The August 2012 Philadelphia ANA World's Fair of Money Auction

Auction # 140 | View Auction Schedule and Details

Pre-Bidding Ends: 8/8/2012 1:00:00 PM PST
Live Floor and Internet Bidding Begins: 8/8/2012 2:00:00 PM PST

Lot #7598. Large Size. Fr. 187j. 1880 $1,000 Legal Tender Note. PCGS Very Fine 35.

Landmark 1880 $1,000 Legal Tender Note

Classic DeWitt Clinton Portrait Vignette Rarity

Description:

Large size banknotes of this denomination are rare in any form and particularly so in Legal Tender types. The serial A162391 overprinted note offered is one which carries an Ex. Frank Levitan pedigree being sold in December of 1998 for $41,800.00. Again it was offered just two years later in December of 2000 where it handily doubled the previous realization bringing $99,000.00. Nearly half a decade would pass before the next public appearance with the note being offered in May of 2005 where it's most recent realization of $126,500.00 was achieved. More than seven years later we are pleased to now offer this $1,000 banknote to collectors again. An opportunity that will achieve considerable attention from advanced collectors.

The item is one of a known 13 listed in current census data and three pieces are forever unavailable to private collectors as they reside in institutional holdings. Of those available this plate "C" impression is one that rivals the finest available and is ultimately the second best of the 10 collectible examples. The PCGS population report shows the single finer example at the top of the report with four pieces graded under the Friedberg 187j designation. This Very Fine 35 note comes in just behind the aforementioned finest known note with no equals. A look at the PMG population report also confirms the condition rarity with the finest graded through their firm also being a Very Fine 35 item. The two most recent offerings of the design was the PCGS Extremely Fine 40 note which brought $322,000.00 in June of last year and a PMG Very Fine 30 note which sold in March of 2007 for $258,750.00.

The design is one which captivates audiences rather quickly with a famous portrait vignette of DeWitt Clinton resting a hand on his face at center. Christopher Columbus is seen seated at left in study and small red scalloped treasury seal at right situated below "1,000," counter at upper right. DeWitt Clinton was a prominent American who served as the Mayor of New York City from 1803 to 1815 and later as Governor of the Empire state. "United States," seen arched and flanking central portrait with "One Thousand Dollars," arched below. Roman numeral "M," at lower center with Lyons | Roberts Treasury signatures at left and right respectively. Even and light circulation keeps the ink tones strong while bold overprints remain as well. An intricate verso layout shows with highly ornamental floral devices throughout and detailed central guilloche with scarce "$," seen preceding the denomination. Very important problem free paper is present with the banknote being free from typical restorations found on these high profile rarities. As this piece borders on an EF grade it certainly will be an extremely important addition to any collection. Here indeed is one of the highlights of the year in paper money offerings.

Estimate:

$225,000 - $325,000