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Stack’s Bowers and Ponterio   |   The August 2018 ANA Auction   |   23 August 2018 Sort by Lot-NumberSort by Estimate
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Session 4, Lot 2028

Estimate: 10'000 USD   |   Starting price: 6'000 USD Price realized: 16'800 USD
Refunding Certificate
Gem New Fr. 214 Refunding Certificate

Friedberg 214 (W-1511). 1879 $10 Refunding Certificate. PCGS Currency Gem New 65.
Offered is a well centered and fully margined note from this scarce one denomination series. Refunding Certificates were issued with the intent of making government securities more accessible to the general public. These certificates accrued interest at a rate of 4% annually and they were originally intended to accrue that interest indefinitely. In 1907, an Act of Congress was passed halting the interest accrual at a point where the total redemption value of a $10 Refunding Certificate had reached $21.30. The inks are bold on this note that displays a portrait of Benjamin Franklin at left, blue serial number at center and the engraved signatures of Gilfillan and Scofield at the bottom right. PCGS has graded just two examples at the Gem grade level for this type, this piece and one other graded 65 PPQ.

PCGS Population: 1, 1 finer.
From Lyn Knight's sale of March 2005, lot 662.

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