2017-04-25 Tue

After the 1870s, paper for producing banknotes was provided mostly by a single supplier. Notes issued on paper from a different supplier are rare, and an error note of such a type is rarer.

A Richmond Bank Series 1977A $1 Federal Reserve note was printed on test paper from Natick Labs and not on the standard paper supplier Crane & Co. These notes fall under a specific serial number range, making identification easier for collectors. The note also has an error since overprinting of the seals and serial numbers was performed on the reverse instead of the obverse. The note will be offered by Heritage’s auctions at the Central States Numismatic convention.

Usually, one side is printed first and allowed to dry. Then the other side is printed and allowed to dry. Finally, additional seals, serial numbers and other identifying elements were overprinted. Various kinds of overprint errors take place when these notes are not fed into the system correctly.

Experts state that test notes ranged from the serial numbers E76000001H to E80640000H with large gaps in sequencing. This means that the number of test notes is lesser than the actual range.

The error note, with serial number serial number E 79299663 H, graded Choice Uncirculated 63 Exceptional Paper Quality has an estimated value of $800 to $1,100.