STACK'S BOWERS NOVEMBER 2025 CURRENCY SHOWCASE

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V28 2025 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 28, Number 45, 2025, Article 13

Stack's Bowers will be hosting their November 2025 Showcase Auction of United States Currency, presented in two sessions, both to be held on Thursday, November 13. Session 6, starting at 12 PM PT, offers an assortment of Colonial-era notes, as well as a variety of Obsolete issues. Session 7 presents an impressive assortment of U.S. type notes. -Garrett

VT-1. Vermont. February 1781. 1 Shilling. PMG Very Fine 20 Net. Severed & Reattached, Repaired. No. 2622. Serial number in cartouche along the top margin. Signatures of both Walbridge and Fasset penned distinctly in a stacked arrangement. The signature of Walbridge is notably thicker than that of Fasset which appears along the bottom margin. Dimensions are 71mm by 90mm with some roughness evident while the basic design resembles that of the notes issued by both Connecticut and Rhode Island during the period. Border cuts at left and right depicting thin vines which Ford dubbed the "simple swaying vine" which support a keystone-like frieze emblazoned "VERMONT CURRENCY" with both the serial number and denomination below. Text and obligation may be seen at center with a Fugioesque chain with 14 links encircled by motto "VERMONT CALLS FOR JUSTICE" which is largely unobscured by the repairs best observed on the verso. A similar arrangement is noticed on the verso with the denomination stacked above the counterfeit warning and imprint for Judah P. Spooner along with a date of "1781." The aforementioned repairs are best observed along the left and right margins with stiff paper strips applied to reinforce the brittle paper body while a similar repair has been applied to mitigate the split evident along the horizontal crease. Some minor chips may be observed along the margins but are noted for the sake of posterity as this is one of the finest Vermont Colonials that was once part of the John J. Ford, Jr. Collection. To emphasize and to paraphrase the description from Ford III, this example is very likely one of the finest known for its type and denomination and vastly superior to many of its known counterparts. For the collector looking to acquire a quality Vermont Colonial for their own collection this is an opportunity not to be missed as opportunities comparable to Ford are rare even among exceptional auctions. PMG comments "Severed & Reattached, Repaired."

Provenance: Ex. F.C.C. Boyd, Stack's sale of the John J. Ford, Jr. Collection, Part III, May 2004, Lot 842.

CC-9. Continental Currency. May 10, 1775. $20. PMG Choice Very Fine 35. No. 8098. Unique among its peers in technical terms. This $20 Continental issued under the resolution dated May 10, 1775, offers a colorful, albeit foreign sight among its contemporaries. Printed on marbled polychrome paper supplied by none other than Benjamin Franklin and adorned with vignettes adapted from Franklin's own hand, these elements underscore the popularity of the $20 Continentals issued under this emission and their rarity regardless of condition. Most of the survivors are impaired with comments like "Edge Damage" and "Repaired," but imperfect specimens manage to command strong prices as evidenced by the example we sold in our Spring 2025 Showcase Auction (Lot 20116) which realized $15,600 despite being severed and subsequently reattached. This specimen, although lacking with regards to the marbled edge, still offers traits seldom encountered among comparable peers as its color remains both bold and original while the penned signatures of John Mease and Joseph Sims (Jr.) offer a pleasing sight that contrasts nicely with the printed balance of the design. Together these elements offer a compelling testament to both the workmanship of the period and the bleeding edge of period anti-counterfeiting features and should no doubt command considerable interest from bidders before one bidder may finally claim it for their own collection. PMG comments "Paper Pull, Minor Edge Damage."

