Records Fall at Heritage's $10 Million FUN Currency Auctions - Part of Heritage's $62 Million FUN Event

Dallas, TX: Multiple world records were set at the Currency Signature Auction presented by Heritage Auction Galleries at the FUN 2008 convention in Orlando - one of Heritage's Official Auctions at the Florida United Numismatists 2008 Convention in Orlando. Among the most important records was for the most valuable Obsolete Note ever sold at auction; Lot 12767 realized $126,500 for a $5 Clark, Gruber & Co. note out of Denver, Colorado.

"Before the auction," enthused Heritage Currency Director Len Glazer, "it was recognized that this was one of the most historic and important Obsolete notes, from an issuer who also struck Territorial gold coins in 1860 and 1861. As the Clark, Gruber & Co. notes were redeemable in their gold coins, very few notes survived - only two Proofs are known in private collections, and two remainders, including this example with serial number 1999. Only the $5 denomination was issued by this private bank and mint, and when the first notes were issued they were written up in The Rocky Mountain News of August 3, 1861. The pre-auction estimate of $50,000-$70,000 was quickly surpassed in very spirited bidding."

"Still another record was set for the most valuable item of Military Payment Currency at auction, the $115,000 bid for Lot 13277," noted Currency Director Allen Mincho.

"This was a newly discovered, unique Series 692 Specimen Book, the existence of which was announced with this auction appearance. Entitled Progressive Impressions, Composite Impressions, and Specimens of Military Payment Certificates Series 692, this collector's dream contained nine four subject sheets of each denomination from the 5¢ through the $20 in every possible printing permutation, from an all serial number E00000000E complete specimen printing to progressive impressions of all parts of the face and back of every note in every denomination -- a total of 288 Gem Uncirculated proof and specimen impressions."

In addition to the $10 million in rare currency auctioned in Heritage's FUN event, more than $50 million in rare coins were also hammered in Orlando; this was Heritage's second largest auction ever. When proceeds from Final Session Auctions for coins and currency are concluded, plus Post Auction Buys from both events are combined, the total prices realized for FUN are expected to exceed $62 million. An additional $4.3 million was realized in Heritage's Signature auction of Ancient and World Coins held at the NYINC just prior to FUN. Results from all Official FUN auctions have been posted by Heritage in their Permanent Auction Archives at HA.com.

"The market continues to post record prices for notes featuring originality and rarity," concluded Currency Director Allen Mincho. "Across the board, collectors are paying record-setting prices for rarities that simply must be obtained when they appear on the market. We are also seeing increasing numbers of currency collectors participating through our new Heritage Live online bidding system, which allows Internet-based bidders to participate directly in the floor action like any other floor bidder. More Internet bidders are winning using Heritage's unique technology."

Additional Heritage January 2008 FUN U.S. Currency highlights:

Lot 14194: Fr. 150 $50 1863 Legal Tender, PMG Extremely Fine 40. One of only eight examples of this Friedberg number known. This note was a new addition to the census, part of the short serial number range of high-end pieces. The price record was held by a PCGS 40 which realized $103,500 in October of 2005. Realized: $299,000

Lot 13816: Fr. 2221-J $5000 1934 Federal Reserve Note, PMG Gem Uncirculated 65 EPQ. The finest $5,000 note Heritage has offered in many years. The PMG census shows only 26 $5000 notes from all series and districts, with the highest grade being this note (tied with two others). This is also the only Kansas City $5000 graded to date by PMG. Realized: $218,500

Lot 14068: Fr. 9 $10 1861 Demand Note, PMG Very Fine 25. At this time, only five notes are recorded in the Gengerke census for this elusive Greenback, with one example forever ensconced in the ANA Museum. The finest known colorful example, this comes from a hoard held since the Civil War. Realized: $172,500

Lot 13817: Fr. 2231-K $10000 1934 Federal Reserve Note, CGA Gem Uncirculated 66. A broadly margined example, one of fewer than a dozen Dallas district $10,000 notes reported to date. Realized: $161,000

Lot 13815: Fr. 2221-A $5000 1934 Federal Reserve Note, PCGS Very Fine 35. This note last appeared in our February 2005 auction of the famed Taylor Family Collection. Out of a print run of 9,480, this serial number A00000176A note is the highest serial number known. Realized: $115,000

