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 #7676. Large Size. Fr. 376. 1891 $50 Treasury or Coin Note. PCGS Extremely Fine 40 PPQ.

Coveted Seward 1891 $50 Treasury Note

PCGS Extremely Fine 40 PPQ

Description:

A significant rarity and a highlight of tonights sale. The serial number "B17508," 1891 "Seward," Fifty Dollar note presented will become a cornerstone and enhance any collection it enters. The note is found plated in the well received book "100 Greatest American Currency Notes," by Q. David Bowers and David M. Sundman as number 56 on page 85. A face design made even more rare as the $50 denomination was skipped in the 1890 series and produced in limited numbers in 1891 The note is one of only 22 recorded examples for this single Friedberg number design. Of the 22 examples six are in Governmental collections and another permanently resides in the ANA museum leaving a scant 16 pieces available to collectors. The print run for this design was 80,000 examples and of which only 23,500 were distributed. Treasury records reported only $1,250.00 worth or 25 notes are outstanding.

The banknote's quality is of particular importance along with the overall rarity. Among the 16 available pieces a scant few reside in Uncirculated grades and only two are found in lightly circulated grades such as this. The large remainder are mostly Fine and Very Fine items and no census data confirms the existence of an About Uncirculated note although one is listed in the PMG Population report. PCGS has graded a single note in the Uncirculated grade range with this Extremely Fine 40 PPQ note being the second finest with no equals. The note is one of only a few that has been sold publicly with any regularity with two records being shown in the last 20 years. The note was first offered in a Bowers and Merena sale in November of 2002 where it brought $52,900.00 and then sold three years later for $138,000.00. Since that 2005 offering it has been tightly held with no others of comparable grade selling between then and now. The most notable recent offering was the serial number B7 note which was graded Gem Uncirculated 65 EPQ by PMG that realized $546,250.00 in June of 2007.

The portrait vignette of William Seward at center is one which is quite dramatic as it displays him in a full profile view. William Seward is well known by his most notable achievement as Secretary of the State when he negotiated the deal to purchase the Alaska Territory from Russia which at the time was mocked and known as Seward's Folly. He retorted to those who questioned the purchase by saying "It will take people a generation to find out." Seward also was an intended target in an assassination attempt which was directly related to Abraham Lincoln's murder on April 14, 1865 but ultimately survived even after being stabbed several times. Seward ultimately led a long life for the time period and passed away at the age of 71 in 1872 with his legacy being immortalized on this rare banknote.

From a technical standpoint this highly rare banknote possesses a large edge over most high profile rarities as it shows itself in a perfectly original form. Seen with some of the most pleasing embossing of the overprints we have seen for a note of this Extremely Fine quality and also with precise inks throughout. The highly ornate features used are all crystal clear with the subtle circulation giving the note claims to an About Uncirculated grade. Light bends ultimately make up the circulation along with minor handling and the note is happily free from distracting problems such as pinholes or other nuances. This rarity is one which will certainly be proudly owned by the winning bidder and will always stand out in any collection.

Estimate:

$150,000 - $250,000