US Civil War
not including paintings
See also : Political writing Autograph Paper currency Coins 1850-69
Chronology : 1860-1869
See also : Political writing Autograph Paper currency Coins 1850-69
Chronology : 1860-1869
1861 The Scarcest Coin from Philadelphia
2014 SOLD 1.65 M$ including premium
The Paquet variety of 1861 $ 20 gold coin is known in only two examples from Philadelphia, the central plant of the Federal currency, and less rare from San Francisco.
The root cause of such a scarcity is known, but some details of the sequence of events still leave place for discussion. The Paquet of San Francisco is undoubtedly a regular coinage issued for circulation. The 1861 Paquet from Philadelphia could be patterns or, at the opposite, novodels. The current trend is to consider them also as regular coins.
In 1860 Anthony C. Paquet, assistant mint engraver in Philadelphia, prepares a new reverse for the $ 20 coin. Concerned about readability, he improves the letters and reduces the edges, thus increasing the effective area of the engraved figure. Dies are sent to the subsidiary factories of San Francisco and New Orleans.
In January 1861, Philadelphia prepares the mass production. It is a failure. A major change of the machine settings would have been necessary to adapt the pressure to the new figure. Philadelphia stops the Paquet coins and orders the other two plants to do the same.
The order arrives too late to San Francisco because of delays in delivery by the Pony Express. The California plant had been able to adapt the machines and nearly 20,000 acceptable coins had been produced. It is also assumed that Paquet had reworked his design after the shipping of dies to San Francisco, thereby increasing the difficulty of the settings in Philadelphia.
On August 7 in Chicago, Heritage sells one of the Paquet coins from Philadelphia, graded MS61 by PCGS with a perfect reverse. Two days before the live auction, it reached online $ 1.29 million including premium, lot 5702.
POST SALE COMMENT
This lovely specimen from one of the most interesting failures of the Philadelphia Mint was sold for $ 1.65M including premium.
The root cause of such a scarcity is known, but some details of the sequence of events still leave place for discussion. The Paquet of San Francisco is undoubtedly a regular coinage issued for circulation. The 1861 Paquet from Philadelphia could be patterns or, at the opposite, novodels. The current trend is to consider them also as regular coins.
In 1860 Anthony C. Paquet, assistant mint engraver in Philadelphia, prepares a new reverse for the $ 20 coin. Concerned about readability, he improves the letters and reduces the edges, thus increasing the effective area of the engraved figure. Dies are sent to the subsidiary factories of San Francisco and New Orleans.
In January 1861, Philadelphia prepares the mass production. It is a failure. A major change of the machine settings would have been necessary to adapt the pressure to the new figure. Philadelphia stops the Paquet coins and orders the other two plants to do the same.
The order arrives too late to San Francisco because of delays in delivery by the Pony Express. The California plant had been able to adapt the machines and nearly 20,000 acceptable coins had been produced. It is also assumed that Paquet had reworked his design after the shipping of dies to San Francisco, thereby increasing the difficulty of the settings in Philadelphia.
On August 7 in Chicago, Heritage sells one of the Paquet coins from Philadelphia, graded MS61 by PCGS with a perfect reverse. Two days before the live auction, it reached online $ 1.29 million including premium, lot 5702.
POST SALE COMMENT
This lovely specimen from one of the most interesting failures of the Philadelphia Mint was sold for $ 1.65M including premium.
1861 The Two Year Note
2018 SOLD for $ 1.02M including premium
The US finances were drained since the panic of 1857 worsened by the loss of the gold stock in the sinking of the SS Central America. President Buchanan was misled when fighting speculation as the major cause of the economic disaster. When Lincoln was elected President on November 6, 1860, the country was close to bankruptcy.
The reaction does not wait for the new administration. On March 2, 1861, two days before Lincoln's inauguration, the Morrill Tariff is one of Buchanan's last signed Acts. This act intending to revive the industrial activity surcharges imports and authorizes the government to create bonds. It thus puts an end to the previous proceeding of the Treasury to redeem any debt in specie payment.
One of the first financial initiatives of the Lincoln administration is the creation of a loan note pre-printed in value and duration based on the Morrill Act. The first issues are a 60-day note with three denominations and 6% interest and a two-year note with four denominations and an interest of 6% per annum.
