at the center of the right end of the face.
National Bank Note Co.: This New York City firm, incorporated in November 1859, has the unusual numismatic distinction of having printed paper money for the Confederate States of America issued in Montgomery, Alabama, in 1861. These notes may have been printed before the outbreak of hostilities in April 12, 1861, with the bombardment of Fort Sumter. The C.S.A. was up and running by that point, and had made plans for the possible operation of the federal mint at New Orleans and, possibly, Charlotte and Dahlonega, and had stationery and, apparently, currency printed.
On October 1, 1862, the firm, located at the prominent address of 1 Wall Street, New York City, included as its officers R.S. Oakley, president; J.T. Soutter, vice-president; Samuel Stiles, treasurer; and J. MacDonough, secretary. By October 1, 1864, the executive suite had changed slightly: F. Shepard, president; J.H. Van Antwerp, vice-president; J. MacDonough, secretary.
From Lester Merkin's sale of October 1972, Lot 152.
25 $1 F-18. Legal Tender note. Series of 1869. Allison-Spinner. Serial: V9298212. Crisp Uncirculated-61 (CGA). A beautiful example of the "rainbow note," so called due to the various shades of blue and green appearing alongside the red serial numbers and Treasury Seal. Printed slightly off center. There is one light corner fold which keeps this from a higher grade. A popular early Legal Tender note featuring at the left a vignette of Christopher Columbus sighting land.
From the Robert F. Schermerhorn Collection.
26 $1 F-19. Legal Tender note. Series of 1874. Allison-Spinner. Serial: H2389818. Choice Uncirculated-64 (CGA). Crisp and nicely centered. The rosy pink seal and ornamentation are a pleasant contrast to the grayscale background. The paper is slightly aged, but the note remains very attractive. While the face design was modified for this issue, the back was totally redesigned. The newly adopted reverse was used through the next to final issue of large-size Legal Tender notes, the series of 1917.
27 $1 F-26. Legal Tender note. Series of 1875. Allison-Wyman. Serial: K4467731. Choice Uncirculated-63 (CGA). The face is centered nearly perfectly; in contrast the back is slightly off. A very attractive type note with bold colors and a fresh appearance.
28 $1 F-27. Legal Tender note. Series of 1878. Allison-Gilfillan. Serial: B793052. Choice Uncirculated-63 (CGA). Another lovely note with a very pleasing aesthetic aspect. A slight wrinkle in one corner, and slightly imperfect centering hold this from a higher grade.
From RARCOA.
29 $1 F-29. Legal Tender note. Series of 1880. Bruce-Gilfillan. Serial: Z30450882. Choice Uncirculated-64 (CGA). A superb note with excellent color and centering. Crackling fresh with long pink and blue silk fibers very evident. The upper left edge seems unnaturally trimmed the slightest bit, this noticed only under careful scrutiny.
From Paramount's 1972 ANA Sale, August 1972, Lot 1028.
Lovely F-31 Legal Tender Note
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30 $1 F-31. Legal Tender note. Series of 1880. Rosecrans-Huston. Serial: A1725367. About Uncirculated-58 (CGA). A delightful note with nice aesthetic appeal. Relatively fresh and bright, just a shade from Uncirculated.
From Louis S. Werner.
Attractive F-32 Legal Tender Note
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31 $1 F-32. Legal Tender note. Series of 1880. Rosecrans-Huston. Serial: A2512877. About Uncirculated-50 (CGA). Variety with deep blue serial numbers and large brown Treasury Seal. Deep original embossing is still visible, especially so on the back. A light corner fold is noted.
From William P. Donlon's sale of September 1972, Lot 7.
32 $1 F-34. Legal Tender note. Series of 1880. Rosecrans-Nebeker. Serial: A3655951. Choice Uncirculated-64 (CGA). A well-centered and attractive example with a fresh overall aspect. Bright blue serial numbers and small, scalloped red Treasury Seal.
From Paramount's 1972 ANA Sale, August 1972, Lot 1032.
33 $1 F-37. Legal Tender note. Series of 1917. Elliott-Burke. Serial: M9A, among the lowest known. Gem Uncirculated-65 (CGA). Above average centering, the back being perfect while the face is just the slightest bit high. Still worthy of the grade assigned, as the paper is crackling fresh and all of the ink remains as bright as is imaginable. A superb example of this type with the added bonus of an ever-popular single digit serial number.
From Lester Merkin's sale of October 1972, Lot 172.
34 $1 F-37 Star replacement note. Legal Tender note. Series of 1917. Elliott-Burke. Serial: 4599921B. Choice Uncirculated-63 (CGA). Good color (though slightly faded), and with above average centering. One of the more common large-size star notes, though still desirable as such and worth a nice premium. This serial number not included in the census found in Douglas D. Murray's The Comprehensive Catalog of United States Large Size Star Notes 1910-1929. An attractive example.
From Lester Merkin's sale of October 1972, Lot 174.
35 Trio of $1 Legal Tender notes. Series of 1917: I F-37. Elliott-Burke. Serial: K41114685A. About Uncirculated-55 (CGA) I F-38. Elliott-White. Serial: N8423254A. About Uncirculated-53 (CGA). Paper slightly aged I F-39. Speelman-White. Serial: T9894798A. About Uncirculated-55 (CGA). An attractive grouping representing three different signature combinations for the type. (Total: 3 pieces)
From the Robert F. Schermerhorn Collection.
