SELECTIONS FROM THE ERIC P. NEWMAN COLLECTION PART VII

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V18 2015 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 18, Number 38, September 20, 2015, Article 30

Some of us do our treasure-hunting in the numismatic marketplace. A plethora of material comes on the market each year through auctions, and in hindsight there are always gems to be found. When time allows I try to highlight upcoming auction lots that catch my eye for one reason or another. Only the hammer price and the future market will determine a lot's status as a bargain, but the item can provide enjoyment nonetheless even for those who aren't the ultimate buyer. We're blessed to collect in an era where high-quality images of nearly every lot are available to all at the click of a button. Here are a few that caught my eye in the upcoming Eric P. Newman Collection Part VII sale. -Editor

Puerto Rico - Tesoreria Nacional de Puerto Rico 8 Reales 1813 Pick 2a. PCGS Very Fine 30 Apparent.

Appropriately, Eric P. Newman collected Puerto Rico and Danish West Indies notes alongside his other Territorial and Western notes, due to their geo-political relationship with the United States. Puerto Rico was established as a Spanish Colony on Columbus' second voyage to the New World. (According to Smithsonian.com, the island was initially called San Juan Bautista by the Spanish.) A limited amount of paper currency was issued under Spanish auspices beginning in the early 19th century. Few of these earliest notes are known to collectors today.

Canada - Quebec, PQ George King 6 Coppers June 1, 1773. Graham QC-200-10-04. PCGS Extremely Fine 40PPQ.

This is an interesting private note issued in Quebec, the earliest Canadian private scrip, shortly before the American Revolution. George King was a prominent shipbuilder in Quebec. At the time this note was issued, he was residing on Poor Street with his business partner Thomas McCord. Eventually they would use their ships to supply fur traders with alcohol and to facilitate the rum trade in the West Indies. Kings's notes are unlisted in the main Charlton reference and The Standard Catalog of World Paper Money. The notes were printed on sheets of six, in denominations of 3, 6, 12, 15, 20, and 24 coppers. Issue dates in 1772 and 1773 are observed. A small square note printed on laid paper. The texts are within intertwined vine bordering. The denomination block is across with outlined 6 COPPERS. A strong signature and wholly original paper are highlights.

Colony of Connecticut July 12, 1709 3 Shillings Raised to 10 Shillings Fr. CT-3a. PCGS Very Fine 30 Apparent. This is an exceedingly rare, perhaps unique, and important early American currency note. The great Colonial note collectors from the 19th and early 20th centuries coveted the early "Tall" Bills of Credit. Legends such as Haseltine, Chapman, and F.C.C. Boyd held them in similar esteem to the rare Colonial coins they collected concurrently. Connecticut early bills are among the rarest New England issues. This is a genuine bill, with the denomination raised from 3 shillings to 10 shillings.

Colony of New York November 1, 1709 Lyon Dollars Issue 20 Lyon Dollars (13 Oz., 15 Dws.) Fr. NY-12. PCGS Choice About New 55 Apparent.

This is the rarest issue of 1709 notes, and it is fascinating. There are very few Lyon Dollar notes known, and we believe there are less than ten of all denominations in private hands (five impressions were in Boyd). Until our April 2015 Newman VI auction, our research had not found any instance of this denomination offered for public sale. Thus, this is one of the key New York Colonial Currency rarities. The issue was backed with 10,000 ounces of silver. Lyon dollars themselves were Dutch "Silver Dollars" which circulated worldwide as trade coins, just as the Spanish Milled Dollars. The rate of 5 shillings 6 pence was pegged to each (Lyon) dollar. There is also an interesting use of multiple denomination equivalents based on weight. There were only 300 notes authorized, and this highest denomination was not in Boyd. The style is similar to the other 1709 notes printed by Bradford, with typeset texts on the face and indent design at the top. There are four signatures, as required, like those appearing on the November 1, 1709 Shilling Issue note.

Rhode Island August 15, 1737 Redated 1738 2 Pounds Fr. RI-26b. PCGS Extremely Fine 40 Apparent.

This is another rarely seen, pre-1750 issue, and has an unusual horizontal format. The text is in the top center, and each end shows intricate vine details. At lower left, the Hope motto and anchor emblem. At the lower right is a denomination cartouche with the redate "1738" within. The ornate back has vine details, scroll lines at the left and the denomination in the center. This is a genuine note. The "tell" is the space between the top leaf tip and the outline of the (viewer's) left 40S on the back. On the counterfeit, the leaf is firmly attached.

To read the complete lot description, see:
Rhode Island August 15, 1737 Redated 1738 2 Pounds Fr. RI-26b. (http://currency.ha.com/itm/colonial-notes/rhode-island/rhode-island-august-15-1737-redated-1738-2-pounds-fr-ri-26b-pcgs-extremely-fine-40-apparent/a/3539-18198.s)

Confederate States of America - T2 1861 $500 Montgomery Issue PF-1, Cr. 2. PCGS Very Fine 35PPQ.

As with the $1000, only 607 notes printed, and approximately 120 exist today. This Newman-Green $500 Montgomery is another impressive example boasting tremendous eye appeal. Like the others notes from the series, this was an interest-bearing instrument paying "five cents per day," only up to "Twelve Months After Date." The $500 is arguably the most pleasing design, with inspired vignettes by the National Bank Note Company. At top center is the classic vignette, The Crossing, attributed to James D. Smillie, but not verified. A train crosses a stone bridge in the background, while a man on horseback drives cattle down a hill to the stream. Another worker, standing in the water and holding a cattle prod, finishes rolling up his pant legs. The vignette appears on several Obsolete banknotes from the period.

For many decades, collectors and scholars argued which Confederate type was the rarest. The current census records 137 notes in all grades. However, according to J. Wayne Hilton's detailed reference, he considers the T2 $500 as the rarest type based on auction appearances. With that in mind, perhaps the type has been underappreciated in recent decades. This is a gorgeous PPQ note. The color tinting and dark inked contrast are very attractive. The complete margins on all sides include three that are broad, with only the left close to the printed portion. This note apparently has never been publicly auctioned. However, it has been included on the Montgomery census, compiled by several scholars and dealers, for decades.

To read the complete lot description, see:
Confederate States of America - T2 1861 $500 Montgomery Issue (http://currency.ha.com/itm/confederate-notes/1861-issues/confederate-states-of-america-t2-1861-500-montgomery-issue-pf-1-cr-2-pcgs-very-fine-35ppq/a/3539-18767.s)