One man's trash? (UPDATED)

[Ed Daggett]

When I returned from a trip on June 18th, my wife handed me a baggie with three items in it. That weekend had been our annual parish yard sale. As some junk was being sorted three items were set aside for referral to one of the parish’s coin collectors. That is how it came to me.

 

The items were a $2 New Zealand note of fairly recent vintage, no significant value; a U.S. Mint Yosemite Park medal, currently being sold by the Mint for $3.75; and a large Series 1899 $1 silver certificate, folded up in the bottom of the baggie.

 

Knowing virtually nothing about currency, several hours of internet research showed me that even in poor condition the bill was worth at least $10-20. This bill was in fair shape and might be worth $50-75, more if it was one of the scarcer signature combinations. I needed to identify the two signers on the bill to ascertain which Friedberg number the bill represented. Not being familiar with the signers and not having a currency guidebook, I kept looking a bills being offered on Ebay and other auction sites. Eventually I concluded that this was a FR 229, Vernon-McClung, but I was not sure.

 

I located this site, http://www.uspapermoney.info/serials/s1899_s.html . This demonstrated that the Y serial numbers were only used on Vernon-McClung or Teehee-Burke bills. I knew that the signatures were definitely not Teehee-Burke, so we had a FR 229, one of the more desirable issues.

 

That was it for this night’s research. The next evening I searched references to FR 229 sales to see the appropriate value was. During that process references to FR 229a notes kept appearing. Here are a some links.

 

http://www.keycurrency.com/eagles/229a.htm

 

http://www.stacks.com/viewlot.php?auctio...f797f1fce8e8b3c

 

http://www.jhonecash.com/largesize/silvercert.php?d=1&f1=215&f2=239

 

The 229a features a design change wherein the Series of 1899 legend on the right half moved right of the seal, running down the inside border. Estimates are that less than 100 are known in all conditions. A couple of hours located some good images for comparison and I now believed we actually had a 229a. Amazing, to think that an item this rare was essentially thrown away.

 

Despite the late hour, I called the other numismatist at my church, our own IGWT, to share my beliefs and e-mailed him images and links. Lou concurred with my assessment, but we are coin wienies so that really does not mean much. Lou took some pictures of the certificate and a currency dealer in Hallowell, Maine looked at the images and confirmed that it was a 229a. He felt it was in VG condition, but looking at other VG certificates, we are hopeful it is better.

 

I attach images here.

 

 

It has been a lot of fun figuring out what this was and realizing its scarcity. The certificate was received July 14th by PMG to be authenticated and graded. We will update you as further developments occur. We will then develop our sale strategy for the church’s benefit.

 

UPDATE!!! PMG images shown below.

 

 

Confirmed to be FR229a and graded VF25. Now the fun begins. Kudos to PMG, received by them 7/14 and images in my e-mail 7/19. Mailed to me 7/20.

[vcavo]

Nice original note. They aren't really that rare anymore. there ar about 87 known about now.

[HaydenTubbs]

Wow! Way to go Ed

[MunkyMan95]

Nice original note. They aren't really that rare anymore. there ar about 87 known about now.

 

Hmm... Not really that rare, and yet there's only 87 known??? If you had a coin that only 87 were known, you'd pay into the 6 figures!

[TomB]

Nice note!

 

SilverEagles95, many Overton die marriages for the early half dollar series have fewer than 87 known and yet these sell for far less than six-figures.

[MunkyMan95]

Ok well so maybe I was exaggerating, but still 87 is a small number.

[IGWT]

Nice write-up, Ed. I know nothing about paper money, but I'll bet I can guess the grade.

 

Vcavo -- Don't rain on our parade. It's scarce, if not rare, and finding a note like this in a pile of rubbish is likely a once-in-a-lifetime event.

[Ed Daggett]

Well said, Lou. Still waiting for Hayden's marketing plan!

[cpm9ball]

Way to go, Ed! Be sure to bring it to the NGC Luncheon at FUN next year................uh............that is...............assuming that Dena has no objections to our being there. Be sure to drag Lou along with you.

 

Chris

[Ed Daggett]

[Way to go, Ed! Be sure to bring it to the NGC Luncheon at FUN next year................uh............that is...............assuming that Dena has no objections to our being there. Be sure to drag Lou along with you.