36 Consecutive serial number trio of $1 Legal Tender notes. F-40. Series of 1923. Speelman-White. Each note is graded Crisp Uncirculated-62 (CGA). Serials: A58B; A59B; A60B. Each has some light wrinkling, though it is not overly distracting. A nicely matched threesome with the added bonus of double digit serial numbers. (Total: 3 pieces)
From the Robert F. Schermerhorn Collection.
37 $1 F-40 Star replacement note. Legal Tender note. Series of 1923. Speelman-White. Serial: 33592D. Choice Uncirculated-64 (CGA). A lovely note with bright red serial numbers, Treasury Seal, and ornamentation. The face is printed slightly high while the back is perfectly centered. Another of the more available large-size star notes. However, it should be pointed out that such notes do remain relatively scarce and quite popular. This particular piece is included in Murray's census.
From Lester Merkin's sale of October 1972, Lot 179.
Early (1862) Legal Tender $2
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38 $2 F-41. Legal Tender note. Series of 1862. Chittenden-Spinner. Serial: 20273. Crisp Uncirculated-62 (CGA). The paper is slightly aged, but not unattractively so. The ink colors remain very bright and attractive. The centering is nearly perfect, unusual for these early notes, but erratic trimming resulted in slight interference of both the top and bottom design borders. Variety with "National Bank Note Co." printed along the left border of the face. An excellent example certain to please its next owner.
The head of Alexander Hamilton graces the face of this note. Hamilton served as the first U.S. Secretary of the Treasury, and was also heavily involved in politics. His involvement in bringing about the defeat of Aaron Burr for president, and later for the governorship of New York, undoubtedly led to the famous 1804 duel with Burr in which Hamilton was mortally wounded, thus forever relegating the accomplished Burr to scoundrel status in American history.
From the Robert F. Schermerhorn Collection.
39 $2 F-41a. Legal Tender note. Series of 1862. Chittenden-Spinner. Serial: 21214. Crisp Uncirculated-62. Mounting Marks (CGA). The green ornamentation and red serial numbers are very bright. The Treasury Seal was somewhat lightly printed. Nice paper quality, clearly that of an Uncirculated note. One tiny pinhole is noted. The back has light traces of adhesive residue at each of the corners which are minor, but easily visible. This is the second variety issued, with "American Bank Note Co." printed along the left border.
From Abe Kosoff.
1869 F-42 Legal Tender $2
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40 $2 F-42. Legal Tender note. Series of 1869. Allison-Spinner. Serial: E9465837. Choice Uncirculated-63 (CGA). Colorful and pleasing for the grade. The margins are full all around though unevenly trimmed. Only this single signature combination exists on this particular design. As on the $1 notes, the face was modified and the back completely redesigned for the following issue.
It is on this issue that Thomas Jefferson makes his first appearance on $2 notes. He also appears on the face of the $2 Federal Reserve Bank Notes, the popular "battleship notes" of the series of 1918. Today, notes of this denomination of the series of 1976 and 1995 still feature his portrait.
From the Robert F. Schermerhorn Collection.
41 $2 F-43. Legal Tender note. Series of 1874. Allison-Spinner. Serial: B1324276. Choice Uncirculated-63 (CGA). Very crisp and attractive for the grade. The paper shows some light aging, but this is not uncommon. The face displays better centering than average, but the back is noticeably high. A few minuscule pinholes are visible under good lighting. Still a quality type note featuring the redesigned back which remained in use on this denomination for decades.
From Abe Kosoff.
42 $2 F-44. Legal Tender note. Series of 1875. Allison-New. Serial: B1882561. Choice Uncirculated-64 (CGA). Nice color highlighted by the rosy red Treasury Seal and ornamentation. Well centered save for the back being just slightly left of perfect. A single tiny pinhole is barely detectable just to the right of Jefferson's portrait.
From the Robert F. Schermerhorn Collection.
43 $2 F-48. Legal Tender note. Series of 1878. Allison-Gilfillan. Serial: A4420300. Choice Uncirculated-63 (CGA). Slightly uneven centering is noted but all margins are complete. The paper is of excellent quality and light pink and green tinting is noticeable. Another beautiful type note.
From RARCOA.
44 $2 F-50. Legal Tender note. Series of 1880. Scofield-Gilfillan. Serial: Z5724416. Crisp Uncirculated-60 (CGA). Pleasing for the grade though light aging is visible around the margins. The central portion of the note seems much brighter. A printing wrinkle is noted in the left center of the back, as made. Variety with bright red serial numbers and large brown Treasury Seal at the right.
From the Robert F. Schermerhorn Collection.
45 $2 F-52. Legal Tender note. Series of 1880. Bruce-Wyman. Serial: Z23617024. Choice Uncirculated-63 (CGA). Another example which has the large brown Treasury Seal, this time with a different signature combination.The paper is fresh and the colors bold. A very attractive note, the margins a little too uneven for the Gem category.
From the Robert F. Schermerhorn Collection.
46 $2 F-53. Legal Tender note. Series of 1880. Rosecrans-Huston. Serial: A1083202. Fine-15 (CGA). Moderately circulated, but without any defects worthy of mention. A scarcer variety of this type with the large red Treasury Seal and bright blue serial numbers.
From Abe Kosoff.
47 $2 F-56. Legal Tender note. Series of 1880. Tillman-Morgan. Serial: A3610623. Crisp Uncirculated-62 (CGA). Crackling fresh with vivid blue serial numbers and small, scalloped red Treasury Seal. Nicely centered and attractive. A small corner fold is noted for accuracy.
From the Robert F. Schermerhorn Collection.
