August 2024 Greensheet Market Analysis: Significant Offerings Set To Energize Market

The September action in the paper money market really begins in late August, with the Stack’s Bowers Global Showcase sale quickly followed by the Heritage Long Beach auction two weeks later.

The United States currency section of the Stack’s Bowers sale brings 889 total lots, and the primary live session is laden with National Banknote rarities. All Original Series Nationals are sought after by both type collectors and state specialists, the solo note that carries a six-figure presale estimate is an Original $100 (Fr.-454a) issued by the Salem National Banking Company of New Jersey. Incredibly, there are less than 40 known examples of the entire type, making example extremely sought after. A later National of the same $100 denomination is also a highlight, being that is a Red Seal from the 1902 Series (Fr.-686). Issued on the First National Bank of Auburn in Nebraska, this example of just 133 overall for the type which again provides robust demand from type collectors. Territorial Nationals are always in demand, and two early issues are on offer here. First, a beautiful Series 1875 $5 (Fr.-404) from the First National Bank of Fort Benton in the Montana Territory. Montana gained its statehood in 1889 and one could only imagine the conditions and environment in the years prior to that, making the PMG AU53 certified grade of this note all the more remarkable. A slightly later Series 1882 $10 (Fr.-485) from the Capitol National Bank of Guthrie, Oklahoma Territory boasts not only a serial number one but is one of just four total notes known for this bank charter. Speaking of serial number one notes, there are three examples that stand out, including two from the Central Coast of California. Both notes are Series 1902 Red Seal Nationals, the first being of the $10 denomination (Fr.-613) coming from the First National Bank of Monterey. A well-known coastal destination, the sale catalog states that just five Large Size Nationals of all type are known extant from this bank. The second serial number one California National is a $5 from the First National Bank of Santa Maria. First chartered in 1904, this bank maintained a low circulation and very few notes remain extant. Both of these notes are graded PMG VF30, with the Santa Maria note garnering the EQP designation. Lastly, and staying in the Golden State, there are multiple National Gold Bank Notes on offer. There was a total of nine Gold Banks chartered in the state, and I will highlight two from less-often seen issuers. First an 1873 $10 (Fr.-1146) from the First National Gold Bank of Stockton, graded PCGS Banknote VF35. Those who are familiar with this series know that the overwhelming majority of these notes come in grades of Fine or below. Aside from the astounding condition, the note traces to the well-known Joel R. Anderson Collection and is an ideal type candidate. Indeed, if an advanced collector only wanted one National Gold Bank Note, this would be the choice. Finally, a unique piece, that being an 1873 $20 (Fr.-1159a) issued by the First National Gold Bank of Santa Barbara. A true miracle of survival, the note grades a problem-free PMG VG8 and certainly was involved in its fair share of contemporary transactions. This institution only operated as a Gold Bank until 1880, making all surviving notes decidedly rare.

In the world paper money section of the Global Showcase sale, the team at Stack’s Bowers has been creative by assembling an “Americas” session to lead off with. Featuring 465 lots of currency exclusively from North, Central, and South America, the session is very strong in notes from Canada, Colombia, and Venezuela. There are an additional two online-only sessions that consist of 399 lots and includes a collection dubbed the Perfect 10 Collection. This unique assemblage features notes only of the 10 Shillings denomination.

As far as pricing updates, there are certainly signs that the U.S. currency market is in a minor correction phase. After such an extended period of price appreciation and demand, this is expected and normal. The primary observation is that notes that are highest volume, i.e. most common on the market, are soft. Prior, there was sufficient demand that even multiples of the same note in the same certified grade would bring prices at the top end of the range. Additionally, notes with issues, even ones that are visually minor, such as pinholes or a small restoration are penalized rather severely. There are still bright spots, however, with notes that have exception eye-appeal for their assigned grade bringing multiples of ones that do not. This is most evident with notes in the Choice Very Fine to About Uncirculated grades that feature bright paper and deeply impressed well preserved inks.