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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 2037

Estimate: 150'000 USD   |   Starting price: 90'000 USD Price realized: 156'000 USD
Silver Certificates
Rare $100 Black Back Silver Certificate of Deposit

Friedberg 340 (W-3622). 1880 $100 Silver Certificate of Deposit. PCGS Currency Very Fine 35.
Just a dozen examples are known for this Bruce-Wyman signed 1880 $100 Silver Certificate of Deposit. This note is easily within the top half of the condition census for the catalog number. It is the second finest to be graded by PCGS, surpassed only by the Extremely Fine 45 note we sold for $352,500 in our August 2013 ANA auction.

Silver Certificates of Deposit as a class (not to overlook the extra rarity of the high $100 denomination) are one of the rarest major classes within federal currency. It is popular to class them with regular (later) Silver Certificates, but these are a distinct class. If this were more widely recognized, the demand for them, already intense, would be even stronger.

Unlike the later Silver Certificates the Silver Certificates of Deposit did not see wide general circulation. Instead, most were used in bank transfers, mining company transactions, and the like.

This sharply printed note features the portrait of James Monroe at left with a large brown Treasury Seal at top center and a brown Roman numeral C below it. The striking back design with SILVER CERTIFICATE in bold letters is printed in black and commands attention. Moderate circulation is observed, but the paper is bright and full margins frame the impressive design. Three examples of the catalog number are permanently retained in institution collections leaving only nine notes available to collectors. This note has been off of the market since October 2005 when it was sold at auction for $50,600. The currency market is more mature today and we anticipate a price realization that reaches well into the six-figure range.

PCGS Population: 1, 1 finer.
From Lyn Knight's sale of December 1998, lot 194; Lyn Knight's sale of October 2005, lot 23.

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