1:1901年海峡殖民地肋屿押国库银票一佰圆 PCGS BG F 12，估价：USD100000-125000元，流拍，拍卖公司：SBP，拍卖专场：SBP2018年4月香港-世界/中国纸钞，成交时间：2018-04-04。
1901年海峡殖民地肋屿押国库银票一佰圆。收藏之乐，在于每每于不经意间，总有珍稀藏品能令你注目停留。此一枚，正是典型的经典杰作：我们第一次经手的发行版别，评分为PCGS GSG FINE12。PMG颢示不论样张或发行钞，无其他同版纸币有评分。我们悠长的拍卖史上亦不曾遇过。多方查找，只有近期的一个样张拍卖记录，以$50,000成交。不过该枚品相较劣，而且年份于1909，而非此枚，印于1901，且为发行钞。据记载，1901乃此版别的第一年发行。此TDLR设计属于当时沙捞越纸币的最早期设计。纸钞整体设计依然清晰，包括背面的老虎画像。在右下方的序列号上面有三个印签。整体印色以红色为主，只有中下方的"HUNDRED"以绿色印刷。正面文字以四种语言显示：英语、中文、马拉语、爪夷文。品相而言，与评级相符。有些渍点，撕裂，不过以其年代之久，及大型尺寸，实属常见。均匀流通，仍然赏心悦目，绝对在大部分高端集藏中从缺的一枚。日期：1901年2月1日。序列号：A/1 54319。PCGS GSG Fine 12.STRAITS SETTLEMENTS.
100 Dollars, 1901. P-4C. PCGS GSG Fine 12.Every so often a note comes out of a collection that stops collectors in their tracks. This piece is one of those notes that are as elusive as it gets, and is the first issued example that we have seen, offered here in a PCGS GSG Fine 12 Holder. The Population Report at PMG shows no pieces certified, specimen, or issued. We have yet to handle either of the type prior to this lot.We have found only one record of a Specimen that sold recently for over $50,000. However, that specimen was in worse condition, and had a printed date of 1909, and not the early 1901 date that is found on this ISSUED piece. The 1901 date is the earliest known date for the type.This TDLR design belongs to the first series of notes from the Straits Settlements. The entire design is visible, including the Tiger that is shown on the reverse. Three printed signatures are found above the lower right serial number. The design is completely red with the exception of the green "HUNDRED" printed at lower center. Four languages dress the front of the note; English, Chinese, Malay, and Jawi. The condition of the note can be considered typical for the grade. Some spots, and splits are visible which could be expected on a note this old, and of this size. Still, even with the circulation, the note maintains excellent eye appeal, and is certainly missing from even the most advanced, and heavily invested collections. Dated February 1st, 1901. Serial Number A/1 54319.
2:1953年马来亚及英属婆罗洲货币7枚一组 PCGS BG MS，估价：USD90000-120000元，流拍，拍卖公司：SBP，拍卖专场：SBP2018年4月香港-世界/中国纸钞，成交时间：2018-04-04。
1953年马来亚及英属婆罗洲货币发行局一至一万圆。7枚一组。由Pick 1a 至6a，加上一张样张Pick 7。Pick 1a及2a 的评分为 Choice AU 58。Pick 3a 于 64；4a 为53；5a（最后一张低面值）为Choice VF 35。评级公司无特别标明任何瑕疵。Pick 6a 的1000元为EF 40，有笔墨涂写；设计上，QEII的头像于右，面值于右上及左下。我们从未经手过此设计的发行版本。更令人惊喜的是Pick 7的10,000元，样张。品相为UNC 64；有接口痕迹，但绝对是当今存世的样张中最优秀的一张。如此出众的一枚，在当时可算是巨额货币。大型票，左右无边框，大型花饰扭纹于中，花卉图案旁衬。QEII的深绿色头像于右，边框华丽，面值于左下及右上。此样张我们第三次经手此绿色设计，设计华丽，为藏家所喜爱。此钞压印清晰，原纸，印色均匀浓密。签名署有注销孔，纸边顶部有注解。附上一册空白的纸币封册，以英女皇作封面。PCGS GSG Mixed Grades.
MALAYA AND BRITISH BORNEO. Board of Commissioners of Currency Malaya & British Borneo. 1 to 10,000 Dollars, 1953. P-1a to 6a, 7s. PCGS GSG Mixed Grades.7 pieces in lot. An issued group of Pick 1a through 6a, with a specimen version of Pick 7. The grades for Pick 1a, and 2a are Choice AU 58. The Pick 3a is in a 64, with the 4a found in a 53. The 5a, last of the smaller denominations is in a Choice VF 35 holder. All of those pieces are free of any comments on the holder. The scarce Pick 6a 1000 Dollar note is seen in an Extremely Fine 40 Details, Writing in Ink holder. The design shows with a portrait vignette of QEII at right. Cornering patterns with denomination at upper right and lower left. This is not a design we have offered in issued form before.The even more elusive 10,000 Dollar Pick 7 note is seen in specimen form. Found in a Choice Unc 64 Details, Hinged holder from PCGS GSG, this is certainly among the finest available specimens for the type. This outstanding item represents an enormous amount of money during the period when these notes would have circulated. The note shows in a large format with an open design showing pleasing floral work and large guilloche at center. Deep green portrait vignette of QEII at right and ornate corner frames with denomination at lower left and upper right. This specimen note is just the third we have handled for this green design and certainly will be among the most desired lots in this fine banknote selection. This specimen shows with deeply embossed inks throughout the original paper and offers bold color in all the printed devices. It is punch cancelled at the signature panel, with some minor annotations on the top margin.A blank notebook with the Queen on the cover is also included in this lot.
3:1942年马来亚货币一仟圆 PCGS BG MS 64，估价：USD40000-50000元，流拍，拍卖公司：SBP，拍卖专场：SBP2018年4月香港-世界/中国纸钞，成交时间：2018-04-04。
1942(1945)年马来亚货币发行局一仟圆。样票。我们经手过最漂亮的一枚，本场拍卖的亮点。在SCWPM没有列明价钱，只列明极罕。左右无边框，与1942年所有高面值的纸钞设计类同。左边"1000"及右面KGVI头像均由紫色印墨印刷。水印漂亮，底下左右印有MALAYA，狮头于中央水印位置。无任何流通痕迹，然而PCGS标示有接合痕迹。PCGS GSG Choice Uncirculated 64 Details. Hinged.
