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Friday, December 24, 2010

'First example' of the 1882 Gold banknote sells with $500,000 estimate

Limited to just 14,000, this note, appearing for sale for only the second time, is the star at Heritage

Heritage Auctions, the official auctioneer of the Florida United Numismatists (FUN) Show, will present a substantial number of rare and exceptional notes as part of its Signature Currency Auction.

The sale is being held on January 6-10 in Tampa, Florida.

A total of 5,970 lots will be offered in four floor sessions that will take place between January 6-8 and two online-only sessions that will take place January 9-10 in Dallas.

The Auction is anchored by The Menlo Park Collection, The Dr Larry Miller Collection, The Dee Panda Collection, The R.J. Bradley Collection, The Nicholas J. Buyer Collection and The Everglades Collection of Florida National Bank Notes.

Among the sale's highlights is a Serial Number One Fr. 1175 $20 1882 Gold Certificate PMG Choice Fine 15 that carries an estimate of $400,000 to $500,000.

The Serial Number One Fr. 1175 $20 1882 Gold Certificate note

The first 1882 Gold Certificates were printed with the Bruce-Gilfillan signature and countersigned in pen by Thomas C. Acton, the Assistant Treasurer in New York. As the demand for Gold Certificates increased, the plates were changed to include the engraved signature of Acton.

The change occurred quickly, resulting in a paltry issuance of only 14,000 notes with the pen signed countersignature. If history serves as a guide, the lowest denominations of a particular series are usually issued first.

Since no $10 Gold Certificates were printed for Series 1882 and since this piece boasts Serial Number One, one could make a good argument that this is indeed the first example of the 1882 Golds to be issued.

This specimen appeared at public auction for the first time last year. Though one other surviving example is recorded in the census, it has yet to make an auction appearance.

"This brightly colored note still possesses all the eye appeal of a full VF" according to Heritage's lot notes, and will be an unmissable inclusion in its January sale.