Lot 14876: Brooksville, FL - $10-$10-$10-$20 1902 Date Back Fr. 619/645 The First NB Ch. # (S)9891 Uncut Sheet. One of the highlights of the Sunshine State collection, this is one of only five large-size, uncut sheets known from the entire state of Florida, and the only serial number 1 large size sheet reported to date. Additionally, the bank is incredibly rare! From The Sunshine State Collection. Realized: $109,250

Lot 13818: Fr. 2231-K $10000 1934 Federal Reserve Note, PMG Choice Very Fine 35. Dallas is not a common district for $10,000 notes, and this example displays good eye appeal and bright colors despite a small restoration. Realized: $103,500

Lot 14741: Maricopa, CA - $20 1902 Date Back Fr. 645 The First NB Ch. # (P)9957, Very Fine+. The Kansas City collection ranks above even the great Colver and the Horwedel collections for great California notes! This example combines exceptional bank rarity with exceptional condition; the only note known from Maricopa, whose only bank lasted less than four years (issuing Third Charter Date Backs only). From The Kansas City Collection. Realized: $86,250

Lot 13997: Fr. 1180 $20 1905 Gold Certificate, PMG Gem Uncirculated 66 EPQ. This note comes from a small hoard of 25 high-grade Twenty Dollar 1905s that William Philpot purchased from a friend who had worked at the Treasury Department. There were originally 25 non-consecutive notes in the group, all from the pack that began A4043___; this note, numbered A404319, has never been auctioned previously. From The Peter Gamble Collection. Realized: $80,500

Lot 14001: Fr. 1214 $100 1882 Gold Certificate, PMG Superb Gem Unc 67 EPQ. Previously, the highest PMG graded Fr. 1214 to reach the auction block had been a 66, which sold last June for $36,800. This 67 is a simply magnificent piece of paper with brilliant color, broad margins, and tremendous eye appeal. Along with the Superb 67 grade, PMG commented "Exceptional Paper Quality, Embossing & Color". From The Peter Gamble Collection. Realized: $80,500

Lot 14281: Fr. 263 $5 1886 Silver Certificate, PMG Superb Gem Unc 67 EPQ. One year ago, Heritage handled a Fr. 261 PMG Superb Gem 67 EPQ Silver Dollar back, with the Rosecrans-Huston signature combination, which realized $54,625 against a "$25,000-up" estimate of $25,000-up. This is the equal, boasting perfectly white paper, precisely even margins, and brilliant colors. Realized: $74,750

Lot 13999: Fr. 1194 $50 1882 Gold Certificate, PMG Choice About Unc 58 EPQ. Heritage has sold this note twice before, including April 2006 when it realized $29,900. This is the finest known example of the Friedberg number, and no other note is even close; it is a strictly original beauty with perfect colors, large, even margins, incredibly deep, original embossing, and a single, extremely light fold far to the left. Absent this almost undetectable fold, the note is Superb in every possible respect. PMG commented "Exceptional Paper Quality, Great Embossing". Realized: $71,875

Lot 13998: Fr. 1192 $50 1882 Gold Certificate, PMG Very Fine 25. This brilliantly colored large brown seal $50 Gold Note is one of less than a dozen and a half examples of this number known, with none grading higher than XF. This one has broad margins, extremely bright colors, original paper surfaces, and not a hint of a defect. From The Peter Gamble Collection. Realized: $69,000

Lot 14195: Fr. 163 $50 1880 Legal Tender, PMG Fine 12. This Friedberg number has a population of five, with two permanently impounded within the Federal Reserve System, and the third off the market since 1973. Formerly in the Rickey Collection and the Robert Schermerhorn Collection, Heritage last sold this note for under $20,000 in January 1997. Realized: $69,000

Lot 13965: Fr. 192b $50 1864 Compound Interest Treasury Note, PCGS Very Fine 30. Only thirteen examples of this number are known to exist, with only fifteen known for the type (three permanently impounded in museum or government hands). This example is extremely well margined, 100% natural, and without a hint of a problem, restoration, or pinhole. It has been part of the J. Whitney Walter Collection and it is now part of the Peter Gamble Collection, with that pedigree noted on the PCGS holder. Realized: $69,000