MALAYA. Board of Commissioners of Currency Malaya. 1,000 Dollars, 1942 (1945). P-16s. Specimen. PCGS GSG Choice Uncirculated 64 Details. Hinged.(KNB16) Specimen. A incredibly significant offering and the finest we have handled for this design in any form. The note is shown without price in the current SCWPM and listed as rare. Seen with the open style design that is familiar to all higher denomination notes of this 1942 series. Purple inks make up both the large "1000" counter at left and portrait vignette of KGVI at right. Nicely watermarked paper with Malaya twice at lower left and right and lions head at center within the watermark field. A "bowtie," style back design is seen in a deep purple with arms at left right and center. The note is free of any circulation although PCGS mentions "Hinged" in the comments section. The holder incorrectly labels the Pick Number as 156, when it is Pick 16s.
4:1928C2美元纸钞 PCGS BG MS 63，估价：USD2000-3000元，成交价格：2880元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#8-网拍纸钞，成交时间：2018-03-27。
1928C2美元纸钞 PCGS BG MS 63
Fr. 1504. 1928C $2 Legal Tender Notes. PCGS Choice New 63PPQ. Uncut Sheet of 12.，A lovely uncut sheet of 1928C Two Dollar Legals which shows in terrific fashion. The entire sheet is well embossed and the ink quality is superb. A good majority of uncut sheets have unfortunately been cut up to provide high grade examples.，，
5:1922年10美元纸钞一组 极美，估价：USD1000-1250元，成交价格：960元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#8-网拍纸钞，成交时间：2018-03-27。
1922年10美元纸钞一组 极美
Lot of (7) $10 Gold Certificates. Fine to Very Fine.，An appealing group of Gold Certificates with six pieces showing the 1922 series date and all in Fine to Very Fine grades with only a few minor issues but generally problem free. Also a single 1907 Teehee - Burke note in Very Fine with a few pinholes . <strong>PERSONAL INSPECTION OF THIS LOT IS STRONGLY RECOMMENDED. THERE WILL BE NO RETURNS ON THIS LOT FOR ANY REASON. </strong>，，
6:1918年纸钞一组 PMG VF 25，估价：USD800-1200元，成交价格：720元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#8-网拍纸钞，成交时间：2018-03-27。
1918年纸钞一组 PMG VF 25
Lot of (5) 1918 $1 Federal Reserve Bank Notes. PCGS & PMG Graded.，Includes the following; Fr. 709 in Very Fine 30 PPQ; Fr. 715 in PCGS Very Fine 25; Fr. 726 in PCGS Very Fine 35 PPQ; Fr. 733 in PMG Very Fine 25; Fr. 740 in PCGS Very Fine 30.，，
7:宾夕法尼亚殖民地纸币一组 优美，估价：USD1750-2750元，成交价格：1920元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#8-网拍纸钞，成交时间：2018-03-27。
宾夕法尼亚殖民地纸币一组 优美
Colonial Currency. Collection of (20) Pennsylvania Colonial Notes. Fine to About Uncirculated.，A large grouping of Colonial notes from Pennsylvania dating from 1772 and 1773. We see denominations from 9 Pence to 16 Shillings. Most notes are in the range of Very Fine. Some are seen with minor repairs or other impairments but the bulk are free of issue. <strong>PERSONAL INSPECTION OF THIS LOT IS STRONGLY RECOMMENDED. THERE WILL BE NO RETURNS ON THIS LOT FOR ANY REASON. </strong>，，
8:宾夕法尼亚殖民地货币一组 极美，估价：USD2500-3500元，成交价格：1920元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#8-网拍纸钞，成交时间：2018-03-27。
宾夕法尼亚殖民地货币一组 极美
Colonial Currency. Collection of (25) Pennsylvania Colonial Notes from Various Issues. Good to Extremely Fine.，An interesting assortment of Colonial Currency notes from Pennsylvania from series dates of 1775 to 1777. Numerous denominations are found from 3 Pence to 5 Pounds. Notes range in grade from Good to Extremely Fine with many in the neighborhood of Very Fine. A few are seen with varying degree of impairment. <strong>PERSONAL INSPECTION OF THIS LOT IS STRONGLY RECOMMENDED. THERE WILL BE NO RETURNS ON THIS LOT FOR ANY REASON. </strong>，，
9:1934年美联储10000美元 PMG Choice Unc 64，估价：USD175000-275000元，流拍，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#7-美国纸钞，成交时间：2018-03-24。
1934年美联储10000美元 PMG Choice Unc 64
Fr. 2231-A. 1934 $10,000 Federal Reserve Note. Boston. PMG Choice Uncirculated 64.，These $10,000 Federal Reserve Notes are one of the most coveted pieces of collectible United States currency as the incredibly high face value was an astonishing amount of money during these notes circulation period. According to our research there is an estimated (10) 1928 $10,000 & (200) 1934 $10,000 Federal Reserve Notes known in all grades and districts combined. The present A00000123A numbered note is one that is not known to any current census and shows the appeal that was had when printed over a half a century ago.<p>A prominent face design depicts a portrait vignette of Salmon Chase, the Secretary of the Treasury during the Civil War. Arched "10,000," counters, upper left and right with "THE UNITED STATES OF AMERICA," between. Laurel leaves seen at left and right frame and also flanking the portrait. A simple year powerful back styling shows with four "10,000," counters at the corners and large stylized "10,000," center with "THE UNITED STATES OF AMERICA, TEN THOUSAND DOLLARS." The quality of this ultra-high denomination note is quite striking at all technical facets. Vividly overprinted serial numbers and treasury seal further the appeal. In our opinion this note is superior to the PMG 64EPQ Holecek Family Foundation example we sold in 2015 for $223,500. It is just four serial numbers away but is seen with far superior centering, and overall eye appeal. PMG Pop 1/2 finer.，，
10:1928年美联储5000美元 PMG AU 50，估价：USD175000-275000元，流拍，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#7-美国纸钞，成交时间：2018-03-24。
1928年5000美元纸钞 PMG AU 50
Fr. 2220-E. 1928 $5000 Federal Reserve Note. Richmond. PMG About Uncirculated 50.，An important offering of this ultra-high denomination Federal Reserve Note. This bill being from the 1928 series makes it vastly more scarce than their 1934 counterparts. PMG has graded a scant five pieces in all grades combined. It lands in the middle of the known grades and we believe it is the first public offering since 2005 of any note from this district.
