I've been wanting to show these great error notes for a few weeks now, and they're coming up in the Heritage January 12-14 FUN Currency Auction.
In the December 23, 2021 Heritage Currency News email newsletter,
Frank Clark published a group of highlights.
We are proud to present 59 different lots of error notes at our upcoming FUN Auction. Their estimates range from $1,500 and up to $35,000. In this article, we would like to discuss a few of the most distinctive errors.
The first is a doubled print error on a Fr. 1935-D $2 1976 FRN graded PMG Gem Uncirculated 65 EPQ. This error is from a small group of the best-known representatives of this error type. It is the third printing of the serial numbers, Treasury seal, district seal, and of all four district "4" indicators that is doubled.
The doubling is so far off in that there is very little overlap of the two printings which makes this one dramatic example of this error type. When one thinks of this type of error, the $2 examples from the Cleveland district are what most collectors imagine.
The second error is a complete "fourth printing" back on front multiple impression error with the host note being a Fr. 2027-E $10 1985 FRN grading PMG Extremely Fine 40. The back was printed first, then the sheet was flipped over and sent through the presses a second time where it received a complete second back printing on the unprinted side. Then its third and fourth printings consisted of the front and also the overprint on the front with its serial number. That translates to three printings on the front and one on the back. The US Error Note Encyclopedia second edition by Stephen M. Sullivan discusses this error type on pages 197-98 stating that this is a non-standard multiple impression due to the back being printed on the front and that "the rarest non-standard multiple impression is a note that has a correctly positioned back printed over its face. The extra back printing is equally as dark as the normal back printing." This is certainly the case for this Richmond $10 in our upcoming auction.
We would like to discuss next an error on a large size note. It is a partially printed error note on a Fr. 1215a-1216b $500 1882 Gold Certificate grading PCGS Banknote Very Fine 30. It is missing two of its three front printings. Therefore, the front of the note contains only the word "GOLD" plus ornamentation printed in orange ink. This is paired with a normal back printing in orange ink. Errors are rarely found on high denominations or Gold Certificates.
Our fourth error highlight is of a retained obstruction error on a Fr. 1975-H $5 1977A FRN grading PCGS Banknote Choice Unc 64 PPQ. Both major error note references, US Error Note Encyclopedia second edition by Stephen M. Sullivan and United States Paper Money Errors A Comprehensive Catalog & Price Guide fourth edition by Dr. Frederick J. Bart, have assigned their highest rarity rating of R9 to the category of retained obstruction errors. That is on par with the error category of double denominations in both error references. The retained obstruction error we are offering at FUN is a piece of currency stock that affixed itself to the face on the right side after the first face printing.
This extra piece of currency stock covered approximately 40% of the note and received the overprinting of the serial number, the Treasury seal, and two district "8" indicators. The obstruction remained in place until the note was released in the wild and was discovered with its retained obstruction. Many coincidences are needed in order for the obstruction to be retained through this long process. This example of this error type is held in such high regard that it was used as a plate note on page 299 of the Sullivan reference. Both the error note and its retained obstruction reside in an oversized PCGS Banknote holder. This is one of the most dramatic and well-preserved examples of this rare error type to ever cross our desk.
The next striking error we are going to mention is a mismatched suffix F*/F-L Fr. 1917-F*/F $1 1988A Web Press Experimental FRN grading PMG Very Fine 30. The left serial number has the F* block and the right side displays the F-L block. The "*" is the incorrect part of the serial number as it was mistakenly put in the numbering wheel suffix position instead of another "L" by the press operator. Earlier a "*" slug was accidentally thrown into the "L" slug letter bin in order to put these actions in motion. We have auctioned only one other example of this error previously.
The final error we are going to discuss from this impressive offering of error notes is a double denomination error on a Fr. 2071-K $20/$10 1974 FRN grading PCGS Banknote Choice Unc 64 PPQ. Double denominations are known as the "King of Errors" and rightfully so. This is the only double denomination to escape into the wild from the confines of the BEP since the 1950s. The news of these "$30" notes coming out of Houston hit in the summer of 1978. The BEP stated that they had printed ten sheets of 32 of these double denominations. They were able to retrieve 280 examples of this error from the Dallas Federal Reserve Bank and the Houston Branch of the Dallas FRB. However, that meant that there were forty $20/$10 errors in circulation. Many of those went unnoticed and were eventually withdrawn from circulation and destroyed in the course of normal banking procedures. That leaves very few for collectors to compete for.
I have discussed six highlights of our error offering, but there are many more in our FUN auction that can become highlights in their next owner's collection. We look forward to seeing the competition as these errors cross the auction block.
Wayne Homren, Editor
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