An Affordable Ultra-Gem! Superb 1875 $1 Legal Tender Note

In our
recent weekly Internet messages about the Joel R. Anderson Collection Part III
we have showcased the rarest of the rare—landmark notes that run will into six
figures if not more. This week the limelight is on a note that is common in
worn grades and in Uncirculated 65 and 66 is readily available. At the 67
level, as here, PCGS Currency has certified 10, with none higher. This
beautiful note is estimated in the low four figures and presents an affordable
opportunity to acquire a superb note with the Anderson provenance.

It was
years ago when Joel Anderson set out to acquire the highest grade possible of
each and every design type of note in the large-size federal series from 1861
to 1928. He accomplished the seemingly impossible. His collection has never
been equaled.

Part III
will cross the auction block at the Whitman Coin & Collectibles Expo in
Baltimore on Thursday evening, October 25. You are warmly invited to attend as
an observer or bidder and be part of a sale the likes of which will never
happen again. Alternatively, you can participate in real time on the Internet,
as many of our worldwide bidders do.

way we look forward to the possibility of “seeing” you soon!


Lot 3003. Friedberg 26 (W-21). 1875 $1 Legal Tender
Note. PCGS Currency Superb Gem New 67 PPQ.

This is a beautifully printed 1875 Legal Tender ace,
bearing the Allison-Wyman signature combination. The note displays the
vignette Columbus in Sight of Land,
 as engraved by Joseph P. Ourdan, at left
and the portrait of George Washington at center. The distinctive red overprint
features a spiked Treasury Seal at left, and an ornate oval frame over the denomination counter at left along with
SERIES 1875to the bottom right
of the portrait and “1875” vertically at
the right edge of the design. The green printed back design includes the
imprint of the Columbian Bank Note twice along the bottom border of the design.
The note is superbly centered with boardwalk margins. The paper is wholly
original with natural paper wave and embossing easily noticed. PCGS Currency
has graded no examples finer than this Superb Gem.

The Series of 1875 notes were first printed with a
pink series letter on the face at the border in a circle at the lower right, as
“SERIES / A /1875.” Serial numbers are red, and the small spiked Treasury seal
is pink. As noted, on the back “COLUMBIAN BANK NOTE CO.” is imprinted twice.
The company was located at 908 Pennsylvania Avenue in Washington, DC.
Established in 1870, it opened its doors for business on April 24, 1872,
capitalized at $2,100,000. John G. Wellstood (prominent earlier in the era of
state-chartered bank notes) was president, George T. Jones was vice president
and treasurer, and John W. Waters was secretary and business agent. The
Columbian Bank Note Company was closed in 1875 as by that time the Bureau of
Engraving and Printing had taken over nearly all of the work.

As a class, Series of 1875 notes were issued from July
20, 1875, to June 20, 1879. The order of issuance of the varieties in the Whitman
Encyclopedia of United States Paper Money,
which is different from certain
other texts, is from modern research by Doug Murray.

PCGS Population: 10, none finer.

From Heritage Auctions’ sale of September 2009, lot

Est. $3,000-$4,000

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