The note is beautifully centered with robust margins at all sides making an excellent frame to the powerful design. Deep green overprints are noticed with original embossing evident looking through the holder. Mostly handling accounts for the grade with only a few light corner folds and a center bend visible. PMG mentions "Tear" which is located at the top right center. Altogether a note which will highlight any collection it enters and be a piece forever cherished by the numismatic community for generations to come.，，
11:1918年美联储500美元 PCGS BG EF 40，估价：USD30000-40000元，成交价格：26400元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#7-美国纸钞，成交时间：2018-03-24。
1918年美联储500美元 PCGS BG EF 40
Fr. 1132-H. 1918 $500 Federal Reserve Note. St. Louis. PCGS Extremely Fine 40.，At a solid mid grade Extremely Fine, the condition of this note is of great importance as these $500 Federal Reserve notes become rare at that level. For the St. Louis District, this H1183A numbered note is the only graded note according to the PCGS Population Report. Featured on the front is a portrait of John Marshall, the fourth Chief Justice of the Supreme Court of the United States. On the back is a vignette of DeSoto Discovering the Mississippi in 1541. The design is ranked #89 in the 100 Greatest American Currency Notes book. PCGS Comments "Restorations" which appears to be some light stain removal on the right side which is hardly noticeable by the naked eye. The note faces up wonderfully, as it is well centered on both sides and displays nice ink tones and eye appeal. PCGS Pop 1/none finer.，，
12:1891年美国国库券20美元 PMG Suberb Gem Unc 67 EPQ，估价：USD30000-40000元，成交价格：31200元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#7-美国纸钞，成交时间：2018-03-24。
1891年美国国库券20美元 PMG Suberb Gem Unc 67 EPQ
Fr. 375. 1891 $20 Treasury Note. PMG Superb Gem Uncirculated 67 EPQ.，This piece shows with an outstanding impression of the design with intricate detail of the ornate features used in the borders of the face. Seen with an open back format for the 1891 series which replaced the "busy," ornate backs of the 1890 series. This was primarily done for counterfeiting issues and was adopted in style by several other types. The quality is radiant with original paper and large margins which help confirm the Superb Gem designation by PMG. These treasury notes are always among the most difficult series to complete as all denominations are scarce to rare in Superb Gem Uncirculated grades. While PMG list 11 examples graded in 67 with none finer, this is just the second example to ever sell and the first since 2006 where that note brought just a touch under $49,000 in a public auction. We expect this note to easily reach or even exceed our estimate.，，
13:1901年10美元纸钞 PMG Suberb Gem Unc 67 EPQ，估价：USD25000-35000元，成交价格：19200元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#7-美国纸钞，成交时间：2018-03-24。
1901年10美元纸钞 PMG Suberb Gem Unc 67 EPQ
Fr. 114. 1901 $10 Legal Tender Note. PMG Superb Gem Uncirculated 67 EPQ*.，This remarkable note showcases the timeless design in the most appealing way according to PMG as they have yet to grade an example any better. Ruby red overprints are deeply embossed into the paper with easy viewing when looking through the holder. The margins are near perfect and frame the design with authority. A quick look at both the PMG population report shows that for all catalog numbers of the design none have merited a grade higher than Superb Gem Uncirculated 67 EPQ and this along with another for this Lyons - Roberts type at this grade are the only two pieces PMG has applied their "Star," designation to. Truly a must have for any advanced type note collector seeking only the finest available material.，，
14:1870年5美元纸钞 PMG XF 40，估价：USD50000-75000元，成交价格：66000元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#5-美国纸钞Vanderbilt集藏，成交时间：2018-03-23。
1870年5美元纸钞 PMG XF 40
Fr. 1136. San Francisco, California. 1870 $5 National Gold Bank Note. The First National Gold Bank of San Francisco. Charter #1741. PMG Extremely Fine 40 EPQ.，As a highlight of our offering of the fabulous Vanderbilt Collection of United States Currency, we are delighted to present the finest National Gold Bank Note graded by PMG, of <em>any denomination</em>. We have had the distinct pleasure of selling this note before, as part of the fabulous Herman Halpern Collection when, in March 1993, it entered the present collection. It has been off the market since that time. In the interim, third party grading of paper money has become well established, and with this has come a new type of collector, one who seeks the very best technical grade. This is the note to fill that need in a series where high quality is very challenging indeed.
This note is bright with obviously strong body and an appealing freshness that illustrates the distinctive light golden color of the paper used for these issues. The face vignettes are sharp, and the penned signatures clear. The red ink of the overprinted charter, serials and Treasury seal is vivid. One of the most noted features of these issues is always the gold coin vignette that graces the back. It is often well worn, but here it is boldly printed and beautifully preserved, with clear features throughout. This piece is nicely centered on both sides, fairly well margined for the issue, and noted on the PMG holder to have excellent color and embossing in addition to the EPQ designation.
The National Gold Bank notes were authorized by Congress in 1870 to allow for circulating paper money in California, which was largely a gold-based economy that did not accept the usual National Bank notes except at a discount. These issues were backed by gold and traded on par with gold coins. As such, they circulated freely in California, but were little known elsewhere. Today the relatively few that survive tend to be well worn, generally graded Very Good to Fine in most cases, this being the situation for all denominations. A high-grade Very Fine is a rarity, and this note is unique in the PMG records among all National Gold Bank Notes as an Extremely Fine. No examples from any of the Gold Banks have ever graded above EF at either major service. <p>，From the A.J. Vanderbilt Collection. Earlier from Dean Oakes 1978 Fixed Price List; Herman Halpern Collection, Stacks, May 1992, lot 1166; Stacks, March 1993, lot 495.，
15:1890年2美元纸钞 PMG Gem Unc 66 EPQ，估价：USD50000-75000元，成交价格：55200元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#5-美国纸钞Vanderbilt集藏，成交时间：2018-03-23。
1890年2美元纸钞 PMG Gem Unc 66 EPQ
Fr. 355. 1890 $2 Treasury Note. PMG Gem Uncirculated 66 EPQ.，This is a spectacular example of a difficult issue, so nice in fact that we must assume that a thoughtful collector picked it up very shortly after it was issued and held it carefully. The paper is bright and fresh, earning the EPQ designation from PMG. It nicely accentuates the strong ink tones of the very ornate and attractive design. Near-perfect centering on both sides is enhanced by comfortably broad and even margins all around. There is little more that one could ask for in a high-grade note, and for this type, most collectors will find themselves settling for a far inferior note, as this is a significant rarity in high grade.
