IRVINE, Calif. (August 11, 2014) — The U.S. Currency market is at its strongest point since 2007-2008 as clearly evidenced by the results of the Stack’s Bowers August 2014 Official Currency Auction of the ANA World’s Fair of Money in Rosemont, Illinois. Over $7 million in United States currency was sold, with strength seen across various genres including Obsolete Currency, Large and Small Type, and National Currency.
Prices for rare Obsolete Currency, including issued notes and proofs, seem to be at an all-time high. Two major obsolete collections crossed the block in Rosemont: Part I of The Peter Mayer Collection and selections from The Crusader Collection. The fantastic quality of notes offered combined with the demand for great material resulted in a flurry of bidding activity that saw the vast majority of notes selling comfortably within or over pre-auction estimates.
Highlights of the Peter Mayer Collection included lot 2076, a likely unique Village Bank of Danvers, Massachusetts $20 color proof which realized $12,925; lot 2132, a magnificent Artisans Bank of New York, New York $50 color proof which sold for $17,625, and lot 2171, a phenomenal Union Bank of Philadelphia, Pennsylvania $100 color proof that brought an impressive $22,325. All prices realized include a 17.5 percent buyer’s premium.
Impressive realizations from The Crusader Collection included lot 2038, a vibrant $3 color proof from the Momence Bank of Momence, Illinois, which sold for $11,750, and lots 2172 and 2173, full $500 and $1000 color proofs from the Mechanics Bank of Pittsburgh, Pennsylvania, which sold for $11,162 each.
An important face proof of the Fr.346e 1891 $1000 "Marcy" Silver Certificate, graded PCGS Gem New 66 PPQ, sold for $111,625 and was just one of nine federal proof lots to sell in the auction, all for strong prices.
Federal large size type notes shined the brightest, with spirited bidding and stiff competition for the rarest pieces. One of two known Fr. 179b "Spread Eagle" 1863 $100 Legal Tender Notes, lot 2250, graded PCGS Very Fine 25, realized $352,500 against a pre-auction estimate of $200,000-$300,000. A unique Fr. 193a 1864 $100 Compound Interest Treasury Note, lot 2254, graded PCGS Very Fine 35 Apparent "Restorations," sold for $282,000, comfortably above its pre-auction estimate of $150,000-$250,000. One of just two collectible examples of the Fr. 324c 1878 $50 "Triple Signature" Silver Certificate, lot 2310, graded PCGS Very Good 10 "Restorations," sold for $329,000. The only publicly held Fr. 1191 1882 $50 Gold Certificate, lot 2377, graded PCGS Extremely Fine 40, realized $411,250; over $100,000 more than when it last sold in 2006. The unique in private hands Fr. 1203 1882 $100 Gold Certificate, lot 2379, graded PCGS Fine 15, was the highest grossing lot of the auction, selling for $470,000 against a pre-auction estimate of $250,000-$350,000.
Two $5,000 Federal Reserve Notes led the pack among federal small size type notes. Lot 2417, a newly discovered Fr. 2220-J Kansas City 1928 $5,000 Federal Reserve Note graded PCGS Extremely Fine 40 sold for $141,000. Lot 2418 saw a Fr. 2221-J Kansas City 1934 $5,000 Federal Reserve Note graded PCGS Extremely Fine 40 bring $99,875. In all, the auction saw 17 lots sell for over $100,000.
In National Currency, lot 2431, a First National Bank of Fairbanks, District of Alaska 1902 $5 Red Seal Ch. #7718 graded PCGS About New 50 sold for $30,550. Lot 2434, a unique for the town First National Bank of Van Nuys, California 1902 $5 Date Back Ch. #10168 graded PMG Fine 15 brought $28,200. A newly discovered 1875 $5 First National Bank of Miles City, Montana Territory Ch. #2752 graded PCGS Very Fine 30, lot 2442, realized $35,250.
Finally, lot 2450, the newly discovered Fr. 545a 1882 $10 Date Back from the First National Bank of Hereford, Texas Ch. 5604, with signatures of Treasury officials Lyons and Treat, graded PMG Fine 12 Net "Small Tears" sold for an impressive $35,250. “These realizations are a clear indication of a thriving market. Buyers are continuing to demand rare and desirable material, especially in the area of Large Size Type Notes,” stated Peter Treglia, director of currency.
The next Stack’s Bowers Galleries U.S. currency auction is set for October 29-November 1 in conjunction with the Whitman Coin & Collectibles Baltimore Expo. Contact a Stack’s Bowers Galleries representative to consign to the next exciting auction opportunity at 800.458.4646 (West Coast) or 800.566.2580 (East Coast).
About Stack’s Bowers Galleries
Stack’s Bowers Galleries conducts live, Internet and specialized auctions of rare U.S. and world coins and currency and ancient coins, as well as direct sales through retail and wholesale channels. The company’s 80-year legacy includes the cataloging and sale of many of the most valuable United States coin and currency collections to ever cross an auction block — The John J. Ford, Jr. Collection, The Louis E. Eliasberg, Sr. Collection, The Harry W. Bass, Jr. Collection, The Norweb Collection, The Cardinal Collection and The Battle Born Collection — to name just a few. World coin and currency collections include The Louis E. Eliasberg, Sr. Collection of World Gold Coins, The Kroisos Collection, The Alicia and Sidney Belzberg Collection, The Wa She Wong Collection, The Guia Collection, The Thos. H. Law Collection, and The Robert O. Ebert Collection.
Topping off this amazing numismatic history is the inclusion of the world record for the highest price ever realized at auction for a rare coin, the 1794 Flowing Hair Silver Dollar graded Specimen-66 (PCGS) that realized over $10 million, part of their sale of the famed Cardinal Collection. The company is headquartered in Irvine, California, with offices in New York, Wolfeboro, Hong Kong, and Paris. Stack’s Bowers Galleries is an Official Auctioneer for several important numismatic conventions, including American Numismatic Association events, the New York International Numismatic Convention, the Professional Numismatists Guild New York Invitational, the Whitman Coin & Collectibles Spring, Summer and Winter Expos, and its April and August Hong Kong Auctions.