48 $2 F-59. Legal Tender note. Series of 1917. Elliott-White. Serial: B27411043A. Extremely Fine-45 (CGA). At first appears to be a Choice Uncirculated note, but careful examination reveals signs of light creasing. Still very pleasing.
From the Robert F. Schermerhorn Collection.
49 $2 F-60. Legal Tender note. Series of 1917. Speelman-White. Serial: D8261456A. Gem Uncirculated-65 (CGA). An attractive Gem example of this popular type. Narrow edge wrinkles are noted. A fresh and beautiful representative of the design.
From the Robert F. Schermerhorn Collection.
50 $2 F-60. Legal Tender note. Series of 1917. Speelman-White. Serial: D68369863A. Choice Uncirculated-63 (CGA). A final choice example which is aesthetically comparable to the previous lot. The lower margin of the face is very tight, otherwise outstanding for the grade.
From Lester Merkin's sale of October 1972, Lot 186.
Early (1862) Legal Tender $5
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51 $5 F-61a. Legal Tender note. Series of 1862. Chittenden-Spinner. Serial: 3153. Choice Uncirculated-64 (CGA). The paper is bright and fresh, retaining all of the crispness originally present. The ink colors are bold and the margins are full. The face is trivially shifted to the right, but to call this note anything less than Gem would be unthinkable. Superlative quality for this early Legal Tender issue.
The back of this earliest Legal Tender $5 bears the First Obligation which reads as follows:
"This Note is a Legal Tender for all debts Public and Private, except Duties of Imports and Interest of the Public Debt, and is exchangeable for U.S. Six percent Twenty Years Bonds, redeemable at the pleasure of the U. States after Five Years." The "except" is part of what made the earlier Demand Notes rise in value in early 1862, as they could be used at par for customs duties.
From Lester Merkin's sale of October 1972, Lot 187.
52 $5 F-62. Legal Tender note. Series of 1862. Chittenden-Spinner. Serial: 43929. Very Fine-20 (CGA). Aesthetically pleasing for the grade. Light splitting is noted at the center crease.
With this issue, the Second Obligation replaces the First Obligation as it appeared on the previous issue. The Second Obligation reads as follows:
"This note is a legal tender for all debts public and private except duties of imports and interest on the public debt, and is receivable in payment of all loans made to the United States."
From the Robert F. Schermerhorn Collection.
53 $5 F-63. Legal Tender note. Series of 1863. Chittenden-Spinner. Serial: 28794. About Uncirculated-55 (CGA). Overall a bright and pleasing example. Light wrinkling and aging of the paper at the right end of the face are a minor distraction. The variety with "American Bank Note Co." and "National Bank Note Company" both appearing on the face, near the lower border.
From Paramount's 1972 ANA Sale, August 1972, Lot 1046.
54 $5 F-63a. Legal Tender note. Series of 1863. Chittenden-Spinner. Serial: 37718. Choice Uncirculated-63 (CGA). A note of distinction with respect to its full margins and nice centering alone. Boldly printed with some original embossing still visible. A slightly different subvariety than the previous note. American Bank Note Co. appears on the face twice, near the lower border.
The American Bank Note Company: This firm, still in business today, and thriving, was incorporated in May 1858 at which time the businesses of these firms were merged into it: Rawdon, Wright, Hatch & Edson; Toppan, Carpenter & Co.; Danforth, Perkins & Co.; Wellstood, Hay & Whiting; Jocelyn, Draper, Welsh & Co.; New England Bank Note Co.; Bald, Cousland & Co.; John E. Gavit; and Edmonds, Jones & Smillie. The ABNCo. (as its credit line appeared on currency) would print federal bank notes until 1879 and postage stamps until 1894, after which it would continue to do a thriving business printing stock certificates, travelers' checks, currency for foreign countries (including Hawaii), and other security documents. In 1990, the company auctioned rare obsolete (private, not federal) notes from its archives with James Lamb, of Christie's, New York, supervising the offering.
In 1862-3 the firm's head office was in the Merchant's Exchange Building, Wall Street, New York City. Officers included certain executives from the merger: Tracy R. Edson, president; Moseley I. Danforth, vice-president; Neziah Wright, treasurer; F.W. Edmonds, secretary.
From the Robert F. Schermerhorn Collection.
55 $5 F-63b. Legal Tender note. Series of 1863. Chittenden-Spinner. Serial: 98161. Crisp Uncirculated-60 (CGA). Bright and crisp. Another lovely example of this design with nice color and margins. A number of tiny pinholes are visible under bright light between the signatures of the Treasury officials. This type is similar to the previous lot, but a second serial number has been added just below the feet of Freedom.
From Louis S. Werner.
56 $5 F-64. Legal Tender note. Series of 1869. Allison-Spinner. Serial: K2586105. Crisp Uncirculated-62 (CGA). This lovely example demonstrates the appearance of a Gem note, but with one tiny and inconspicuous pinhole noted near the lower margin. The centering is near perfect, the only flaw being the back side which is a little high. Printed on heavy fibered bank note paper with an unidentified watermark. Beautiful color and excellent quality for the grade. The back design of this issue was not used on any other series.
From the Robert F. Schermerhorn Collection.
57 $5 F-65. Legal Tender note. Series of 1875. Allison-New. Serial: B2461489. Crisp Uncirculated-62 (CGA). Nice color and overall quality for the grade, the rosy red Treasury Seal and ornamentation has a soothing effect. Slight discoloration is noted on the upper left corner of the reverse, not affecting the design. The second series featuring the popular Pioneer Family vignette, commonly referred to in numismatic circles as the "Woodchopper." This engraving was made by Henry Gugler for the Bureau of Engraving and Printing.