San Jose, California. $10 1874. Fr. 1148. Farmers National Gold Bank. Charter #2158. PMG Very Fine 20. Representative of a type that is beyond popular in numismatic circles and a tangible legacy of the California Gold Rush; National Gold Bank Notes were an oddity introduced into circulation to placate the hard money inclinations of those in California who held firm memories of bank failures and unsound paper money back East. Issued by one of eight National Gold Banks to operate within the State of California. The Farmers National Gold Bank of San Jose (Charter# 2158) was first chartered in 1874 with the purpose of serving the farmers who populated the Santa Clara Valley and the lucrative trade that prospered between San Jose and San Francisco. With the resumption of specie payments in the late 1870s, the Farmers National Gold Bank converted its charter in 1880 and became the First National Bank of San Jose (Charter# 2158) before changing its title once again in 1929 to incorporate an accent mark. The bank would last long past 1935 and through February 2023 when it fell victim to a merger with a Chicago-based bank. A reflection of that history; this example is not your typical "Very Good" or "Fine" often encountered with frequency regardless of the issuing bank. Assigned a grade of Very Fine 20 by the likes of PMG, this example has nonetheless seen some minor restorations that were seemingly effected with noted skill to mitigate some minor splits along the margins. The note itself retains solid eye appeal and retains a degree of honesty with regards to the paper quality and the clarity of individual design elements. The all-important vignette of assorted Pre-33 gold coins on the back is quite clear with the coins clear and identifiable unobstructed by the fruits of extensive circulation. A collector seeking to represent this iconic and short-lived type would do no wrong in acquiring this example for themselves. PMG comments "Minor Restoration."

Stockton, California. $10 1873. Fr. 1146. First National Gold Bank. Charter #2077. PMG Choice Fine 15. A type which has it roots in the preference for "hard money" in California and the far-flung reaches of the West, National Gold Bank Notes are as much an aesthetic masterwork as they are relics from a time when paper money was rightly met with skepticism in the minds of the general public. Reminiscent of their counterparts which circulated back east, the vignettes entitled Franklin and Electricity at left and America Seizing the Lightning at right are among the familiar elements of this composition that remains distinctly Western. With "REDEEMABLE IN GOLD COIN" printed plainly along the top margin, it would be no secret to even the most skeptical of Californians as to what backed this new-fangled form of paper money in circulation. Between the yellow-tinted paper and the large vignette of assorted Pre-33 gold coins on the back, these traits speak once again to that reality and would serve to ease one's skepticism and concerns that would be replaced with a resounding reassurance upon walking through the doors of the First National Gold Bank (Charter# 2077) and redeeming it for a freshly-struck 1874-S $10 Eagle that had only just come off the coining presses of the San Francisco Mint. Wearing its tenure in commerce quite well for a type infamous for displaying extensive circulation, this example will do well to represent this coveted and iconic type in a manner that your average example from San Francisco could not hope to match. PMG comments "Pinholes."

St. Louis, Missouri. $100 1902 Red Seal. Fr. 686. Fourth NB. Charter #283. PMG Very Fine 25. Issued from just 1902 to 1908, the Series of 1902 Red Seal National Bank Notes are a brief entry in the numismatic canon that owes its demise to the passage of the Aldrich-Vreeland Act in 1908. During that period the bulk of National Banks that were organized served rural areas and kept minimal circulations that often never exceeded $6,250 or $12,500. Even so the number of banks that opted to renew their charters or organized between the Act of April 12, 1902, and the Aldrich-Vreeland Act which passed in May 1908 was rather limited even among urban locales such as Saint Louis or Chicago where large banks dominated the financial ecosystem. Certain banks like the Carbonate National Bank of Leadville (Charter# 3746) which were largely tied to the presence of industries like mining or agriculture in the case of the First National Bank of Concordia (Charter# 3066) are represented by populations compounded by limited resources among other factors.

This helps explain why so few institutions actually issued $50-$100 sheets and helps underscore the rarity of this type and denomination in the present. The Fourth National Bank of Saint Louis (Charter# 283) was among the few institutions of the period to issue Series of 1902 $100 Red Seal National Bank Notes in quantity and issued a total of 9,957 $100s alongside a like number of $50s representative of this short-lived type across at least two shipments. In fact, the Fourth National Bank records a total of nine examples out of 17 notes recorded overall by the National Bank Note Census making it one of the small number of institutions that can be considered "common" when one looks to add an example of this type to their own holdings.