The offered piece is one of the very finest survivors of this variety, and truly an exceptional specimen. The "fancy back" type was issued in three different variants, Fr. 353, 354, and 355, and all of them are very rare in Uncirculated grades, let alone as a solid Gem. For this Friedberg number specifically, the number of Uncirculated notes graded by both PMG and PCGS <em>combined </em>is six. At the grade level assigned to this note, this piece has only two peers with none graded finer. Very few collectors may own this variety in an Uncirculated grade, and the number who can own a Gem may be easily counted on one hand. Certainly the number of collectors desiring a superb note is higher, and we anticipate that the auction result will illustrate this fact.
The distinctive portrait on the face of this note is that of Union Major General James Birdseye McPherson. This series of notes was designed in celebration of the strength of the Union, undoubtedly effective at a time when many Americans remembered their own experiences of the Civil War. McPherson, killed in the July 1864 Battle of Atlanta, served as chief engineer under General U.S. Grant in 1862, and later served in the Vicksburg Campaign (1862-1863) and the Battle of Shiloh (1864), after which he was given command of the Army of the Tennessee. His death is notable in more than one respect. The army he faced in Atlanta was led by Confederate General John Bell Hood, who had been McPhersons classmate at West Point, illustrating how close associates and even brothers found themselves opposing each other on the field of battle. Additionally he was the second highest ranking Union officer killed in the war.
This note has been held in the collections of two true connoisseurs for decades, each of whom were long-time Stacks clients. We first sold this piece in October 1988 as part of the Gilbert Steinberg Collection, a large holding of several specialties that was sold through our firm across numerous sales. We acquired it for inventory at the time, and the collector of the Vanderbilt notes, with his keen eye for quality, acquired it just three months later.
In todays world of the Internet and the short term relationships that many collectors have with dealers, it is interesting to reflect on the grand tradition of Stacks, also in the career of Q. David Bowers, in which many of the leading collectors placed faith in these individuals over a period of many years. On our website Harvey Stack has been sharing many of his reminiscences.<p>，From the A.J. Vanderbilt Collection. Earlier from the Gilbert Steinberg Collection, Stacks, October 1988, lot 339; Stacks Fixed Price List, January 1989.，
16:1886年5美元纸钞 PMG Gem Unc 65 EPQ，估价：USD20000-30000元，成交价格：26400元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#5-美国纸钞Vanderbilt集藏，成交时间：2018-03-23。
1886年5美元纸钞 PMG Gem Unc 65 EPQ
Fr. 260. 1886 $5 Silver Certificate. PMG Gem Uncirculated 65 EPQ.，Bright and fresh with very nice color and superb eye appeal. The centering is just a trifle uneven, but the margins are all comfortably broad. This is an unusually high-grade example of a distinctive and very popular note.
The 1886 $5 Silver Certificate is among the types best known to coin collectors for its distinctive back design featuring five Morgan silver dollars, arguably one of the most popular U.S. coin series. The back speaks to the specific coins that backed these certificates, millions of silver dollars held in the vaults of the Treasury Department that were the result of the 1878 Bland-Allison Act. As with all of the fancy back types, this one is beautifully designed with ornate borders and fine security lathe work. Interestingly, as pointed out by Q. David Bowers in his <em>Whitman Encyclopedia of U.S. Paper Money</em>, the four reverses of the silver dollars were each individually engraved, without use of a transfer process. Close study reveals minor differences in the two at left, and the two at right.
This note has a provenance back to Willis O. Crosswhite, one of the charter members of the Cincinnati Numismatic Association, a group founded in 1930 in anticipation of drawing the 1931 American Numismatic Association Convention to Cincinnati. He was vice president of Southwestern Publishing Company and described in the charter membership roster of the Association as "a financier" and "ardent collector of coins and currency." The Association hosted the 1931 ANA Convention, and Crosswhite was reported as the lone member of the Publication Committee, an appropriate fit for his business and collecting interests. According to the 1954 New Netherlands sale catalog that featured his paper money, it was more of a hoard than a collection. Nonetheless, it is clear from the present note that within his boxes were pieces of substantial quality and appeal that will be highly appreciated today.
Just 66 pieces have been graded by PMG, and notably only six of them have been ranked as Uncirculated, placing the lofty grade of this note into proper context and once again highlighting the skill of the collector of the Vanderbilt notes in selecting the finest quality for his collection. Gem examples of this Friedberg variety are prohibitively rare. PMG has graded only three, with just one of them finer than this note by a single grade point. <p>，From the A.J. Vanderbilt Collection. Earlier from the Willis O. Crosswhite Collection, New Netherlands Coin Company, April 1954, lot 296; Stacks Fixed Price List, January 1989.，
17:1861年5美元纸钞 PMG Gem Unc 65 EPQ，估价：USD250000-350000元，成交价格：372000元，拍卖公司：SBP，拍卖专场：，成交时间：2018-03-23。
1861年5美元纸钞 PMG Gem Unc 65 EPQ
Fr. 2. 1861 $5 Demand Note. Philadelphia. No.17369. Series 7, Plate A. PMG Gem Uncirculated 65 EPQ.，This is an exceptionally lovely note for <em>any </em>large-size type, but as a Demand Note, it is arguably among the most important survivors in all federal currency.
Though the original issue of Demand Notes was rather substantial, their tenure as the lone federal paper currency was very short. A more detailed history is given below, but within two years of their debut, nearly 95% of all Demand Notes had been redeemed. As a result, Demand Notes are very scarce today with the vast majority being $5 notes. All were printed on relatively thin paper that was more fragile than should have been used for circulating currency. As a result, the notes did not wear well. Because they could be exchanged at par for gold coins, those that remained in circulation traded for a premium over other federal currency issues that appeared in 1862, and they were readily accepted. Still, most were redeemed. Today the census of known Demand Notes amounts to just $4,000 in face value. There are 394 $5 notes, 157 $10 notes, and just 23 $20 notes accounted for.
At the time, redeeming all the Demand Notes for the gold they represented would have made the most economic sense. This clearly didnt happen. We must assume today that the few survivors were simply forgotten, temporarily lost, or saved as curiosities by those who could afford to do so. Whatever the reason this note was saved, it was clearly well cared for by all who have handled it since the day it was issued.<p><p>The aesthetic quality of this note would be hard to overstate. The white paper is bright and fresh with no discolorations, handling smudges or foxing spots. The inks are bright and vivid on both sides, with the ornate back being particularly striking, qualifying as an ideal representative of the first "greenback" type. Indeed, PMG has noted on the holder that the note has exceptional color and embossing in addition to the EPQ designation. The face margins are complete, although tight as is typical due to the narrow spaces between notes on the sheet. In no place is the border design compromised. On the back, the margins are broad and even. The corner points are sharp and the fine, penned signatures of those authorized to sign for the Register and Treasurer are clear, with no ink burn or associated defects of any kind.