From Paramount's 1972 ANA Sale, August 1972, Lot 1049.
58 $5 F-66. Legal Tender note. Series of 1875. Allison-New. Serial: A165789. Extremely Fine-45 (CGA). Traces of light creases through the body are the only signs of use. Very nice quality at this grade level.
From William P. Donlon.
59 $5 F-68. Legal Tender note. Series of 1875. Allison-Wyman. Serial B6853435. Gem Uncirculated-65 (CGA). Well centered and retaining all of its original crispness. The paper has aged very slightly, but not enough to keep it from the Gem category. In any case, this is a high-quality specimen.
From Paramount's 1972 ANA Sale, August 1972, Lot 1052.
60 $5 F-68. Legal Tender note. Series of 1875. Allison-Wyman. Serial: B6853410. Choice Uncirculated-64 (CGA). Nice paper quality and good color. The right end relative to the face has aged and now bears a slight yellow tint. The serial number is only 25 less than the note in the previous lot, suggesting common origin from a long-forgotten little hoard.
61 $5 F-69. Legal Tender note. Series of 1878. Allison-Gilfillan. Serial: A1015520. Choice Uncirculated-64 (CGA). Well margined with a pleasing aspect overall. Minor aging of the paper is noted around the periphery.
From William P. Donlon's sale of September 1972, Lot 44.
62 $5 F-71. Legal Tender note. Series of 1880. Bruce-Gilfillan. Serial: Z8177354. Crisp Uncirculated-62 (CGA). A fresh appearance and nicely centered, though not quite perfect. Tiny disturbances of the paper are noted on the two lower back corners. Apparently the note was lightly mounted at one time. One of just three signature combinations featuring the large brown Treasury Seal and red serial numbers.
From Lester Merkin's sale of October 1972, Lot 192.
63 $5 F-74. Legal Tender note. Series of 1880. Rosecrans-Jordan. Serial: A5134245. About Uncirculated-55 (CGA). Choice for the grade. One vertical crease is noted toward the right end of the note, as are trivial traces of discoloration in the top and bottom margins. Still a very pleasing example.
From the Robert F. Schermerhorn Collection.
64 $5 F-77. Legal Tender note. Series of 1880. Rosecrans-Huston. Serial: A18519070. About Uncirculated-55 (CGA). Only the ghost of a center fold is visible under close scrutiny. Otherwise a beautiful example offering significant quality for the assigned grade. The second variety with the large brown Treasury Seal, this time with blue serial numbers.
From the Robert F. Schermerhorn Collection.
65 $5 F-80. Legal Tender note. Series of 1880. Tillman-Morgan. Serial: A33152259. Choice Uncirculated-63 (CGA). Some of the original embossing remains visible on this lovely example. Fresh and well centered on both sides.
From the Robert F. Schermerhorn Collection.
66 $5 F-88. Legal Tender note. Series of 1907. Teehee-Burke. Serial: E71752579. Choice Uncirculated-64 (CGA). One light wrinkle from a Gem rating. Very fresh and delightfully bright. A highly attractive example of this popular design, reflective of westward goes the course of empire.
From the Robert F. Schermerhorn Collection.
67 $5 F-92. Legal Tender note. Series of 1907. Woods-White. Serial: M47700396. About Uncirculated-50 (CGA). Traces of two light folds through the body of the note. Otherwise this note is certainly finer. A final example of the "Woodchopper" type.
From the Robert F. Schermerhorn Collection.
68 $10 F-93. Legal Tender note. Series of 1862. Chittenden-Spinner. Serial: 14625. Very Fine-20. Minor Split (CGA). Attractive and offering good quality, but an edge split has developed just above the serial number. The back features a design used only on this series, with the First Obligation at the center.
From Paramount's 1972 ANA Sale, August 1972, Lot 1059.
Important F-95a Legal Tender $10
Only 19 Recorded
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69 $10 F-95a. Legal Tender note. Series of 1863. Chittenden-Spinner. Serial: 62937. Crisp Uncirculated-62 (CGA). Bright and crisp, probably not far from what this note looked like at the time of printing. Punctures from two staples are noted in the margins, neither affecting the design border. Infrequently offered. One of only 19 notes reported in the Gengerke census. A very desirable type note in any condition, and especially so in this high state of preservation. A prize!
From the Robert F. Schermerhorn Collection.
Memorable Gem F-96 $20 Note
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70 $10 F-96. Legal Tender note. Series of 1869. Allison-Spinner. Serial: H7358451. Gem Uncirculated-65 (CGA). Fresh, crisp and colorful. A beautiful type note in superlative grade. Fully margined all around though the face printing seems trivially crooked.
The face features Alfred Sealey's engraving of Daniel Webster. At the right appears a vignette of Pocahontas being presented to the Royal Court of England.
This is one of the popular "Jackass notes," so termed because the vignette of the eagle at the lower margin, when inverted, looks like the head of a donkey. The same vignette was widely used in this period and is also found on Fractional Currency shields.
From the Robert F. Schermerhorn Collection.
71 $10 F-102. Legal Tender note. Series of 1880. Bruce-Wyman. Serial: Z6029572. Choice Uncirculated-64 (CGA). Delightfully bright and with nearly full crispness remaining. Somewhat off center, but the design is not affected. Large brown Treasury Seal.
From Lester Merkin's sale of October 1972, Lot 201.
