Kept safe since the 1930s and owned by just three different individuals since the day it was first retained as a souvenir, the piece offered in lot 7237 of our November auction is not just another $20 Federal Reserve Note or a rare Replacement from a rare district. Rather it is something that stands in a league of its own.
This $20 Federal Reserve Note was issued by the Federal Reserve Bank of Dallas under the Series of 1934. The short-lived Light Green Treasury overprint provides a solid contrast against a cornucopia of original qualities, while the star at the end of the serial number denotes this note as a Replacement.
Yet these traits alone are not why this note is special, but rather it is the serial number which reads K00000001*. It is one of just three Serial Number 1 Light Green Seal Replacements known to collectors.
The circumstances which shaped the existence of this piece can be traced to its retention by an individual who wielded considerable influence in his profession roughly 90 years ago. William Philpott, Jr., who for much of his adult life served as the head of the Texas Bankers Association, needs no introduction to those who specialize in paper money. His legacy is best demonstrated by the expansive Philpott-Moody Foundation holdings of Texas National Bank Notes and the Fr. 831 Series of 1918 $50 Federal Reserve Bank Notes which survive in quantity today thanks to his efforts.
In the 1960s, Philpott sold this note to Peter Huntoon, who bought it for $135 alongside a number of Federal Reserve Notes with single serial numbers. Huntoon held it in his own collection for close to five decades until he sold it to our consigner within the past few years.
This piece headlines the November 2024 Showcase Auction of U.S. Currency alongside a number of rarities such as an Fr. 2231-B $10,000 Federal Reserve Note (lot 7296) from the Binion Hoard and a remarkable T-35 $5 “Indian Princess” issued under the authority of the Confederate States of America that stands near the top of the condition census (lot 7059).
A trophy note that would be a focal point in even the most elite and comprehensive of collections, this $20 note will become the first Light Green Serial Number 1 Replacement offered since August 2013 when we sold an Fr. 2152-D* for $88,125. We suggest you seriously consider your bidding strategy, as the opportunity to own this incredible note may prove fleeting.
For more information about our auctions or to consign your numismatic items, please call 800-458-4646 or email [email protected].