Yet the use of "common" in this context is a misnomer as any Series of 1902 $100 Red Seal represents a sight infrequently seen even among the offerings of both established auction houses and dealers. The added benefit of bold penned signatures applied by the hand of Cashier G.A.W. August and President Hamilton Atchison Forman account for a nice contrast against the red overprint and the engraved elements of the design making this not only a rarity in a numismatic context, but also in an aesthetic one making this essentially a rarity among rarities ripe to be at the center of a battle for ownership among bidders.

Fr. 2405. 1928 $100 Gold Certificate. PCGS Banknote Gem Uncirculated 65 PPQ. Blessed with technical and aesthetic qualities typically lost upon the surviving $100 Gold Certificates issued under the Series of 1928, this specimen is truly a miracle of survival among its peers and one that has duly earned the grade assigned. Sharp knife-like margins and plain registration may be observed in the company of a gorgeous contrast between the overprinted and engraved elements of the design. The yellow-gold Treasury overprint is perhaps the most captivating of these traits and offers not only a testament to original qualities often lost upon most examples of this Friedberg Number, but also the appealing qualities endemic to Gold Certificates as a class as collectors are often faced with circulated examples that offer an indistinct overprinted Treasury seal. Small details such as the Latin inscription "THESAUR AMER SEPTENT SIGIL" can be read in-full and seen alongside distinct scales and the key seen below. A rare quality in its own right, the uncommon detail evident here does well to complement the boldness of each letter and digit in the serial numbers seen at left and right. Each one comes nicely embossed and offers testament to a quality typically lost upon "improved" specimens or lost entirely at circulated grade levels. As a result, nothing is left to wonder as to why this note managed to earn a grade of Gem Uncirculated 65 PPQ from PCGS Banknote, but that distinction is only part of the proverbial equation. Spared the autocratic provisions of Executive Order 6102 which claimed most of its high-grade counterparts that were easily redeemed, this example somehow managed to survive as part of period cash hoard that went undisturbed for decades until it found its way to the numismatic circuit at some point in the not-so-distant past. Here in the present, this note offers an opportunity worthy of the utmost in consideration. Collectors know well that high-grade $100 Gold Certificates issued under the Series of 1928 are a rare sight at the Gem Uncirculated grade level and should no doubt see this specimen to a realization reflective of its premium qualities that are bound to draw a premium bid. PCGS Banknote Pop 2/1 Finer.

Fr. 2408. 1928 $1000 Gold Certificate. PMG Extremely Fine 40 EPQ. A textbook example of the grade assigned and a survivor when weighed against the historical context of the period. This $1000 Gold Certificate is certainly a survivor among the circumstances that claimed most of its peers during the early 1930s when Executive Order 6102 came down in April 1933. As most high-denomination Gold Certificates were held by banks and other financial institutions, most were in a prime position for compliance when the order came down and saw those notes consigned to an unceremonious end while those that managed to survive did so from the depths of a period hoard or safe deposit box far out of sight from the overreach of the authorities. From these circumstances only less than 100 pieces managed to survive for the benefit of collectors. Most of those that survived offer clear signs of circulation while only a handful are known towards the top of the grading spectrum. This particular piece is absent any repairs or restorations and demonstrates faint signs consistent with circulation and has managed to earn PMG's coveted EPQ designation for "Exceptional Paper Quality." The Treasury overprint and serial numbers are nicely accomplished in a distinctive shade of yellowish-gold which serves to offer a nice contrast with the balance of the design that shares a strong resemblance to contemporary Federal Reserve Notes albeit with modifications and the portrait of President Grover Cleveland who was a noted contrarian within his own party during the 1890s over his support for the Gold Standard. Cleveland's portrait is nonetheless seen amidst the accoutrements and clauses typical of the type which manage to round out much of the design. This is more or less an academic distinction for the collector looking to represent this difficult Friedberg Number in their own collection with a premium specimen and should portend a battle for ownership when this note crosses the auction block.