1880 F-103 Legal Tender $10
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72 $10 F-103. Legal Tender note. Series of 1880. Bruce-Wyman. Serial: A289310. Choice Uncirculated-64 (CGA). Crackling fresh with bold colors and original heavy embossing still visible. The lower margin on the face is tighter than the others, but complete. A minor change is noted with this issue, the serial numbers being in blue ink rather than red as on previous issues. A quality example, sure to please.
From Lester Merkin's sale of October 1972, Lot 202.
73 $10 F-107. Legal Tender note. Series of 1880. Rosecrans-Huston. Serial: A8216769. Crisp Uncirculated-62 (CGA). Printed somewhat off center, but the margins are complete. Aesthetically pleasing overall and retaining good color. One inconspicuous pinhole is visible at the center as is a tiny tear in the top margin; minor defects mentioned for the sake of accuracy.
From Abe Kosoff.
1880 F-108 Legal Tender $10
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74 $10 F-108. Legal Tender note. Series of 1880. Rosecrans-Huston. Serial: A10057078. Choice Uncirculated-64 (CGA). Crisp and bright, with bold blue serial numbers and large brown Treasury Seal. A very attractive example.
From Lester Merkin's sale of October 1972, Lot 204.
75 $10 F-113. Legal Tender note. Series of 1880. Lyons-Roberts. Serial: A30573174. About Uncirculated-58 (CGA). Outstandingly fresh appearance with bright blue serial numbers and red Treasury Seal. Well margined and only slightly off center on the back. The final "jackass" note.
From Lester Merkin's sale of October 1972, Lot 205.
Gem 1901 "Bison" $10
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76 $10 F-122. Legal Tender note. Series of 1901. Speelman-White. Serial: E49849536. Gem Uncirculated-66 (CGA). A superb example of the "Bison note," fresh and crisp. The face exhibits vivid red serial numbers, denomination, and Treasury Seal. The back is bright green. Well centered on both sides. To improve upon this example would be a challenge.
This issue commemorates the explorations of Meriwether Lewis and William Clark, whose portraits appear on the face of the note. President Thomas Jefferson chose Lewis, his private secretary, to lead an expedition into the territory recently acquired in the Louisiana Purchase. William Clark, a U.S. Army officer, was selected as co-leader, and together they crossed America from St. Louis to the mouth of the Columbia River (1804-1806).
In a curious numismatic coincidence, the same bison that was the model for the 1901 Legal Tender $10 note also served as the model for James Earle Fraser in 1912 when he created the "buffalo" nickel (first minted in 1913). By that time this ponderous quadruped had little time to live. A 1915 account noted:
"Black Diamond, the famous bison of the Central Park Zoological Garden, New York City, whose image adorns one side of the nickel, will be slain within a few days, but his massive head will be preserved and mounted. The animal has been the model for many sculptors and painters. Despite his fame, there were no bidders when he was put up at auction, but recently the bison was sold to a dealer in poultry and game for about $700. Black Diamond was born 19 years ago in the Zoological Garden and weighs something more than a ton. He is docile and considered a splendid specimen of his kind, but has outlived his usefulness."
Then, in December 1915, The Numismatist printed this, from "magnificence to meatballs," to paraphrase Frank Rowsome, Jr.:
"Black Diamond, the aged buffalo, whose likeness is printed on our $10 Legal Tender notes and is stamped on the last issue of five-cent pieces, was put to death in New York on November 17. He was about 20 years old and the largest bison in captivity. He had been an inmate of the Central Park corral for many years. Black Diamond's hide, which measured 13 by 13 feet, will be made into an automobile robe. The bison weighed 1,500 pounds, from which 750 pounds of dressed meat was obtained. The teeth were in a remarkable state of preservation. The head, which will be mounted, sold for a considerable amount of money. The bison was killed because of old age. He was sold in the surplus livestock auction last summer and was left at the park subject to the call of his purchaser."
From Lester Merkin's sale of October 1972, Lot 206.
Popular 1901 F-122 "Bison"
$10
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77 $10 F-122. Legal Tender note. Series of 1901. Speelman-White. Serial: E47203352. Choice Uncirculated-63 (CGA). Very bright and fresh save for a short and very light fold from the right margin, a reminder of someone's careless handling long ago. Nice margins and highly attractive. A second and final opportunity to acquire the "Bison" note, one of the most popular designs of large-size currency.
From the Robert F. Schermerhorn Collection.
1923 F-123 Legal Tender $10
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78 $10 F-123. Legal Tender note. Series of 1923. Speelman-White. Serial: A695982B. Gem Uncirculated-65 (CGA). Crackling fresh and boasting full margins all around. The bright red serial numbers, denomination, and Treasury Seal create a pleasant aspect. A scarcer type and seldom encountered in Gem preservation. A fine opportunity for the advanced and discriminating type collector. The final $10 note issued in large size.
From the Robert F. Schermerhorn Collection.
Elusive Early (1863) Legal Tender
$20
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79 $20 F-126b. Legal Tender note. Series of 1863. Chittenden-Spinner. Serial: 28675. Extremely Fine-45. Minor Split (CGA). The paper exhibits some aging, but not enough to significantly diminish the visual appeal. The margins are rather uneven, the back side being off center enough that the right margin touches the design. One light fold is noted through the body of the note, as is a short split at the top margin. Still a respectable example of this early Legal Tender denomination.
From the Robert F. Schermerhorn Collection.
Choice Uncirculated F-127 $20
Series of 1869
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80 $20 F-127. Legal Tender note. Series of 1869. Allison-Spinner. Serial: A2329570. Choice Uncirculated-64 (CGA). A bright and fresh example on crisp, heavily fibered paper. The margins are full on both sides, the back centered a little high. Very nice quality for a high-grade type collection. The back design was used for the series of 1869 only.