Not only is this note the only Demand Note of any denomination ever graded Gem Uncirculated by PMG or PCGS, it is the only one to have been considered Uncirculated. It is the finest representative of the first federal currency type and as such it is a trophy of museum quality. It has been more than a quarter-century since this note was last offered for sale, and is being presented here for the first time to the current generation of collectors. It is the highlight of the Vanderbilt Collection and a fitting beginning to this superb quality collection. It will be a centerpiece in any collection that includes it.<p><p><p>DEMAND NOTES<p>During the Civil War, the incredible costs associated with the conflict made it impossible for the floating supply of gold and silver coins to sustain the demands of the military and commerce. As Demand Notes entered circulation, "hard money" -- gold and silver -- was perceived to be more valuable in comparison to paper money and people tended to hold it and spend the new notes where possible (though they were not always readily accepted). In December 1861, the federal government and banks in New York City stopped paying out gold coins, after which such coins traded at a premium over paper money equivalents. In the spring of 1862, payment of silver coins was suspended as well, leaving very little coin in active circulation. The small denomination copper coins that remained were not sufficient to conduct basic necessary transactions and soon, even these began to disappear from commercial channels.
Out of pure need, an array of coinage substitutes appeared and began to circulate. This included encased postage stamps, printed cardboard tickets, postage stamp envelopes, and small cent-sized copper tokens that often loosely copied federal styles, but later expanded vastly in design to advertise thousands of businesses and celebrate political themes. On July 17, 1862, ordinary postage stamps were made legal tender for certain debts. Soon the federal government issued Postage Currency and Fractional Currency notes to help with the commerce problem. These were valuable solutions for small transactions, but it fell largely to the Demand Notes to cover more substantial commercial needs.
The Act of July 17, 1861, authorized the first Demand Notes, with succeeding actions that expanded the issuance; the $5 notes were not authorized until August 5, 1861. In total, $60 million in Demand Notes were authorized, issued in three denominations, $5, $10 and $20. By far the largest issue was the $5 denomination, with a total of 4,360,000 believed printed, payable at five different federal depositories at Boston, Cincinnati, New York City, Philadelphia and St. Louis. The present note is on the Philadelphia depository, and is one of 1,400,000 reported printed. The first notes were paid out in August 1861, and used to pay government salaries in Washington, and shortly thereafter, to pay contractors and others to whom the government owed debt. At first merchants were skeptical, but the government made the notes redeemable in gold, upon request, and after this the notes were better accepted.
Because the Demand Notes were redeemable in gold, they became prized once this fact became widely known. In 1862, the government released the new Legal Tender issues that were not redeemable at par in silver or gold. As such, it was in their best interests to have as many Demand Notes replaced by the new Legal Tender notes as quickly as possible with the result that just a couple of years after they were issued, Demand Notes were already becoming rare. It was reported on July 1, 1862, that $53,040,000 in Demand Notes were outstanding. One year later that figure was drastically different, with just $3,351,019 reported. Three years later, just 1% of the original issue remained outstanding and the figure continued to drop every year. <p>，From the A.J. Vanderbilt Collection. Earlier from NASCAs Brookdale Sale, November 1979, lot 1414; Kagins December 1979 Coin World advertisement; Heritages sale of June 1987, lot 4029; Stacks sale of January 1990, lot 1044.，
18:1882年1000美元纸钞 PCGS BG EF 40，估价：USD400000-600000元，成交价格：576000元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#4-美国纸钞Anderson集藏，成交时间：2018-03-23。
1882年1000美元纸钞 PCGS BG EF 40
Fr. 1218g (W-4624). 1882 $1000 Gold Certificate. PCGS Extremely Fine 40.，This is not only a highlight of the Joel R. Anderson Collection, but is also one of the greatest notes to come on the market so far in the 21st century. Just four examples of this very rare Lyons-Treat signed 1882 Gold Certificate are known to survive. One is housed in the collection of the Federal Reserve Bank of San Francisco and another is in the National Numismatic Collection at the Smithsonian Institution, leaving just the present note and one other that has been off of the market since 1991 available to the collecting public. This note is the finer of the two with the other recorded as just Very Good.
Just the lightest traces of circulation are noted; the margins are large and even and the paper is bright creamy white. The design elements are printed in sharp detail with great color displayed in the overprints and orange back design. An equally rare Fr. 1218e in a PMG Very Fine 30 "Minor Restoration" holder realized $600,000 in a January auction. This note is far superior to that one and should attract extremely strong bids.
$1,000 Gold Certificates, Series of 1882</strong><p>On the right is a portrait of Alexander Hamilton, the most famous figure in early American finance. At the center is a Treasury Seal, shield, and at the left is a counter. The back shows an eagle at the center with a large M to the side.<p>The print run was 16,000, with only a few known, as described.，From the Joel R. Anderson Collection of United States Paper Money, Part I. Earlier from F.S. Werner May 1987; Stacks sale of March 1993, lot 492; Currency Auctions of Americas sale of January 1999, lot 1609; Lyn Knights sale of February 2000, lot 621; Jay Parrinos February 2002 Fixed Price List; Lyn Knights sale of October 2005, Lot 5. ，
19:1861年500美元纸钞 PCGS VF 25，估价：USD300000-400000元，成交价格：660000元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#4-美国纸钞Anderson集藏，成交时间：2018-03-23。
1861年500美元纸钞 PCGS VF 25
Fr. 209a (W-3950). 1861 $500 Interest Bearing Note. PCGS Very Fine 25，There are only two examples of this 1861 $500 Interest Bearing Note extant. The serial number 1 piece resides in the Bureau of Public Debt in Washington, DC, leaving this serial number 15502 note as the only collectible example of this early federal type. It is also the only one without cancellations, a notable difference making this one all the more special. These notes bore interest at a rate of 10 cents per day.
There are light purple Treasury Department stamps on both the face and back of the note and a penned manuscript on the back reading "Pay the Secretary of the Treasury for redemption. Geo. Waters." A small concentration of pinholes is found at the left end of the note, otherwise the paper retains excellent body and is naturally bright. All of the printed inks are bold and illustrate the type in dramatic detail. It has been 13 years since collectors have had a chance to acquire this note. At that time it realized $299,000. Collectors interested in securing this prohibitively rare design type for their collections must seize the opportunity as it will not likely present itself again for quite some time.
