When it comes
to descriptions of the over 200 large-size note types in the Joel R. Anderson
Collection, “rare is common” so to speak. In no other auction of currency in
American numismatic history has a collection had a higher average rarity and
value! Starting years ago Mr. Anderson, who had been in numismatics since a
teenager in the early 1960s and who had achieved business success, determined
to obtain the finest quality example he could find of the large-size federal
currency designs from 1861 to 1928. He set record after record, outbidding the
competition to win rarities in the auction offerings of collections, including
the first million-dollar note in world auction history (the $100 “Grand
Watermelon Note”).
Earlier this
year, in retirement age but still active, he tapped Stack’s Bowers Galleries to
auction his collection. We are doing this in four parts. The first was held in
March at the Whitman Coin & Collectibles Expo in Baltimore and set many new
records. The second will be a highlight of the World’ Fair of Money to be held
in Philadelphia next month. One of the great rarities coming up for sale is the
marvelous note described below (from our catalog):
Lot 2019.
Finest Known
Fr. 193b $100 Compound Interest Treasury Note
Friedberg 193b
(Whitman-3390). 1864 $100 Compound Interest Treasury Note. PCGS Currency
Extremely Fine 40.
It has been
nearly a dozen years since an example of this rare $100 Compound Interest
Treasury Note was publicly offered. Just 13 examples of this Fr. 193b (W-3390)
are known to exist and this serial number 41188 example is the finest by quite
a margin. The design type depicts Washington standing at center with
allegorical depictions of The Guardian at left
and Justice at
right. Large 100 protectors are seen at top left and right while the engraved
signatures of Colby and Spinner are seen near bottom center. A small red spiked
Treasury Seal is at top right with the issue date of Oct. 15, 1864 below. Ideal
bronzing is seen on this example with a large 100 in the upper left and
COMPOUND INTEREST TREASURY NOTE across the center.
The intricate
back design features large 100 counters at left and right with interest
information at center. Any signs of circulation are light, as this example
likely spent much time tucked away in anticipation of redemption which
fortunately never occurred. Most of the handling is relegated to the edges and
corners. The paper is still bright and free of any distracting marks or obvious
impairments. PCGS mentions “Edge Restorations” on the back of the holder. Any
such restoration work is deftly executed and difficult to detect even under
close scrutiny.
Of the 13
examples of this catalog number known, most are recorded as Fine or Very Fine,
with one of those residing in the National Numismatic Collection at the
Smithsonian Institution. Three others are listed as Poor or Good. This is the
lone note graded above Very Fine, long reported as Extremely Fine and now
assigned a numeric grade of 40 by PCGS. It last sold publicly in an October
2005 auction for $66,125. Collector interest in these “middle of the
(Friedberg) book” notes has been much stronger in recent years and we would not
be surprised to see a realization that exceeds the high end of our estimate
when our auctioneer cries “Sold!” for this wonderful piece. In actuality, the
early issue should be at the front of the book, but cataloging has become more
sophisticated since its first edition, and changing numbers is not easy to do.
When the Friedberg book was released in 1953 it revolutionized the collecting
of federal currency issued from 1861 onward.
$100 Compound
Interest Treasury Notes of 1864
Compound
Interest Treasury Notes of the $100 denomination were issued under acts dated
March 3, 1863 and June 30, 1864. These notes bore interest at the rate of 6%
per annum for three years. The notes were only payable at maturity with the
bearer being due a total of $119.40 upon redemption three years after the issue
date. It would seem logical that most were held by banks or in investment
portfolios, but as extant examples are typically well-circulated, they must
have continued in general commercial channels, valued at the final redemption
figure. This is a reminder that there is still much history to be learned in
the field of 19th century currency.
PCGS
Population: 1, none
finer.
From Currency
Auctions of America’s sale of May 1998, lot 1529; Lyn Knight’s sale of October
2005, lot 19.
Est.
$80,000-$120,000