The Friedberg reference notes that the denomination appears on the back of this type 208 times. The Arabic numeral 20 is found 105 times while the Roman numeral appears 103 times. This extreme duplication of necessarily minuscule digits is a major contribution to the great intricacy of the back design on this early Legal Tender note. This complexity undoubtedly functioned as a deterrent to counterfeiters. On modern currency one can find microprinting, security threads, watermarks, and other devices which are meant to serve the same purpose in our more technologically advanced (but artistically diminished) age.
From the Robert F. Schermerhorn Collection.
Impressive 1875 F-128 $20
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81 $20 F-128. Legal Tender note. Series of 1875. Allison-New. Serial: A625823. Gem Uncirculated-65 (CGA). An aesthetic delight boasting fresh paper and pleasing rosy red ornamentation and Treasury Seal. The bright blue serial numbers are a visually stimulating addition. The back is also noticeably bright with a slight pale blue tint to the paper. Variety with the large red "XX" added to the right and left centers of the face, a type found in the Series of 1878 as well, though the present series is scarcer.
From Abe Kosoff.
Gem $20 F-129 Legal Tender
Series of 1878
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82 $20 F-129. Legal Tender note. Series of 1878. Allison-Gilfillan. Serial: A1013672. Gem Uncirculated-65 (CGA). A beautiful note with bold colors and fresh overall appearance. Nice even margins on the face, the back is slightly low. Printed on watermarked paper heavily laden with pink and blue silk threads. The only signature combination for the series of 1878.
From Paramount's 1972 ANA Sale, August 1972, Lot 1071.
83 $20 F-134. Legal Tender note. Series of 1880. Rosecrans-Jordan. Serial: A772497. Very Fine-20 (CGA). Moderately circulated as evidenced by a number of creases and some light soiling. Two fingerprints are visible near the top edge on the central face. Variety with plain, large red Treasury Seal. Only a handful of these are known to exist.
The "Oat Bin Hoard": In the annals of hoards of scarce, rare, and interesting United States paper money the so-called Oat Bin Hoard ranks as one of the more significant finds.
In 1966 Dr. Howard Carter of Leawood, Kansas, purchased a fabulous cache of paper money comprising over $28,000 face value that had been "brought to the Midwest from Virginia shortly after the War Between the States; they were later found in an oat bin that had not been emptied for many years." Other notes were probably acquired in the Midwest at a later date. One of the foremost treasures in the cache was a $1,000 Legal Tender note of the early 1860s.
Carter owned a bank in Kingswood, Missouri, and through its connections put out inquiries seeking old currency. From time to time he was rewarded by success, but never so much as when he learned of an estate in the southern part of Missouri that had a wondrous quantity of paper money. A premium of some type was paid above face value, and the estate representatives and Carter were both satisfied.
Seeking to sell the notes to collectors, Carter took them to the American Numismatic Association Convention held that year in Bal Harbour, Florida. However, by the time that several days had passed at the show, only a few had been sold, despite his having printed a list that included a Dakota Territory note.
Dean Oakes, one of America's leading dealers in currency and owner of A&A Coins, Inc., in partnership with his fellow Iowan, Don Jensen, went to Dr. Carter's hotel room, viewed a sampling of the notes, and a week later went to Leawood, Kansas, and bought the entire deal. Oakes and Jensen went as partners in the National Bank notes in the group, and Oakes on his own bought the "type" currency. The Nationals were mostly from Booneville, Missouri, and several Kansas towns including St. Marys, Wamego, and Topeka.
In 1968 Dean Oakes and Don Jensen brought a display of 50 of the choicest Oat Bin Hoard notes, mostly First Charter National issues, to the Professional Numismatists Guild show in Chicago, where they were stolen. Oakes and Jensen ran advertisements in the coin papers to seek information. With the assistance of Chicago dealer Dennis Forgue, a listing of the missing notes and serial numbers was compiled.
In due course, two notes-a rare Texas First Charter $20 and a rare Selma, Alabama, $100 note-turned up in the hands of a small-town dealer in Wisconsin, not far from the Illinois border. The new "owner" of the pieces offered them for sale. Don Jensen notified the Federal Bureau of Investigation and with an FBI agent arranged a "buy." Don pretended to have his cousin with him, who came along, the story being that he wanted to buy an old car in the same town. Don and his "cousin" met with the holder of the notes, inspected them, and suggested that the $2,000 asking price was too high, and countered with $1,800 in the form of several cashiers' checks. This offer was accepted. Minutes later, as the seller of the stolen notes went out the back door to his car, FBI agents grabbed him, confiscated the checks and also, for evidence, the two notes. Later, the notes were returned by the FBI to the rightful owners.
Fast forward to spring 1979, 11 years after the theft. Forty-eight notes were still missing. As luck would have it, two men walked into Rarcoa, the Chicago dealership owned by Ed Milas, where Dennis Forgue was employed at the time. Forgue, quite familiar with the missing items and who had helped make up a list of them earlier, feigned interest in acquiring the notes, and set up an appointment three days later to buy them. At the scheduled hour the men reappeared and were greeted by the police.
The men had various alibis and excuses, but could not prove they held title to the notes. The stolen notes were confiscated by the police and returned to Oakes and Jensen. Unfortunately, the statute of limitations on the theft was 10 years, and now it was in the 11th year after the crime, so no prosecution could be made. Dennis Forgue received the Professional Numismatist Guild's Sol Kaplan Award for his work in the recovery.