Lot 14900: Jacksonville, FL - $50 1882 Brown Back Fr. 511 The NB of Jacksonville Ch. # (S)3869, PMG Very Fine 30. A truly magnificent note, the only $50 Brown Back known from Florida is a major bank rarity as well; the census shows just one other note extant from this Jacksonville institution which liquidated at the expiration of its charter in 1908. The note also bears the penned signature of W. B. Barnett as President, who gave his name to the Barnett National Bank. This is the first offering of any note from this bank at public auction. From The Sunshine State Collection. Realized: $69,000

Lot 14950: Pensacola, FL - $10 1882 Brown Back Fr. 485 The Citizens NB Ch. # 4837, PMG Choice Very Fine 35 EPQ. This important note is one of only four serial number 1 Brown Backs known from all banks in Florida combined (and Heritage has auctioned all of them within the last thirteen months!). This example comes from the scarcest bank of any of the Brown Back number ones, with this institution having issued Brown Backs and Date Backs only before liquidating in 1911 (only four notes known). This is the note's first public auction. From The Sunshine State Collection. Realized: $69,000

Lot 14751: Newman, CA - $5 1902 Date Back Fr. 593 The First NB Ch. # (P)9760, EF-AU. This spectacular note is unique, and is a gorgeous high grade specimen from the only issuer in Newman, a small community located southwest of Modesto in Stanislaus County. The one bank issued notes for less than ten years before entering receivership in 1920. This is the first example ever offered at public auction. From The Kansas City Collection. Realized: $66,125

Lot 13987: Fr. 353 $2 1890 Treasury Note, PMG Gem Uncirculated 66 EPQ. Only a handful of low-number Fr. 353s are known, and this Serial Number A68 is among the lowest, and only the A61 note equals its quality. PMG notes "Exceptional Paper Quality." From The Peter Gamble Collection. Realized: $63,250

Lot 14334: Fr. 321 $20 1891 Silver Certificate, PMG Gem Uncirculated 66 EPQ. Only four notes have been graded at this level by PMG, with none higher. Beautifully fresh and fully original, with excellent embossing, natural paper surfaces and impeccable colors, it comes out of the Schermerhorn Collection. Realized: $57,500

Lot 15313: New Orleans, LA - $50 1882 Value Back Fr. 586 Canal-Commercial NB Ch. # (S)5649, Fine. New to the market, this $50 Value Back is one of just eight examples extant, and was issued by just two banks, this and the Winters NB of Dayton, Ohio. It is the second scarcest type in Nationals, following closely to the $100 Value Back, which has five examples known. Six of the known pieces come from the this bank, two from Dayton. Realized: $51,750

Lot 13962: Fr. 176 $100 1880 Legal Tender, PMG Very Fine 30 "Good Color." The bright orange seal and blue serial numbers are both at their full original brilliance - something seldom seen at the VF30 level. This note places fourth out of a census of eleven pieces. From The Peter Gamble Collection. Realized: $48,875

Lot 14661: Fr. 1220 $1000 1922 Gold Certificate, PMG Very Fine 35 Net. This high-end circulated note has the eye appeal of an EF grade, though a minor restoration has resulted in a net grade. Vivid yellow serial numbers, seal and $1000 overprint details are noted. Realized: $48,300

Lot 12287: Spencer M. Clark's Fractional Currency Presentation Book. In May of 1866, nearly four years after Congress approved the production of Fractional Currency, thirteen presentation books containing Fractional Specimens were produced and presented to President Andrew Johnson, his cabinet, and several congressmen; this is the book presented to Spencer M. Clark, who was Superintendent of the National Currency Bureau and later the BEP (1862-1868). Clark is best known for placing his own portrait on the Third Issue Five Cent Fractional Currency note issued in January of 1865, resulting in the Act of April 7, 1866, which prohibited the placing of the portrait of any living person on U.S. currency. From The Peter Gamble Collection. Realized: $46,000

Lot 13365: Fr. 1503* $2 1928B Legal Tender Note, PCGS Very Fine 25PPQ. This is a classic small size rarity, only eight surviving examples being recorded, The note is bright, nicely centered, and possesses a sharp red overprint. Realized: $46,000

For more information about Heritage's auctions, and a complete record of prices realized, along with full-color, enlargeable photos of each lot, please visit www.HA.com.

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