Part II of the
Joel R. Anderson Collection of large size paper money is in the immediate
offing. And, what a sale it will be! Rarity is the rule, not the exception, and
high quality is the rule as well. In metaphor it is like a gathering of eagles.
Nowhere in
Part II is this better illustrated than by the offering of multiple examples of Silver Certificates of
Deposit of the series of 1878 and 1880. As a class these notes are so rare that
most collectors and even dealers have never held a single example in their
hands. Here is our description of Lot 2041:
Important 1880
$1000 “Black Back” Silver Certificate of Deposit
One of Two
Privately Held Examples
Friedberg 346d
(Whitman-4567). 1880 $1000 Silver Certificate of Deposit. PCGS Currency Very
Fine 25.
A notable
highlight from the remarkable Joel R. Anderson Collection, this 1880 $1000
Silver Certificate is one of just two examples of the type residing in private
hands. The printed design elements are boldly presented and strong color
remains in the brown and blue overprints. The paper remains bright and creamy
white, and displays moderate circulation appropriate for the grade. The grading
service mentions minor edge repairs on the back of the holder which are limited
in scope.
As the highest
denomination of the separate class of Silver Certificates of Deposit, the
presently-offered note is a true American treasure.
This rarely
seen type features the portrait of William Marcy at left. Marcy, a
Massachusetts native, served as a U.S. senator, governor of New York, U.S.
Secretary of War and U.S. Secretary of State. As Secretary of State he
negotiated the Gadsden Purchase securing southern portions of present-day
Arizona and New Mexico for the United States. As on the previous $500, a large
brown Treasury Seal is found at top center with a brown denomination counter
below. This variety displays the printed signatures of Bruce and Wyman stacked
to the bottom right of center. A large counter with 1000 overlapping Roman
numeral M is at right. The black printed back design is executed in intricate
detail with Roman figures and symbols appearing within the letters of
CERTIFICATE at center.
Of the 8,000
Bruce-Wyman 1880 $1000s printed just five are known to survive. Three of these
notes are held in institutional collections, one at the Smithsonian and the
other two at the Federal Reserve Banks of Chicago and San Francisco. No
Bruce-Gilfillan signed notes are known to survive. The only other privately
held example of this type is the Amon Carter specimen, recorded as Very Fine.
That note has never been publicly offered. The great numismatic museum cabinets
of America – the National Numismatic Collection at the Smithsonian Institution,
the American Numismatic Society, and the American Numismatic Association – do
not have one, while each of these institutions has, for example, an 1804 silver
dollar, “the King of American Coins.” What a great addition this note would be
if a donor steps forward.
Due to the
rarity of the $500 and $1000 denominations of this series, only two 1880 “Black
Back” Silver Certificate type sets are possible to assemble. The present note
last realized $667,000 when it was auctioned in October of 2005. This is an
incredible rarity and an opportunity any serious collector of large size
federal paper money should not let pass by.
PCGS
Population: 1, none
finer.
From Limbert,
Kemm & Kolke Illustrations; James M. Wade; James W. Thompson; Hickman &
Oakes’ sale of June 1985, lot 1189; Lyn Knight’s sale of December 1998, lot
199; Lyn Knight’s sale of October 2005, lot 2.
Est.
$800,000-$1,200,000
–
Additional Commentary
Although
regular Silver Certificates are widely known and were issued in denominations
of $1 upward, Silver Certificates of Deposit are, as noted, great rarities.
They were authorized by the Bland-Allison Act of February 28, 1878, that also
provided for the series we know as Morgan silver dollars today. The Silver
Certificates of Deposits were made only in high denominations and were intended
for bank-to-bank transfers and other transactions that might have involved
bagged coins (56 pounds per 1,000 coins). They were successful in their time.
They never did pass hand-to-hand in general circulation. Most were redeemed by
the Treasury Department and destroyed. The Joel R. Anderson Collection affords
the opportunity for an advanced collector or museum to acquire at least one
example to illustrate this ultra-rare type.
I will be at
the World’s Fair of Money in Philadelphia and at the auction of the Joel R.
Anderson Collection. Anytime during the convention you might like to discuss
with me the collection (with more parts coming up!) I would be delighted to do
so.
All good
wishes,
Q. David
Bowers