$500 Interest-Bearing Notes, First Series, July 17, 1861, 7.3% Interest, 3 Years These oversized notes were produced by the American Bank Note Company and bear a skillfully executed and striking design with the portrait of George Washington at center, Justice seated at left, and Transportation seated at right. Large 500 counters are found in the top corners. Green border and security prints provide a uniquely federal presentation. The back print is green and is brilliant with intricate detail. Signed by Treasury clerks. These were printed with three notes to each sheet.，From the Joel R. Anderson Collection of United States Paper Money, Part I. Earlier from Kagins October 1995 Coin World ad; William Youngermans December 1996 Coin World ad; Heritage Auctions sale of February 2005, lot 16758.
20:1880年1000美元纸钞 PCGS BG AU 55，估价：USD800000-1200000元，成交价格：960000元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#4-美国纸钞Anderson集藏，成交时间：2018-03-23。
1880年1000美元纸钞 PCGS BG AU 55
Fr. 187b (W-4513). 1880 $1,000 Legal Tender Note. PCGS Choice About New 55.，This note is unique in private hands and is impressively preserved, notably combining rarity and quality as seen in notes throughout the Joel R. Anderson Collection. In fact, across the entire spectrum of federal notes in all series, few can equal the status of the best notes of the Joel R. Anderson Collection, and this one is among those. The term "once in a lifetime opportunity" might well prove to be appropriate here.
This 1880 $1000 Legal Tender Note with a large brown spiked Treasury Seal no doubt looks distinctive to even some of the most advanced United States currency specialists. The design and seal type combination was only used for two varieties: those with signatures of Bruce-Wyman (as seen here) and those with signatures of Rosecrans-Nebeker, for which no examples are known. Just two examples of Fr. 187b (W-4513) are known with one (serial number Z6498) residing in the National Numismatic Collection at the Smithsonian Institution where it is likely to remain. That leaves this lone note (serial number Z1164), as the only example of this design type and seal combination available to the collecting public.<p>Three broad margins are seen on this note, while the cut is a touch tight along the top. The paper is creamy white and free of any distracting marks or blemishes. Just the lightest signs of handling are seen upon close inspection. The engraved design elements are darkly inked, including the portrait of DeWitt Clinton at center and the vignette of Columbus at left. The visually striking large brown spiked Treasury Seal is sharply printed and bold while the serial numbers are in a deeply impressed dark blue. The extremely ornate green back is presented in full detail. This note realized $862,500 when it was last offered more than a decade ago, in 2006. We would not be surprised to see a realization that approaches or surpasses that price when the hammer again falls on this rarity.
$1000 Legal Tender Notes, Series of 1880</strong><p>The face design continues that used in the Series of 1869 and 1878, but with some changes. The main motifs are the same. Depicted on the face are two seemingly unrelated vignettes, not particularly unusual in a layout for this period. To the left is <em>Columbus in His Study,</em> with a globe on the floor nearby, a reminder of his contributions to the spread of Western ideologies and societies around the world. At the center is DeWitt Clinton (1769-1828), with the fingers of his right hand touching the side of his head. Perhaps both men were deemed prominent in water, thus relating the vignettes, Columbus for sailing across the Atlantic Ocean to "discover" America, and Clinton as the driving force behind the Erie Canal, started in 1817 and completed in 1825, which linked the Great Lakes with the Atlantic. This is a stretch, but who knows?
The signatures are the Bruce-Wyman combination, in office together from 1883 to 1885. The print run was 12,000, mostly used in federal and bank-to-bank transactions and not in everyday commerce.<p>，From the Joel R. Anderson Collection of United States Paper Money, Part I. Earlier from Currency Auctions of Americas sale of October 1998, lot 2311; Lyn Knights sale of June 2006, lot 122.，
21:1863年1000美元纸钞 PCGS AU 58，估价：USD800000-1200000元，成交价格：960000元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#4-美国纸钞Anderson集藏，成交时间：2018-03-23。
1863年1000美元纸钞 PCGS AU 58
Fr. 186d (W-4496). 1863 $1000 Legal Tender Note. PCGS Choice About New 58.，This is not only one of the greatest highlights in the Joel R. Anderson Collection, it is also one of the greatest treasures in American numismatics. Just four examples of the 1862 and 1863-dated $1000 Legal Tender Notes are known to collectors, with only two in private hands, this being the finest graded.
The note is amply margined with just a single hardly noticeable corner fold at bottom left keeping it from a full Uncirculated grade. The distinctive face design features the portrait of founding father and Superintendent of Finance Robert Morris at center. Morris is framed by a circle of small die counter 1000s in green. Large die counters flank the face at upper left and right. Sharply printed green security panels are overlapped by the denomination to either side of Morris portrait. The overprinted Treasury Seal is boldly inked in red at the upper left while the serial number 99202 is found above. Original embossing is easily observed. The strikingly ornate back features 1000 counters on their side to left and right while the obligation is found in an oval frame at center. This monumentally important note has resided in the notable collections of Amon Carter, Frank Levitan and Joel R. Anderson. One fortunate bidder will be able to add their name to that list once the hammer falls on this great American currency rarity.
$1,000 Legal Tender Notes, Series of 1863, Second Obligation</strong><p><p>As noted above, at the center is a portrait of Robert Morris, facing forward, engraved by Charles Schlecht, surrounded by a green frame. To the left and right is the denomination spelled out against a green background, with additional counters at the upper left and right. The imprint of the American Bank Note Co. is in drop-out white letters vertically in a strip at the right margin.<p>The face, back, and tint plates for the $1,000 Series of 1862 and 1863 Legal Tender Notes were engraved by the American Bank Note Company. The American and National Bank Note companies shared the printing for the Second Obligation notes.
Treasury signatures of Chittenden and Spinner were printed on the face by using a separate plate and a special ink. All have a small red Treasury Seal. On the back is the denomination oriented vertically and the Second Obligation in an ellipse at the center.<p>Most such high-denomination notes were used in bank-to-bank transfers and other large exchanges, not carried around by the public. There were some exceptions, including one described in an account of a passenger who perished when the <em>S.S. Brother Jonathan</em> hit a rock and sank off Crescent City, California, on July 30, 1865. The body of a female passenger was found, with "one $1,000 Legal Tender Note; five $20 do.; seven $10 do.; two $100 do.; five $50 do.; one $5 National currency note on the National Bank of Poughkeepsie, New York-in all $1,625.…" Details can be found in the book,<em> The Treasure Ship S.S. Brother Jonathan, </em>1999.<p>Printed on plate of F-186d (W-4496): "Act of March 3. 1863" / March 10th 1863. One serial number. NEW SERIES opposite the lower left of the portrait. The print run was 64,000.，From the Joel R. Anderson Collection of United States Paper Money, Part I. Earlier from Friedberg, Hessler & Koike Illus.; Amon Carter; Lyn Knights November 1983 Fixed Price List.
