Double Denomination Notes Find its Place in the IPMS Auction

19 Jun 2017  Mon

Paper money enthusiasts use the term Memphis to describe an annual show dedicated to paper currency held anywhere in the United States in June.

It was the first time in 41 years that the International Paper Money Show was held in Kansas City, Mo, instead of Memphis, Tenn. But nothing seem to bother the attendees, all were pretty happy with the change of location, even the bourse floor was active.

The Lyn Knight Currency Auctions conducted four-floor auction sessions, two for world notes and two for those of the United States. A variety of items were on display for sales such as books, collectible coins, errors and national bank notes.

At the Professional Currency Dealers Association, Knight showcased the errors which were a continuation of the collection. Leading them all with a hammer price of $62,500 plus buyer’s fee was one of only two known double-denomination $50/$100 Brown Back national bank notes. This one, with a grade of Paper Money Guaranty Fine 12 was from Kansas City’s Aetna National Bank. Another similar type of error is from a bank in the New Mexico Territory.

The top small-size error was a distinctive Friedberg 1921-B* Series 1995 $1 Federal Reserve note with a grade of PCGS Currency Choice New 64 that sold for $7,500. The catalogue states that this is the only type II star replacement note with an inverted overprint.

The catalogue says this is the only Type II star replacement note with an inverted overprint known for any denomination. The Type II designation refers to the presence of an adjoining portion of another note at the top edge.

A bid of $7,000 won a spectacular PCGS Currency Gem New 66 error. It is so complicated in the manner in which the paper is wrapped before printing, that you cannot trace the series it belongs to.

A Gem Uncirculated Series 1976 $2 Federal Reserve note (F-1935-H) with the back completely blank realised $4,250.

A note that at $3,250 more than tripled its estimate was a PCGS Currency Choice about Uncirculated 58 F-1910-B Series 1977A $1 Federal Reserve note from New York with a printed tear that resulted with Washington’s portrait being split in two.

At $2,250 against a $750 to $1,500 estimate was an F-1915-C Series 1988A $1 Federal Reserve note from the Philadelphia district with an ink smear.

Three First Charter Period Series 1875 national bank notes were sold for more than $60,000. An F-460 $100 issue from the Streator National Bank, graded Very Fine/Extremely Fine was auctioned for $77,500. A Wyoming Territory $20 note (F-434) from the First National Bank of Cheyenne (Wyoming), once owned by Amon Carter and graded Very Fine was sold for $72,000.