The notes were subsequently offered in an auction by Hickman & Oakes (John Hickman and Dean Oakes) on November 24, 1979, and by now are widely dispersed. Only occasionally, as in the present instance, does a note with this pedigree cross the auction block.
(Adapted from American Coin Treasures and Hoards, by Q. David Bowers, 1997, this story based upon information provided by Dean Oakes and David Harper of the Bank Note Reporter.)
From Paramount's 1972 ANA Sale, August 1972, Lot 1072. Formerly from the Oat Bin Hoard.
Crisp $20 F-136 Legal Tender
Series of 1880
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84 $20 F-136. Legal Tender note. Series of 1880. Rosecrans-Hyatt. Serial: A2667910. Crisp Uncirculated-62 (CGA). Printed somewhat off center; a minor distraction on an otherwise delightful note. Bright Treasury Seal and serial numbers against the grayscale background. The back is printed in bright green. A choice example of the variety featuring a large red Treasury Seal with spikes.
From Louis S. Werner.
85 $20 F-142. Legal Tender note. Series of 1880. Bruce-Roberts. Serial: A11904124. Choice Uncirculated-64 (CGA). A delightful type note, very nearly Gem quality. Fresh and pleasing. The top margin on the face is thin, but full. The back exhibits near-perfect centering. The paper is lightly tinted green, especially noticeable on the back. Variety with small red, scalloped Treasury Seal.
From the Robert F. Schermerhorn Collection.
86 $20 F-147. Legal Tender note. Series of 1880. Elliott-White. Serial: A3692851A. About Uncirculated-58 (CGA). Another bright and pleasing note. The Treasury Seal and serial numbers are bold red and contrast nicely to the grayscale background. A final high-grade $20 Legal Tender note, this bearing the final signature combination of the series of 1880. Attractive and sure to please.
From Abe Kosoff.
Rarely Encountered $50 F-148 Legal Tender
Series of 1862 - Only 26 Specimens Known
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87 $50 F-148. Legal Tender note. Series of 1862. Chittenden-Spinner. Serial: 31398. Very Fine-25 (CGA). Moderately circulated, though not having suffered any unusual abuse. The paper quality is quite nice and retains significant body. Creases through the note are not severe and the edges seem intact all around. The lower margin of the face is tight and is slightly into the design border at the right end. The back margins are wide and complete. Lightly faded from use but still very appealing. While not the finest known by any means, this piece remains a very respectable example of a rather scarce note. Only a small handful of these exist, and fewer than half would grade finer than the present specimen. This type is the only $50 Legal Tender with the First Obligation found on the back.
The face features the portrait of Alexander Hamilton, the first U.S. secretary of the Treasury (1789-1795). The back design is heavily ornamented, a characteristic of the earliest Legal Tender issues in all denominations. As mentioned above, the First Obligation is found in a circular frame at center.
From the Robert F. Schermerhorn Collection.
Impressive "Rainbow" F-151 $50
Series of 1869
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88 $50 F-151. Legal Tender note. Series of 1869. Allison-Spinner. Serial: Y405877. About Uncirculated-58 (CGA). A lovely note, and but for the slightest ghost of a central crease, a Choice Uncirculated note. Bright and well centered with bold colors. The rosy red ornamentation, and Treasury Seal combined with the deep blue serial numbers and pale blue tinting of the paper create an aesthetic treat. A scarce issue of which Treasury books report only 24 notes outstanding. Curiously, the census indicates the existence of 55 different specimens. In any case, it is likely that most of the other pieces from the original issue have either been lost or turned in to the U.S. Treasury, canceled and destroyed long ago. Being nearly Uncirculated, this note must certainly rank as one of the finest of those still in existence. A flurry of strong bidding activity will undoubtedly surround this note. While this collection offers many fine pieces of federal currency, in all likelihood the present note will be long remembered as one of the highlights of the sale.
The face of the note features a vignette of Henry Clay, a distinguished American politician. His career in politics included three terms in the U.S. House of Representatives, four terms in the U.S. Senate, one term as U.S. Secretary of State, and two unsuccessful campaigns for the presidency as a member of the Whig Party.
Treasury records: The "Treasury records of outstanding notes" are a major fiction in the field of currency collecting, right along with the aforementioned personally autographed notes of F.E. Spinner. While such reports are useful in a general sense, despite their precise-appearing nature, they are only guesses. From time to time the Treasury Department made estimates that certain currency notes had been destroyed in the 1871 Chicago fire, the 1906 San Francisco earthquake and fire, etc. Of course, Treasury officials had no real clues as to what type of notes had been destroyed. Similarly, if after a period of time National Bank Notes from a given financial institution had not been redeemed, or at least not often, Treasury officials wrote down on their books the quantity outstanding. In the process, a lot of low, numismatically enticing numbers were created. Every so often, a situation such as the above crops up to reveal the truth. In currency collecting, this is something akin to in coinage saying that only 24 were minted, but that today 55 are known (and, there are such instances among coinage figures, but that is beyond the scope of the present commentary).
We imagine that in time-as more numismatic records are kept (with Martin Gengerke deserving of a gold ribbon for his great efforts in this regard to date)-we will all have a better idea of what is rare and what is not. Unlike coins, which can be ambiguous in catalogue descriptions, the serial number (and, sometimes, the plate number) serves as a permanent tag for each specimen. Meanwhile, the Treasury records will continue to be cited-including by us-as for the moment they provide the best estimates. However, Treasury numbers should always be taken with the proverbial grain of salt.
From the Robert F. Schermerhorn Collection.
