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The E-Sylum: Volume 20, Number 19, May 7, 2017, Article 16

ERIC P. NEWMAN INTERNET 3 SALE RESULTS

Maureen Levine and cataloguer Bruce Hagen submitted this article highlighting results of last week's Heritage Eric P. Newman Collection Internet Part 3 sale. Thanks. -Editor

A RESOUNDING SUCCESS FOR NEWMAN INTERNET PART 3

Last week’s Selections from the Eric P. Newman Collection Internet Part 3 currency auction drew strong competition, with over a third of the more than 1,000 participants having successful bids. This unrestricted Heritage Auctions sale realized nearly $500,000, and 100% of the lots were sold. Several four-figure items joined new cabinets. Lesser value, but specialized varieties and unusual notes recognized for their significance, brought surprising results. Eric’s lifelong study of the nuances of numismatic items, regardless of their commercial value, was once again demonstrated.

A great diversity of genres, series, types, and price ranges were featured. The sale commenced with over 300 Colonial currency notes. North Carolina continues to be the most widely collected, and the series has many “sleeper” rarities. The ever-popular North Carolina April 2, 1776, vignetted notes performed strongly, with the low denomination notes in demand, even in lesser condition. Recognizing that Colonial contemporary counterfeits are generally more rare than their genuine counterparts, collectors bid accordingly.

The specialized section of Early American fiscal loan and financial documents was very well received, with both unique and unpublished pieces as well as available types in choice condition often exceeding expectations. A broad range of over 900 Obsolete currency notes were included: Southern Civil War notes tied to military history brought the strongest prices of the genre; Midwestern Obsoletes, particularly early territorial and State of Illinois notes, were also actively pursued; and Choice grade, vignetted notes were also in great demand. The sale results and wide participation are evidence that currency collecting is very active.

Some highlights from the sale are below

Lot 89170: North Carolina April 2, 1776 $1/16 Vase of Flowers

North Carolina April 2, 1776, $1-16 note

Extremely rare North Carolina April 2, 1776, $1/16 note
Estimate $500-$1,000, price realized $2,115

I had to do a little math to get my head around this odd denomination. This goes back to the early days of the U.S. dollar, when everyday commerce had been conducted for generations in fractions of the Spanish dollar, which were often physically cut into eight bits to make change. The phrase "two bits" (meaning a quarter) lived into the mid 20th century (when do you ever hear that today)? So one bit (one eighth of a dollar) is half a quarter or 12 1/2 cents. And half a bit is 6 1/4 cents or one-sixteenth of a dollar. Many pre-Civil War obsolete banknotes have the denomination stated as 6 1/4 cents, but very few state it as one sixteenth of a dollar. Great note. -Editor

To read the complete lot description, see:
North Carolina April 2, 1776 $1/16 Vase of Flowers Fr. NC-153f. PCGS Fine 15 Apparent.. ... (https://currency.ha.com/itm/colonial-notes/north-carolina/north-carolina-april-2-1776-1-16-vase-of-flowers-fr-nc-153f-pcgs-fine-15-apparent/a/241626-89170.s)

Lot 89390: 1780 New-York Treasury Loan Certificate

1780 New-York Treasury Loan Certificate front

1780 New-York Treasury Loan Certificate back

Unreported New York six months June 5, 1780 small format loan certificate
Estimate $1,000-$2,000, price realized $4,700

The colonial era fiscal paper offered in the Newman sale is an important historical record of the financial system of the day. -Editor

To read the complete lot description, see:
State of New-York - Treasury of this State 6% Six Month Loan Certificate "...upon the Purchases of forfeited Lands" 2000 Conti... (https://currency.ha.com/itm/colonial-notes/new-york/state-of-new-york-treasury-of-this-state-6-six-month-loan-certificate-upon-the-purchases-of-forfeited-lands-2000-conti/a/241626-89390.s)

Lot 89754: 1820 Exchange Bank of Illinois 37-1/2 Cents

1820 Exchange Bank of Illinois 37-1-2 Cents

Unlisted Edwardsville Exchange Bank of Illinois
Estimate $400-$800, price realized $4,230

Still got your bit calculators out? Two bits (25 cents) plus one bit (12 1/2 cents) = three bits (37 1/2 cents). Another interesting and unusual denomination. -Editor

To read the complete lot description, see:
Edwardsville, IL - Exchange Bank of Illinois 37-1/2 Cents "on demand, at our Banking-House" Feb. 4, 1820 Haxby-UNL. PCGS Very ... (https://currency.ha.com/itm/obsoletes-by-state/illinois/edwardsville-il-exchange-bank-of-illinois-37-1-2-cents-on-demand-at-our-banking-house-feb-4-1820-haxby-unl-pcgs-very/a/241626-89754.s)

Lot 90067: 1863 French Point, MO, T. R. Livingston

1866 French Point, MO, T. R. Livingston note

Vibrant Major Livingston French Point-Cadett rail road scrip
Estimate $750-1,500, price realized $4,700

I've always had a soft spot for scrip notes payable in Confederate notes. Great history lesson here, too - there was support for the Confederacy in Missouri as well. As a border state Missouri sent troops and supplies to both sides in the fight. -Editor

To read the complete lot description, see:
French Point, MO - T. R. Livingston Redeemable in Specie in 1866, at Cadett, 1 M. R. R., Mo. 50 Cents May 1, 1863. PCGS Very F... (https://currency.ha.com/itm/obsoletes-by-state/missouri/french-point-mo-t-r-livingston-redeemable-in-specie-in-1866-at-cadett-1-m-r-r-mo-50-cents-may-1-1863-pcgs-very-f/a/241626-90067.s)

Lot 90255: 1816 Great-Bend Bridge 4 Cents

1816 Great-Bend Bridge 4 Cents note

Perhaps unique Great-Bend Bridge 4 cents
Estimate $400-$800, price realized $2,350

My bit calculator broke on this one. Four cents is just four cents (or one twenty-fifth of a dollar), I guess. Another good history lesson, this one on financing infrastructure. -Editor

To read the complete lot description, see:
Great-Bend, (PA) - President, Managers, and Co. of the Great-Bend Bridge 4 Cents June 7, 1816 Hoober 141-4. PCGS Very Fine 25 ... (https://currency.ha.com/itm/obsoletes-by-state/pennsylvania/great-bend-pa-president-managers-and-co-of-the-great-bend-bridge-4-cents-june-7-1816-hoober-141-4-pcgs-very-fine-25/a/241626-90255.s)

For complete, sortable, and printable results of the Newman Internet 3 sale, please visit www.ha.com/241626 .

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Wayne Homren, Editor

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