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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 1, Lot 10003

Estimate: 6'000 USD   |   Starting price: 3'000 USD Price realized: 16'800 USD
1837 Act Variable Interest One Year Note Specimen Blank

United States of America. Act of October 12, 1837. $------ Variable Interest One Year Note. Hessler X991. Specimen. Extremely Fine.
An extremely rare and handsome bond paper Specimen type that originated in the Vattemare Albums sold in 1982 by Robson Lowe (Christie's) stamp department. Blank denomination notes were essential for the redemption of previous securities being retired as they would be valued at odd amounts with their principal and accrued interest. 22.0cm by 10.5cm within original rim mounting from the albums. Plate B. Classically engraved by Rawdon, Wright & Hatch, New York. Titles and obligation across, blank space for interest rate near bottom. Moneta, Mercury and Griffin at top center. At far left, Mercury seated (used on Obsolete banknotes of the period). Right end with circular geometric die over Justice vignette. The rust-red back with geometric pattern with subtle "U. S." in center. The Hessler Plate Note. Considered Rarity 8 in Hessler and likely only known as Proofs or Specimens; extremely rare in any form. Projects well, but there are three very subtle fissure-tears vertically, spread apart, along the bottom (mentioned in the Vattemare sale description). These are not readily noticed and the integrity of the overall piece is protected by its antique rim mounting created for the original album. There is also heavy handling on the wide ends of the rim mounting, particularly the lower right corner, which does not affect the note. This great rarity realized $6,325 when last auctioned in October 2007. The fact that its previous offerings are a decade or longer apart every time is clear evidence of its desirability.

From the John E. Herzog Collection; the New York City Autumn Auction #274 (R.M. Smythe & Co., October 31, 2007, lot 2164). Hon. J. W. Middendorf II Collection Sale (Christie's, March 22, 1994, lot 174; originally Alexander Vattemare Presentation Albums Sale Part One (Robson Lowe/Christie's, April 1, 1982, lot 681).

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