Monday, December 30, 2013

Early U.S. bank notes found in mint condition in a banker's drawer to sell for 1,700 times their face value

bank notes
In the late 1800s $3,500 was equivalent to about $80,000 in today's money.

Dustin Johnston, director of rare currency at Heritage Auctions, said: ‘This 1882 $500 gold certificate is one of the earliest gold certificates printed.

‘They were very strictly controlled and were printed in very low quantities so survivors are few and far between.

‘The only other one in the world is in the Smithsonian museum as part of the Federal Reserve collection.


bank notes
‘It is so historically valuable that I would say it is one of the top 10 greatest currency notes of all time.

‘Amazingly it has come from the estate of a deceased turn-of-the-century US banker along with three very scarce $1,000 notes.

‘It is very interesting that they were kept for that long. In 1933 when Franklin Roosevelt outlawed the possession of gold to combat the depression he also demonetized gold certificates. It was the first time the US had taken currency and made it worthless. 


bank notes
‘It had to have been a complete oversight of the banker that owned these notes to sit on them during the recession.

‘$3,500 was a tremendous amount money back - the average salary was about $2,500.
‘We can only guess the banker forgot about the notes because they were only discovered much later by the banker's family in a drawer.

‘It is an absolute trophy find. Maybe once in a generation a note of this magnitude shows up - and four turned up all at once.


bank notes
‘The odds of survival are so low we didn't ever expect to see these notes again - we thought they were gone for good.

‘These notes are so sought after they could well go beyond our estimates.’

Read more: http://www.dailymail.co.uk/news/article-2531235/Early-U-S-bank-notes-mint-condition-bankers-drawer-sell-1-700-times-face-value.html#ixzz2ozGReIz7 




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