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Joel R. Anderson Collection of US Paper Money – A Gathering of Eagles!

Joel R. Anderson Collection of US Paper Money - A Gathering of Eagles!

By Q. David Bowers – Co-founderStack’s Bowers …… regarding the upcoming paper money sale of the Joel R. Anderson Collection Part II.
Part II of the Joel R. Anderson Collection of large size paper money is in the immediate offing ( Tonight, August 16, 2018 at 6PM). 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 paper money description of Lot 2041:

Important 1880 $1,000 “Black Back” Silver Certificate of Deposit One of Two Privately Held Examples Friedberg 346d (Whitman-4567). 1880 $1,000 Silver Certificate of Deposit. PCGS Currency Very Fine 25.

A notable highlight from the remarkable Joel R. Anderson Collection, this 1880 $1,000 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 $1,000s 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

Coinweek is the top independent online media source for rare coin and currency news, with analysis and information contributed by leading experts across the numismatic spectrum.

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