Gem Uncirculated $50 F-161 Legal Tender
Series of 1880
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89 $50 F-161. Legal Tender note. Series of 1880. Huston-Rosecrans. Serial: A448565. Gem Uncirculated-65 (CGA). An outstanding example of this scarce note. Bright and fresh with a bold brown Treasury Seal and vivid blue serial numbers. Nicely centered with good margins all around. It appears that a small handful were saved, as an unusual number of these are known in Uncirculated with serial numbers from A448521 through A448572.
A beautiful type depicting Benjamin Franklin at left. Franklin is highly revered in American history as an accomplished inventor, scientist, printer, motto inventor, statesman and, of course, one of the drafters of the Declaration of Independence. The excellent vignette at the right end depicts Liberty as Columbia.
From Abe Kosoff, April 1973.
1880 F-164 $50 Legal Tender Note
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90 $50 F-164. Legal Tender note. Series of 1880. Lyons-Roberts. Serial: A972211. Very Fine-35 (CGA). Some light creasing is visible but the note remains bright and attractive. Above average centering is an added bonus. The final signature combination issued of this lovely type, this bearing the scalloped, red Treasury Seal. While a number of these are known to exist, the number of collectors is far greater, making every offering an important one.
From the Robert F. Schermerhorn Collection.
Rare $100 F-165 Legal Tender
Series of 1862
Only 13 Known
A Visual Masterpiece
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91 $100 F-165. Legal Tender note. Series of 1862. Chittenden-Spinner. Serial: 38309. Fine-12 (CGA). A couple of short edge splits are noted, otherwise the note remains fully intact. There is a small area of dark staining at the lower left of the face and on the corresponding point of the back. The large American eagle is featured on the face, a very expressive engraving. The ornate back design features the First Obligation at the center. The $100 denomination is the highest of the series of 1862 which can reasonably be considered collectible. The specimen offered here is listed among 13 known examples. The $500 note of this series is prohibitively rare with only a single note reported in the census. The $1000 note remains unknown.
The front of this note is a visual masterpiece, and it stands tall and proud among designs of this era.
Friedberg-165 was the first federally issued bank note to feature the eagle motif. This particular vignette was titled Spread Eagle, and was engraved by Joseph P. Ourdan. The back features the First Obligation in a circular frame at the center. Ornate engraved design work fills much of the remaining space.
From the Robert F. Schermerhorn Collection.
Scarce $100 F-167a Legal Tender
Series of 1863
25 Specimens Known
Erstwhile Friedberg Plate Note
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92 $100 F-167a. Legal Tender note. Series of 1863. Chittenden-Spinner. Serial: 77695. Very Fine-35 (CGA). Nice paper quality with significant body remaining. A small tear is noted in the eagle's wing, this only apparent under careful examination. The ink of the face is very bright and overall the appearance is quite pleasing. The back color is somewhat faded, although the design elements remain bold. Modified back design with the Second Obligation found in the central frame. A specimen representing nice quality for this rather scarce type, and formerly the Friedberg plate note. One of only 25 reported survivors. The latest edition of the reference has many new photographs, these being from the Federal Reserve Bank of San Francisco Collection.
From Morey Perlmutter, March 1973. Formerly from the Kreisberg & Schulman sale of March 1965, Lot 901.
Quality $100 F-168 Legal Tender Note
Series of 1869
22 Specimens Known
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93 $100 F-168. Legal Tender note. Series of 1869. Allison-Spinner. Serial: W68705. About Uncirculated-50 (CGA). Traces of light vertical folds are visible as are a few light ripples in the paper. Very minor distractions on this important note. Another very scarce type; one of 22 specimens reported in the census. Only a small handful of these could equal or exceed the quality of the example here offered.
This note was a new design with a short-lived back type found only on this particular series. The face features the famous image of Abraham Lincoln to the left, this being still in use on modern $5 Federal Reserve Notes. The right end features an allegory representing Architecture. This face design was retained with only slight modifications for the series of 1875, 1878, and 1880.
From the Robert F. Schermerhorn Collection.
Very Rare $100 F-169 Legal Tender Note
Series of 1875
Only 11 Specimens Known
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94 $100 F-169. Legal Tender note. Series of 1875. Allison-New. Serial: A25014. Very Good/Fine-10 (CGA). Heavily circulated and showing a scattering of pinholes. One tear is noted in the central portion of the top edge. Aside from these defects, the note is nice for the grade. As are so many of the notes in the present sale, this specimen is scarce and quite desirable at any grade level. Only 11 specimens are reported extant.
From Paramount's 1972 ANA Convention Sale, August 1972, Lot 1079. Formerly in the Oat Bin Hoard.
Scarce $100 F-179 Legal Tender Note
Series of 1880
One of 23 Known
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95 $100 F-179. Legal Tender note. Series of 1880. Tillman-Morgan. Serial: A491704. Very Fine-20 (CGA). A small scattering of pinholes is visible in the central portion of the note. Some softness of the paper is also noted along the top edge, otherwise the note is quite pleasing for the grade assigned. Variety with the scalloped, small red Treasury Seal. Reported survivors of this type number only 23 pieces.
From the Robert F. Schermerhorn Collection.
A Second Example of $100
F-179
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96 $100 F-179. Legal Tender note. Series of 1880. Tillman-Morgan. Serial: A471291. Very Fine-20 (CGA). A most unusual second chance to acquire this scarce note. Perfectly centered with decent color remaining. Moderately circulated but still retaining some body, commensurate with the grade assigned. Probably just about average grade for those known; arguably insignificant considering the number of known pieces. Another scarce opportunity for the advanced collector.
