Heritage Currency Signature Auction Surpasses Expectations!

Dallas, Texas: Heritage Currency Auctions of America (CAA) most recent Signature Sale, which closed Saturday, January 15, 2005, posted a total sell-through of $6,729,831.54. With 2,355 bidders competing for 4,284 lots, 816 were successful. 3,890 lots were sold, for 90.80% of the total.

Included in this sale was the "hidden" collection of Malcolm Trask, untouched since the early 1960s, which realized a total of $1,437,190.65. Trask, an IRT motorman from New York City, was considered a pioneer in the field of New York currency. His collection was comprised of over 300 large notes, many of which were uncirculated.

Highlights of the sale included:

Fr. 185m $500 1880 Legal Tender About New. Only five examples of this incredible rarity are known to exist from the original printing of 20,000 pieces. Three of those five are permanently impounded. The first, the ex-Bebee example, is ensconced in the ANA museum in Colorado Springs, and two others are in government hands, one in the Smithsonian and the second in the collection of the Federal Reserve Bank of San Francisco. The only note other than the presently offered example in collector's hands is an Extremely Fine that last sold in a February, 2000 auction for $231,000. Surprisingly, all five existing pieces are reported to be in decent grade. The San Francisco Fed piece grades Very Fine, and the other three all grade Extremely Fine. This note grades a full About New, and is problem free save for a consummately expert repair to the left edge which is undetectable short of extremely close examination. With the only other privately owned Fr. 185m now off the market for an extended period of time, this may well offer the last opportunity for this generation of collectors to acquire a Lyons-Roberts signed $500 Legal. REALIZED: $281,750.

Fr. 284 $10 1878 Silver Certificate Extremely Fine. With the addition of this new piece from the Trask Collection, the census for Fr. 284's has risen to four. One is a damaged VG that has been off the market since 1986, and the other two are just about the same grade as this beauty, an XF that we sold in June 1994 for $19,800, and the Shiva example, called About Extremely Fine, which realized $27,500 in 1995. This note is problem-free, with super margins, bold colors and not a hint of a problem, repair or restoration of any kind. It has much of the visual impact of an uncirculated note, and, in a side-by-side comparison, this is very likely the finest known. The Hopper hand-autographed signature is in a bold, deep brown, and it contrasts beautifully with the red and blue overprints on this colorful and extremely rare note. This beauty is one of the Type Note highlights of this incredible collection formed from just after World War II until 1956. It has been over a decade since any Fr. 284 has been available at public auction, and the pent-up demand combined with the technical merits and tremendous visual impact of this extreme rarity could propel this note near or past the $50,000 mark. From the collection of Malcolm A. Trask. REALIZED: $89,125.

Fr. 2231-A $10,000 1934 Federal Reserve Note. Choice Crisp Uncirculated.
This fully original Boston Ten Thousand has bold embossing, crackling fresh paper, and, unlike many notes of this denomination, has never been "played with" in any way. A couple of minor counting crinkles are present, but the note has the eye appeal of a higher grade. In today's market where the combination of quality and originality sometimes creates intense demand, expect this note to incite spirited bidding. REALIZED: $66,125.

Albany, OR - $10 1902 Red Seal Fr. 613 The First NB Ch. # (P)2928
An eye popping rarity which is now returning to the market after a fifty years absence, courtesy of its sojourn in the Malcolm Trask holdings. Mr. Trask obtained it when it was last offered at the September 24, 1955 sale of the Dr. Frank A. Limpert collection, where it was lot 312. It's one of only a handful of known serial number 1 Red Seals from Oregon, and the only example recorded from outside of Baker City or Burns. The note is a bright pen signed beauty which appears new at first glance, although close inspection discloses a few very light folds, mandating a grade of Extremely Fine-About Uncirculated. Notes like this are so seldom offered that any estimate is but a guess, but if rarity, desirability and demand are any guide here, expect a realization well into the range of...From the Malcolm A. Trask collection. REALIZED: $61,525.

Fr. 187j $1,000 1880 Legal Tender CGA Very Fine 35. Through the CGA holder, this note appears to be virtually identical to the example that we sold in September of 2000 for $99,000. Only about a dozen examples of this number are known to exist, at lest three of which are permanently impounded. Even more important is the fact that about two dozen Thousand Dollar 1880's are known to exist for all signature combinations, nine of which are permanently impounded. This note is well margined, with good color and plenty of eye appeal. REALIZED: $60,375.

Fr. 2221-K $5,000 1934 Federal Reserve Note. Very Choice Crisp Uncirculated.
A most attractive example of this much in demand denomination, and from the well collected Dallas district as well, which had a mere 2,400 pieces printed. With the true rarity of the $5,000 now well established, and with no hoards or accumulations of these overhanging the market, our best guess is that this bright and well centered piece will quite likely reach or exceed. REALIZED: $57,500.

Fr. 1185 $20 1906 Gold Certificate Gem New.
Only 9,380,000 Fr. 1185's were produced, making this the only serial-number-one Fr. 1185 to have ever existed. It's an absolutely perfect piece, with beautiful margins, terrific paper surfaces, near perfect centering of both sides and bright, flashy ideal color. It's only previous market appearance was as Lot 753 in the March 1945 Barney Bluestone auction of the incomparable Grinnell Collection. To type-note collectors, Serial Number One notes represent the pinnacle of the hobby, and Malcolm Trask proved to be far ahead of his time when he spent the required premium to acquire these very special pieces. Although this unique note is the only Serial Number One ever produced for Fr. 1185, there were six different signature combinations of 1906 Twenties, and serial-number-one notes are known for two of those six numbers, Fr. 1184 being the other. From the collection of Malcolm A. Trask. REALIZED: $57,500.

Images, descriptions, and prices realized from all past sales are available in the Permanent Auction Archives at the Heritage website.