The release related to the Morrill Act was limited to $ 10 million, to be compared with the $ 64 million of the public debt. The Lincoln administration understands the benefits of the Treasury's issuance of paper money and the development of an operational circulation will be extremely rapid.
The Act of July 17, 1861 authorizes an emission of $ 250 million, of which $ 50 million may be interest-free. The Act of August 5, 1861 defines the conditions of this operation. The new note excluding an interest is the Demand Note. Easy to use for any financial transaction, the Demand Note is the first modern federal bill.
The note with interest is indeed not interrupted by the Act of July 17 : three-year notes are created with coupons for phased payments. To differentiate them from the other Treasury Notes, they are designated as Interest Bearing Note, this wording being also applied a posteriori to the notes issued under the Morrill Act.
Bearers did not have a reason to hoard such notes which quickly gave them a little money, especially in that period of civil war. Only two units issued under the Morrill Act survive, both at $ 50 for two years after date. One of them is kept in a government institution.
The other example is thus the only one of its whole category in private hands. It was dated August 9, 1861 in handwriting by the clerk and signed by the bearer. It was sold for $ 605K by Heritage-CAA in May 2001 and for $ 370K including premium by Heritage in May 2005. A comment in the 2005 catalog warned very fairly that the 2001 result was impossible to reach again by that date.
This Interest Bearing Note graded Very Fine 25 by PCGS is estimated $ 300K for sale by Stack's Bowers in Philadelphia on August 16, lot 2021. Its image is shared by Wikimedia.
The reaction does not wait for the new administration. On March 2, 1861, two days before Lincoln's inauguration, the Morrill Tariff is one of Buchanan's last signed Acts. This act intending to revive the industrial activity surcharges imports and authorizes the government to create bonds. It thus puts an end to the previous proceeding of the Treasury to redeem any debt in specie payment.
One of the first financial initiatives of the Lincoln administration is the creation of a loan note pre-printed in value and duration based on the Morrill Act. The first issues are a 60-day note with three denominations and 6% interest and a two-year note with four denominations and an interest of 6% per annum.
The release related to the Morrill Act was limited to $ 10 million, to be compared with the $ 64 million of the public debt. The Lincoln administration understands the benefits of the Treasury's issuance of paper money and the development of an operational circulation will be extremely rapid.
The Act of July 17, 1861 authorizes an emission of $ 250 million, of which $ 50 million may be interest-free. The Act of August 5, 1861 defines the conditions of this operation. The new note excluding an interest is the Demand Note. Easy to use for any financial transaction, the Demand Note is the first modern federal bill.
The note with interest is indeed not interrupted by the Act of July 17 : three-year notes are created with coupons for phased payments. To differentiate them from the other Treasury Notes, they are designated as Interest Bearing Note, this wording being also applied a posteriori to the notes issued under the Morrill Act.
Bearers did not have a reason to hoard such notes which quickly gave them a little money, especially in that period of civil war. Only two units issued under the Morrill Act survive, both at $ 50 for two years after date. One of them is kept in a government institution.
The other example is thus the only one of its whole category in private hands. It was dated August 9, 1861 in handwriting by the clerk and signed by the bearer. It was sold for $ 605K by Heritage-CAA in May 2001 and for $ 370K including premium by Heritage in May 2005. A comment in the 2005 catalog warned very fairly that the 2001 result was impossible to reach again by that date.
This Interest Bearing Note graded Very Fine 25 by PCGS is estimated $ 300K for sale by Stack's Bowers in Philadelphia on August 16, lot 2021. Its image is shared by Wikimedia.
1861 The Confederate Coinage
2015 SOLD for $ 650K including premium
As far as coins were concerned, 1861 was starting normally. The dies of the new year had been sent to the New Orleans mint and the production had begun. The secession of the southern states immediately raised the delicate issue of a production with equipment and metals owned by the federal state.
The Treasury Secretary of the new Confederate government, Christopher G. Memminger, feared the cost of production of an autonomous coinage and did not make it a priority. The project of a half dollar in April 1861 will be the only example of a trial for a Confederate silver coinage.