Fr. 119. 1901 $10 Legal Tender Note. PCGS Banknote Superb Gem Uncirculated 67 PPQ. Bound to stand like a beacon amongst the offerings of this auction; this most attractive and exceptional example of what is arguably one of the most iconic designs ever put to print by the Bureau of Engraving & Printing offers a compelling glimpse into the aesthetic conventions of a bygone era long lost to standardized designs that value utility above all other considerations. Featuring elaborate Corinthian-type columns adorned with the portraits of Lewis & Clark framed by a pair of female allegorical figures, this design further embodies the ethos of the untamed frontier by way of the vignette depicted at center between the overprinted elements of the design. Here the viewer's focus is shifted upon a forward-facing rendition of an American bison that was once held by the Washington Zoo. This composition which was engraved by one M.S. Baldwin from a sketch prepared by Charles R. Knight who specialized in detailed sketches and paintings of prehistoric wildlife with an emphasis on dinosaurs has since become iconic among numismatists earning it the #6 position in Bowers and Sundman's book 100 Greatest American Currency Notes. Each element of the vignette testifies not only to the skills of Baldwin as an engraver, but also to the skills of Knight whose works have brought life to extinct forms of life having greatly contributed to how we envision the prehistoric past. To that end, both the efforts of Baldwin and Knight are accompanied by details that speak a fine testament to the skills of Bureau engravers and the rarely applied grade assigned. Details such as individual blades of grass complement the lifelike details endemic to the portraits of Lewis and Clark and the graceful female form of Progress seen on the back. Each of these elements held together with the grade assigned by PCGS Banknote serve to uphold this note as more than just a survivor that avoided circulation, but alas a testament to the artistic thought of the early 1900s where notes like this were more than simple financial instruments but rather a reflection of American identity that helps underscore the popularity of these notes in the present. This combined with the exceptional status of this piece as the sole finest example of the Parker - Burke signature combination at PCGS Banknote is sure to see uncommon interest in this specimen from bidders before the bidding process ends. PCGS Banknote Pop 1/None Finer.

Fr. 212. 1864 $50 Interest Bearing Note. PMG Very Fine 20. No. 118501. Plate A. Issued amidst the economic challenges of the period that prompted a shortage of both coin and currency in circulation, this note represents one of the many fiscal measures taken during the period and is in-part discussed in great detail by Nicholas J. Bruyer in his book U.S. Treasury Notes 1812 - 1865: An Illustrated History. Part of the second issue of 7-30 Interest Bearing Notes authorized by the Act of June 30, 1864, many of the notes from this emission went to Army paymasters while large quantities also went to creditors and National Banks across the country. This note lacks the five coupons that would have been attached along the right margin when this note first made it to circulation. Those coupons were payable semi-annually and clipped as required by the bearer with the final interest payment due to the bearer when the note was ultimately surrendered. These notes were nonetheless popular, and Treasury Secretary William P. Fessenden opined that "the Secretary has great satisfaction" in reference to the fact that many 7-30s went to fulfill outstanding Army payrolls despite their lack of legal tender status. Later emissions followed much and the same route with the "July 15, 1865" imprinted 7-30s becoming a popular means of fulfilling outstanding payrolls while some even found their way to circulation before their eventual redemption.

Yet somehow this piece managed to avoid the inglorious fate that claimed most of its peers. Graded Very Fine 20 by PMG with a comment that states "Restoration," this piece offers a strong degree of eye appeal despite imperfections including a series of curious punch-type cancellations that may be noticed along the bottom margin. This represents a sight rarely encountered among comparable pieces implying that this note had been redeemed (or may confiscated) and not destroyed as a result. The reason behind such a distinction is open to speculation and invites further research with the assistance of the National Archives in College Park, Maryland. As for the balance of the note, even circulation may be observed while the impetus behind the "Restoration" comment applied by PMG can best be observed along the top margin. A penned signature attributable to one "John Green" whom this note was issued to can be observed in two different signature panels on both sides. The same basic design of the 1861 7-30 Interest Bearing Notes is emulated, but with modifications. The centermost vignette engraved by Johan Heinrich "Henry" Gulger is visually similar to the vignette used on the 1861 7-30s, but the eagle faces left as opposed to right while the ornamental elements along the margins have become more complex. The back design by comparison shares a strong similarity to the $50 one-year 5% notes save for a revised obligation.