22:1863年500美元纸钞 PCGS BG MS 64，估价：USD700000-1000000元，成交价格：900000元，拍卖公司：SBP，拍卖专场：SBP2018年3月巴尔地摩#4-美国纸钞Anderson集藏，成交时间：2018-03-23。
1863年500美元纸钞 PCGS BG MS 64
Fr. 183c (W-4006). 1863 $500 Legal Tender Note. PCGS Very Choice New 64 PPQ.，This 1863 $500 Legal Tender Note is one of the most prominent notes in the Joel R. Anderson Collection and a true marvel to behold. It is one of just two known Uncirculated examples of the type. Just six notes are recorded in the census for this $500 design type including both 1862 and 1863-dated varieties. Three of the five known are of this catalog number, and only two of these are held privately, the third being a likely permanent resident in the collection of the Federal Reserve Bank of Philadelphia. PCGS has graded both this note and the serial number 42223 example as Very Choice New 64 PPQ. The remaining notes of the type are all in the Very Good to Very Fine range.
Secretary of the Treasury Albert Gallatin is seen at the center, surrounded by a circular frame of tiny die counters each reading FIVE HUNDRED. Large 500 counters are seen at the upper left and right, while FIVE HUNDRED overlaps ornate green panels below on either side. A boldly inked red Treasury Seal is seen left of the portrait. Printed signatures of Chittenden and Spinner are seen at lower left and right. The printing is beautifully executed by the American Bank Note Company, with all of the design elements vividly detailed and strongly inked. The rich green and red colors for which these early Legal Tender types are known are as nice as the day they were printed. The ornate back design is fully printed in green with large 500 counters to left and right and the obligation centered inside an oval frame. The paper is incredibly well preserved and is creamy white with traces of natural paper wave and original embossing still evident.
This note is the plate example in <em>100 Greatest American Currency Notes</em> by Q. David Bowers and David M. Sundman, where the type is ranked #19, and it carries a fine provenance to the collections of James Wade, the legendary Amon Carter, Robert Friedberg and James W. Thompson. This note last traded publicly in October of 2005 where it sold for $621,000.
$500 Legal Tender Notes, Series of 1863, Second Obligation</strong><p>Secretary of the Treasury Albert Gallatin at the center of the face is one of the most important figures in the history of the Treasury. He served from 1801 to 1813 and was very erudite on banking and financial matters, a trait not common among political employees.
The face, back, and tint plates for the $500 Series of 1862 and 1863 Legal Tender Notes were engraved by the American Bank Note Company. The American and National Bank Note companies shared the printing for the Second Obligation notes, as here. Treasury signatures of Chittenden and Spinner were printed on the face by using a separate plate and a special ink.
The face bears the imprint, "American Bank Note Co. New York" in drop-out white letters on a black strip in the green vignette below the portrait, which is not easy to see. At the left is a red Treasury Seal. Below the green vignette to the right is "PATENTED 30 JUNE 1857," referring to the "Canada green" said to deter counterfeiting. The serial number is imprinted in red at the right. All bear the address of the Sub-Treasury in New York City. We estimate that 8,000 were printed of this variety. Such notes were hardly ever used in daily commerce, but were useful in bank-to-bank and Treasury transactions.<p>，From the Joel R. Anderson Collection of United States Paper Money, Part I. Earlier from Koike, Limpert & Hessler Illustrations; James M. Wade; Matt Haft; Robert Friedberg; Amon Carter; James W. Thompson; Hickman & Oakes June 1985 sale, lot 1150; Lyn Knights December 1998 sale, lot 101; Lyn Knights June 2000 sale, lot 301; Jay Parrino February 2002 Fixed Price List; Lyn Knights October 2005 sale, lot 13.<p>，
23:1959年马来亚与英属北婆罗洲一圆 1961年拾圆各 PMG Choice AU 58，估价：HKD10000-12000元，流拍，拍卖公司：SPINK，拍卖专场：SPINK2018年1月香港-网络限时专场，成交时间：2018-01-19。
1959年马来亚与英属北婆罗洲一圆, 1961年拾圆各一枚, 均PMG58-64EPQ. 此一圆为[世界纸币图录]图片原纸。Malaya and British Borneo,$1, 1959, serial number A/55 917146, PLATE NOTE of SCWPM 14th Edition, blue and multicolour, junk at left, watermark at centre, reverse blue, fishermen and emblems, $10, Red and black on multicolour underprint, farmer ploughing with water buffalo at right, watermark of tiger at left, reverse red, emblems of member states, printed by Da La Rue,(Pick 8a, 9a), PMG 58 Choice About Uncirculated and and PMG 64EPQ Choice Uncirculated
24:1901年伊朗波斯帝国银行500元 PCGS BG MS 63，估价：USD30000-45000元，流拍，拍卖公司：SPINK，拍卖专场：SPINK2018年1月纽约-钱币专场，成交时间：2018-01-18。
1901年伊朗波斯帝国银行500元 PCGS BG MS 63
Iran. Imperial Bank of Persia. 500 Toman. July 1, 1901. P-9s. No.K00601-K01000. Black, green and pink. Arms, left. Nasir al-Din Shah, right. Green reverse, arms at center. Values in the corners. Bradbury, Wilkenson & Co. Ltd, London. "SPECIMEN" in perforated letters, twice, near the bottom. PCGS Choice New 63 Minor Residue. Track & Price reports only three others - a PCGS 58 PPQ which realized $40,561 in Spink s September 27th, 2017 sale, a "40" which realized $15,802 in Spink s October 2, 2012 sale, and a "60" which realized $19,680 in Spink s April 14, 2010 sale.
