Original $1,000 face proof charter #290 U.S. Bank Note realizes $96,050 at Philip Weiss Auctions An exceedingly rare proof of an original series $1,000 face charter #290 U.S. National Bank Note, one of only two examples known, sold for $96,050 at an auction held May 29th by Philip Weiss Auctions.
News-Antique.com - Jun 06,2014 - LYNBROOK, N.Y. – An exceedingly rare proof of an original series $1,000 face charter #290 U.S. National Bank Note, one of only two examples known, sold for $96,050 at a Stamps, Coins & Postcards Auction held May 29th by Philip Weiss Auctions, in the firm’s gallery located at 74 Merrick Road in Lynbrook. The Bank Note proof was the day's top lot and highlight of the sale.
The $1,000 National Bank Note proof went to a bidding agent on the floor, at a price that was within range (it was estimated at $80,000-$12,000). The Fr. 465 original series face, printed on India paper and mounted on card stock, was dated March 1, 1864, and was hole-punch cancelled. The image, a Chittenden Spinner from the Forth National Bank (New York City) was flawless.
It is known that one other example of the original series $1,000 proof exists, because it is clearly pictured on page 13 of the second edition of United States Paper Money, Old Series, 1861-1923 (published by Limpert’s in 1955). In that note, however, the lower right corner is badly torn and there’s a large hole between the Capitol dome and the right border. The Weiss note was perfect.
But where is that face? Nobody knows. Limpert’s recorded it (without any attribution, by the way), but its whereabouts has been lost to time. A rumor that the note had found its way into the Numismatic Collection at the Smithsonian Institution proved to be false. Even they don’t own an example. That left the note in the Weiss sale all alone – a fact that only added to its desirability.
The auction attracted nearly 500 registered bidders, around 60 of whom attended the event live. Internet bidders participated via Invaluable.com and Proxibid.com (as well as the Philip Weiss Auctions website, www.weissauctions.com). Phone and absentee (left) bids were also recorded.
“Overall bidding was brisk, with the highlight lot drawing news attention from local newspapers, TV and the national news outlets,” said Philip Weiss of Philip Weiss Auctions. “It was truly a thrill to handle such a rare National Bank Note proof with quite a back story. A piece like this is in keeping with our long tradition of bringing great fresh material to the bidding, buying public.”
Other highlights included a U.S. cover #6 that sold for $4,068 and a U.S. #106 that gaveled for $1,921 (all prices quoted include a 13 percent buyer’s premium). By the time it was all over, the auction had grossed about $400,000. “Prices for stamps and coins were very strong,” Weiss said.
Philip Weiss Auctions has already put this auction behind them and are looking forward to a pair of blockbuster sales lined up for the summer. A Tuesday, June 24th auction (with a 2 p.m. start, Eastern time) will feature toys, toy trains, mechanical banks and toy soldiers. Then a Wednesday, July 23rd sale will have advertising, books, militaria, autographs, ocean liner and historical items.
The June 24th auction will feature an outstanding comic