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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 10015

Estimate: 6'000 USD   |   Starting price: 3'000 USD Price realized: 10'200 USD
Impressive and Exceedingly Rare Loan of 1848 $100 Specimen

United States of America. Act of March 31, 1848. $100 6% 20 Year Registered Bond. Hessler X119B. Specimen. Choice Uncirculated.
The Specimen bonds for the Loan of 1848 (act of March 31, 1848) that appeared in the Vattemare sales in 1982 were comprehensive and were nearly all new discoveries. There was even a very large coupon bond (Vattemare II:1510) sold by Robson-Low that later appeared in Ford VI as lot 446. The authorization was to fund the continuation of the Mexican War, but the treaty was signed and any issued bonds were used for other purposes. The interest for the series was semi-annual and payable on January 1st and July 1st. This $100 Specimen printed on bond paper on two sides by Toppan, Carpenter & Co. was originally sold in Vattemare Part II (also referred as the "Saffin Sale" by New Jersey paper money collectors) in September 1982. 26.5cm by 16.5cm within original rim mounting from albums. Plate B. A stupendous layout with eagle and shield at top center flanked by Washington left and Jefferson right. Justice seated left end and standing America as Minerva at the right, all within intricate scrollwork. Red 100 protector across. Light reddish-brown back with transfer text. The Hessler Plate Note illustrated on page 169. Gorgeous and available to highest bidder. This was obtained privately from Smythe & Co. along with two other former Vattemare pedigree bonds.

The only other known to us was the India Proof, prepared double-sided to one card, that appeared as lot 437 in Ford VI. That piece had some faults and this example is top grade for a Vattemare piece. Many Vattemare Specimens notoriously had some faults, usually near corners or thinning. This one is Choice. Very broad within the mount and with perfect printing. The second sale's bonds sold for less than similar first sale bonds, due to an overall free fall in the numismatic marketplace The Ford VI sale in 2005 had only one bond of this sale and it brought $5,750. That $500 is very well held. Only great collections and collectors have been the curators of these historical bonds.

From the John E. Herzog Collection; private purchase within a group from Smythe & Co.; originally Alexander Vattemare Presentation Albums Sale Part Two (Robson Lowe/Christie's, September 17, 1982, lot 1501).

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