Barring additional historical and aesthetic minutiae, this is an exceptionally rare item when speaking in strictly numismatic terms. Track & Price records only six surviving examples for this Friedberg Number barring the inclusion of any errors while a similar distinction is demonstrated by the old Generke Census. The level of eye appeal demonstrated by this specimen is particularly wholesome for the grade assigned while the imperfections noted by PMG are easily overlooked and best observed with the added aid of backlighting. Held together these traits underscore the material condition of something that should have been redeemed and destroyed almost 160 years ago but managed to survive for unknown reasons. For the advanced collector with the means to match, this note presents more than just an opportunity to represent a rare Friedberg Number, but one that quite possibly traces an unusual history when compared to its fellow survivors that awaits further research. PMG comments "Punch Hole Cancelled, Restoration."

Fr. 831. 1918 $50 Federal Reserve Bank Note. St. Louis. PCGS Banknote Choice Uncirculated 63. Representative of a rarity that should not have survived. This $50 Federal Reserve Bank Note issued under the Series of 1918 is one of just 4,000 issued and among a small handful of survivors which currently stands at 53 pieces per the Track & Price census. That figure even though it may seem limited, underscores the reason behind the survival of this note and its fellow survivors as the population recorded for the Series of 1918 $50 Federal Reserve Bank Notes owes almost everything to the efforts of a Texas-based collector by the name of William A. Philpott Jr. who was the long-term secretary of the Texas Bankers Association. Philpott, an astute collector in his own right, alerted various Federal Reserve Banks and bank employees to his interest and dozens of examples were saved from the prospect of redemption as a result during the 1920s. Philpott's efforts serve to underscore the fact that most of the known Series of 1918 $50 Federal Reserve Bank Notes are clustered above the grade of "Extremely Fine." This specimen has nonetheless been known to collectors since at least the late 1960s per an article in the April 1969 edition of The Numismatist having been pedigreed to the collection of Morris Loewenstern (1913 - 2007) of Amarillo who later sold this piece during the 1970s. Since then, this note has appeared at a handful of auctions most recently in 2003 when it realized $10,350. Market conditions have nonetheless changed since 2003 but bearing in mind the rarity of similar offerings at auction, this is a note that should come to see much in the way of interest from bidders as it currently stands as the sole finest at PCGS Banknote as of 2025.

Born in St. Jo in Montague County to W.A. Philpott, Sr. and Mary R. Bellah Philpott on September 17, 1885, William A. Philpott Jr, was among the most distinguished collectors of his era. After graduating from the University of Texas in the early 1900s, Philpott briefly worked for the San Antonio Express and as a night editor for the Austin Statesman before moving to Dallas in 1912 to serve as the editor of The Texas Bankers Record. By 1916 Philpott had become the managing officer of the Texas Bankers Association and had become the Association's Secretary by the early 1920s. In that position, Philpott became a prolific collector of coins and currency using his position to save many great rarities from redemption. Institutional holdings such as the Philpott - Moody speak to the breadth of Philpott's holdings while his efforts to save Series of 1918 $50 Federal Reserve Bank Notes from circulation speak to his uncommon means during a time when $50 represented a significant sum of money for the average layman. Philpott eventually died in 1971 at his home in Dallas at the age of 86 after a round of golf with some friends. Today Philpott stands remembered as a collector who was among the most accomplished of his time and often remembered alongside names of luminaries in the vein of Beebe, Carter, Donlon, and Grinnell. PCGS Banknote Pop 1/None Finer.

Provenance: M.H. Loewenstern advertisement in Paper Money Magazine, March 1975; Lyn Knight Fixed Price List of May 1979; American Numismatic Rarities Sale of December 2003, lot 191.