 

Chris ]

 

Chris, Lou and I are unloading this puppy as soon as the right offers or marketing plan is put in place. If it goes to the F.U.N. show it would be in your collection or the Heritage auction.

[Hoot]

Great story and detective work! Nice photos and links accompanying.

 

Hoot

[Bruceswar]

sweet find... congrats!

[supertooth]

Ed and Lou----What a super find---And surely worth some bucks---especially after it is graded. You guys get an extra bowl of soup at the next Church picnic. Anyway, I still love Ebay for selling stuff. Everybody is looking and lurking there---and, if advertised correctly, it should bring its full market value. Course a paper money auction is a second choice IMHO----but I like EBAY. Bob [supertooth]

[chinook]

Cool find.

[Here]

What a neat story to read. Thanks,

 

 

 

Jerry

[HaydenTubbs]

Well said, Lou. Still waiting for Hayden's marketing plan!

 

 

eBay?

[HaydenTubbs]

Vcavo -- Don't rain on our parade. It's scarce, if not rare, and finding a note like this in a pile of rubbish is likely a once-in-a-lifetime event.

 

 

I agree,and would consider it rare.Especially when you consider that there are a whole lot more than 87 collectors who are actively pursuing large size type.

[Ed Daggett]

{Great story and detective work! Nice photos and links accompanying.

 

Hoot}

 

Thanks, Mark. It was a lot of fun and so surprising to actually have it turn out to be something this interesting.

[MunkyMan95]

Congrats Ed, I am very happy for you! PMG certified, all ready to be sold!

[physics-fan3.14]

That sounds like a cool find, and a great story to go with it. What kind of church do you go to, where they throw out such valuable things?

[IGWT]

Hi Pi -- You misunderstood. Our church was having a yard sale to raise money, and someone (we can't figure out who) dropped off a pile of junk that included the Silver Certificate. The proceeds from the sale of the certificate will go to the church.

[Brotherman]

Hi Pi -- You misunderstood. Our church was having a yard sale to raise money, and someone (we can't figure out who) dropped off a pile of junk that included the Silver Certificate. The proceeds from the sale of the certificate will go to the church.

 

That makes it an even better find

 

Hays

[Ed Daggett]

We have been busy reviewing our options. The certificate should be back in our hands today. Most dealers have indicated that Lyn Knight or Heritage CAA auctions would be the best way to go.

 

Preliminary estimates of $2500 to $4000 depending on how it looks in hand. So we will be talking to both auction houses to see who wants it.

 

We made several overtures to Chris Machuga, felt he needed to get into currency, but he has declined. Not graciously, but with his usual sense of humor. We will keep you posted as we progress.

[Ed Daggett]

We continue to review our auction options. Heritage and R.M. Smythe have been very receptive and eager to handle the sale. Lou is finalizing the auction details.

 

As I have continued to look at images of FR229a's I can locate on the internet, I noticed that our serial number, Y25178686, was the lowest one I had seen. I contacted Vince Cavo to see what the census indicated for serial numbers.

 

He graciously responded with the 5 lowest serial numbers known, as follows:

 

229a Y24792241

 

229a Y25213065

 

229a Y25382507

 

229a Y26913318

 

229a Y27193738

 

 

So we are not the lowest known, but second is not too bad. This damn bill is just more and more fun!

[pendragon1998]

This damn bill is just more and more fun!

 

Isn't that bill for your church's yard sale?

 

Eh, this is the mote and log in the eye thing anyway - I need to stop cussing so much myself before my pastor hears me

[Ed Daggett]

The Silver certificate found in the yard sale and graded VF25 by PMG is being sold in the R.M.Smythe auction on October 12th.

 

Smythe Auction 265, Lot 1533

 

Because of their security features my original ink did not work. Try the one above, then enter lot 1533.

 

Hopefully a successful conclusion to a fun discovery.

[Bruceswar]

Link is broken....

[Bruceswar]

If you want to see the auction...

https://store.smytheonline.com/cgi-bin/W....7.16.2.1.1.7.1

 

Link works..

[Ed Daggett]

No links will work consistently due to their security. Go to www.smytheonline.com

 

Then click current auctions, then hit the big link to see the catalog. Then search for lot 1533.

 

Sorry for all the confusion.