Written By Bruce Roland Hagen, Senior
Research Numismatist and Consignment Director, Currency
The auctioneers at our March 15,
2013 paper money session in Baltimore had the undivided attention of all
bidders, floor and Internet, over the course of 924 lots as just over $2
million was sold in our strongest Baltimore paper money auction yet. The often
frenetic bidding activity sometimes slowed things a bit, but many notes had
multiple room bidders and several more on the internet. The Obsolete Currency
section was especially active and was easily the most exciting offering sold since
our ANA sale last August.
Colonial notes encompassed very
rare items to the most popularly collected types. Though several notes failed
to reach low estimate, the vast majority sold. The strongest activity was in
notes valued in the $500-$1,500 price range, preferably PCGS certified, and
with historical interest or eye appeal. Several sharp looking Georgia notes,
recently discovered, found new homes such as Lot 5008 at $2,585, a bold 1776
Justice Seal $1 note.
The 216 lots of Obsolete
Currency, with few exceptions, saw spirited action from multiple directions and
bidders. Several old collections were consigned and many of these notes were
last sold long ago or, in some cases, were absolutely new to the market. The
highlights are too numerous to mention as very few notes sold below low
estimate. Obsolete proofs were led by a stunning Bank of North America $1000
proof that was recently discovered and one of two known. Opening at $13,000,
this treasure, Lot 5183, finally settled at $29,375. A magnificent collection
of Rhode Island proof notes not only boasted a 100% sell through, but more
often than not, the high estimates were approached or topped. The stunning
Newport Bank of Rhode Island green $100 proof, Lot 5215, saw the fiercest
action before stopping at $15,275. This was multiples what it brought the last
time it was sold. High denominations and color notes were the strongest, but
there was much bidding depth in the $500-$1,500 bidding range. A strong
Virginia section was topped by impressive and likely record results for
Virginia Treasury Note types Cr. 1 and Cr.2. The $100 Cr.1, Lot 5348, realized
an astonishing $21,150. The $50 Cr.2
also climbed the ladder fast to $15,862.50. Strong interest in Presentation
Vignette Books continues. A mammoth format BEP vignette book with over 200 plates,
Lot 5356, fetched $21,150, which might be the all time record for any book from
this genre.
Federal Large Size, Small Size
and National Banknotes gathered up the final, close to 600 lots. A compact
section of Large Size type had a superb PCGS Gem New 67 PPQ $5 Educational, Lot5413, realize $49,937.50 -- just missing the $50K plateau. The session was rich
in Small Size Currency with several new collections being offered for the first
time. Superb notes from the well crafted Thomas Vandenbosch cabinet featured
rarely seen blocks, mules, high grade types and a lovely 1933 $10 Silver
Certificate, Lot 5505, that was very actively pursued to $25,850. The Serial
Number 3 1934 $5,000 Fr.2221-B topped the entire session at $70,500 when sold
as Lot 5561. Unusual serial number notes, number one notes, fancy number sets,
and related items were sold as a special section. A select group of National
Banknotes included several rarities, with the highlight an Original Series
National Lafayette Bank of Cincinnati, Ohio $100 Fr.461, Lot 5885, which
finished at $32,900, well above high estimate.
Though the session was done for
Friday, there were 392 Internet Only lots sold on Tuesday, March 19th. Many
were rather strongly bid, particularly attractive and scarce obsolete
banknotes. Additional Rhode Island proofs from that collection met with further
enthusiasm. A gorgeous full color Western Bank, Philadelphia $10, lot 9099,
realized 1,292.50.
In the wake of this auction’s success,
it is great time to make plans to consign to the 2013 ANA World’s Fair of Money
Sale at Rosemont. We are already planning a stellar paper money offering at the
ANA based on consignments in hand. Each of the last two years had sales in
excess of $6 million each with strong participation. It is never too early to
make your plans and space runs out quickly for the premier paper money auction
of the year. See us at the CSNS Show in Schaumberg at the end of April, or preferably
call toll-free, Matt Quinn (1-800-458-4646 in CA) or Bruce Hagen (1-800-566-2580
in New York) to discuss placing your important paper currency in the coveted
ANA auction. A great selling opportunity awaits you.
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