25:1959年马来亚拾圆样钞 PCGS Currency 45，估价：HKD120000-150000元，成交价格：288000元，拍卖公司：SPINK，拍卖专场：SPINK2018年1月香港-股票债券 中外纸钞，成交时间：2018-01-19。
1959年马来亚拾圆样钞，PCGS Currency 45，罕见从未发行年份；Board of Commissioners of Currency Malaya and British Borneo, $10, colour trial, dated 1.3.1959 as opposed to the final issued date of 1.3.1961, serial number A/1 000000, brown, yellow green and multicolour, peasant ploughing with a buffalo at right, tiger watermark at upper right. 10 at top left and right, English and Malay script, reverse brown, various state emblems, printed by Waterlow and Sons,(Pick not listed), PCGS Currency 45 Extremely Fine, very rare and a fascinating non issued date
26:1906年菲律宾群岛500比索 PMG VF 20，估价：USD10000-15000元，成交价格：7500元，拍卖公司：SBP，拍卖专场：SBP2018年1月纽约#B-世界纸钞，成交时间：2018-01-13。
1906年菲律宾群岛500比索 PMG VF 20
Silver Certificate. Printed by USBEP. An extremely rare 1906 500 Pesos Silver Certificate from the Philippine Islands. A striking portrait of Legazpi seen at center. This is currently one of only three pieces graded by PMG according to their Population Report, with the other two in private hands. Harrison-Fitzsimmons signatures seen in the signature panels. PMG mentions a Tear, Signature Annotations, and Rust in the comments section. The rust is very minor and appears to be remnants of a paper clip. A rare piece we believe should excite even the most season Filipino collectors. PMG Very Fine 20 Net. Tear, Signature Annotations, Rust.
27:1912加拿大联合银行50元 PMG VF 25，估价：USD15000-25000元，成交价格：21600元，拍卖公司：SBP，拍卖专场：SBP2018年1月纽约#B-世界纸钞，成交时间：2018-01-13。
1912加拿大联合银行50元 PMG VF 25
CH# 7301808. Winnipeg, Manitoba. This is a special offering, and the first time we have been able to offer this example. This 1912 50 Dollar note shows with Juanita, a desirable vignette, at left holding a feather over her head. The right side pictures a vignette of the Quebec Citadel. A green hue permeates from the center of the note. The reverse shows an entirely green design with the Greek Key playing a big factor in connecting the 50 obligations that are protected by detailed lathework. Some flowers also show at the top left and bottom right of the back design, opposite of the obligations. The back design also shows a cornice with the bank name Union Bank of Canada at center. Outside of some minimal handling that accounts for the grade, there are no issues to report. We cannot locate this note on the PMG population report, leading us to believe it is the only example known, and by proxy, the finest for the type. PMG Very Fine 25.
28:1935年加拿大银行100元 PMG Choice Unc 63，估价：USD25000-35000元，成交价格：18000元，拍卖公司：SBP，拍卖专场：SBP2018年1月纽约#B-世界纸钞，成交时间：2018-01-13。
1935年加拿大银行100元 PMG Choice Unc 63
French Text. Osborne-Towers. A very elusive design, printed by the Canadian Bank Note Company, and one of only two pieces for the catalog number certified as uncirculated by PMG. Prince Henry, Duke of Gloucester pictured at left in a striking portrait. A muted brown hue serving as the touch of color on the face of the note outside the red serial numbers, and blue security dots. The reverse shows an all brown design with a seated figure at center with a standing child next to him. This vignette is meant to represent commerce. A very negligible spot on the bottom right margin, away from the design, likely the cause of the note not receiving an EPQ designation.<p> PMG Choice Uncirculated 63.
29:1894年英属洪都拉斯政府1元 PMG VF 20，估价：USD30000-50000元，成交价格：57600元，拍卖公司：SBP，拍卖专场：SBP2018年1月纽约#B-世界纸钞，成交时间：2018-01-13。
1894年英属洪都拉斯政府1元 PMG VF 20
Only a note this important can get us this excited! SBG presents this first issue British Honduras One Dollar note in its first ever public offering. It has been in private hands since the mid-1890s, and passed down through the subsequent generations.<p><p>The 1894 British Honduras One Dollar issued notes are prohibitively rare; only three pieces are known, including this one. The other two are the Pick plate note, which is in abysmal condition, and one in private hands which is reputed to be part of an unprecedented, private British Honduras collection. No issued example of any of the five higher values has ever come to light.<p>First issue British Honduras notes in any form are conspicuously absent from virtually all of the worlds greatest collections. An issued 1894 example such as this one clearly rivals in rarity, exclusivity, and desirability even such major pieces as the vaunted Zanzibar notes.<p>The 1894 British Honduras issue was withdrawn and destroyed after only two months, while the Zanzibar series ran for twenty years. Also, the note issuance for British Honduras was scaled for an insignificant colonial backwater with a miniscule population and economy, while Zanzibar for centuries was one of the worlds major spice sources and slave exporters, and also an international seaport at the nexus of the trade routes of Africa, Arabia, India, and the Orient. And finally, this One Dollar 1894 British Honduras note is the one single issued example in the PMG population report, in contrast to the much more numerous Zanzibar pieces.<p>In establishing an estimate for this extraordinary note, we have opted not to key it to the price we achieved last year for a Zanzibar 5 Rupee note ($129,250) but rather, as always, to watch as you, our esteemed bidders, take charge.<p>PMG Very Fine 20 Net. Ink Stamp. Splits, Minor Rust. $30,000 to $50,000<p><em>Balanced centering and elaborate manuscript signatures present. The note is signed by E.(nerst) B.(ickham) Sweet-Escott, as Colonial Secretary (later Governor) of British Honduras. Additional signatures are C.(arlos) Melhado, and H.(enry) C.(harles) Usher.</em><p><em>Stylized floral borders, intricate lathe work, including floral pattern, and stars within circles. The Crown above CC (Crown Colony) watermarks. PMG mentions splits and rust in the comments section; they are more noticeable on the reverse. They also mention an "ink stamp." PMG did not realize that this stamp is officially printed, indicating city of issue, Belize, and the date, OC(tober) 17, (18)94. The left margin is serrated where the counterfoil was once attached. </em><p>PROVENANCE<br />Seldom does Stacks Bowers Galleries have the privilege and satisfaction of presenting a note of such impeccable, unbroken, important provenance. Albert E. Morlan was the American Consul in the city of Belize, British Honduras through two appointments in the late 19th Century. <br /><br />Albert Edmund Morlan was born in 1850, into a well-to-do Quaker family. Their fortune was destroyed in the Panic of 1857, and his father died when Albert was sixteen. At age 21, he apprenticed with a German jeweler, learning that language along with the trade. At 22, he began work in New Orleans, where he became proficient in French. At 29, he set up a jewelry and general merchandise business in Belize City, and in 1882, based on his sterling ("NPI") reputation, he was appointed U. S. Consul there by President Chester A. Arthur.<p><br />He resigned his post in order to re-establish his business in New Orleans, with branches in Central America, including in Belize. In 1895, President Grover Cleveland re-appointed him