This half dollar is designed by the substitution of a new die on the front side, showing the coat of arms with the seven stars of the secessionist states. The rest of it is unchanged, including the stars on the reverse side reminding the thirteen original states of the Union.
On the following month, the Confederate government closed the factory in New Orleans, claiming a stock shortage that was a false argument, perhaps just to hide the fact that the remaining federal property could serve as a war treasure. The new die of the half dollar was in high relief, perhaps easier to create for the tooling but much more difficult for coin production. The project fell into oblivion, without regret for anyone.
A first coin surfaced in 1879. A former official of the New Orleans mint was consulted and said that only four units had been made. The other three reappeared later.
Two of the four are in private hands. One of them, graded PR30 by NGC, was sold for 880K including premium by Heritage on January 8, 2015. It was probably the specimen which had been presented to President Jefferson Davis. The other one, graded PR40 by NGC, is for sale on March 26 by Stack's Bowers in Baltimore, lot 2583.
The Treasury Secretary of the new Confederate government, Christopher G. Memminger, feared the cost of production of an autonomous coinage and did not make it a priority. The project of a half dollar in April 1861 will be the only example of a trial for a Confederate silver coinage.
This half dollar is designed by the substitution of a new die on the front side, showing the coat of arms with the seven stars of the secessionist states. The rest of it is unchanged, including the stars on the reverse side reminding the thirteen original states of the Union.
On the following month, the Confederate government closed the factory in New Orleans, claiming a stock shortage that was a false argument, perhaps just to hide the fact that the remaining federal property could serve as a war treasure. The new die of the half dollar was in high relief, perhaps easier to create for the tooling but much more difficult for coin production. The project fell into oblivion, without regret for anyone.
A first coin surfaced in 1879. A former official of the New Orleans mint was consulted and said that only four units had been made. The other three reappeared later.
Two of the four are in private hands. One of them, graded PR30 by NGC, was sold for 880K including premium by Heritage on January 8, 2015. It was probably the specimen which had been presented to President Jefferson Davis. The other one, graded PR40 by NGC, is for sale on March 26 by Stack's Bowers in Baltimore, lot 2583.
1862-1863 When the Treasury became a Banker
2013 SOLD 880 K$ including premium
The metal is supporting the monetary value, the bill is only an intermediary. The management of stocks of gold and silver coins to pay the clients is a difficult task where many private U.S. banks, chartered but not guaranteed by the government, have failed.
The Civil War put the government itself in trouble and turns the Treasury to behave like a banker. In 1861, a federal bill is created as a Demand Note, indicating on the back the repayment terms (also known as the obligation) as the banks were doing.
It was not enough to overcome the crisis. As early as the following year, the federal government creates a note that can be used in a broader range of public and private transactions. This is the Legal Tender Note, which will be the most lasting success in the history of paper money.
The largest denomination is $ 1,000. The note bears the effigy of Senator Morris who had been in the previous century the treasurer of the War of Independence.
Three of these notes have survived, but only one has the original date of 10 March 1862. Marked also as New series, it was probably printed in 1863 before March 10, before the second edition of this denomination. This unique specimen was included in a hoard found in 1966 after 90 years hiding in a jar in a Missouri farm.
It is graded Fine 15 by PCGS, which is not so bad when considering its storage history. It was sold for $ 750K including premium by Lyn Knight in October 2005. It is estimated $ 800K, for sale by Stack's Bowers in Chicago on August 15.
POST SALE COMMENT
Very good price for this unique piece in fine condition : $ 880K including premium.
The Civil War put the government itself in trouble and turns the Treasury to behave like a banker. In 1861, a federal bill is created as a Demand Note, indicating on the back the repayment terms (also known as the obligation) as the banks were doing.
It was not enough to overcome the crisis. As early as the following year, the federal government creates a note that can be used in a broader range of public and private transactions. This is the Legal Tender Note, which will be the most lasting success in the history of paper money.
The largest denomination is $ 1,000. The note bears the effigy of Senator Morris who had been in the previous century the treasurer of the War of Independence.
Three of these notes have survived, but only one has the original date of 10 March 1862. Marked also as New series, it was probably printed in 1863 before March 10, before the second edition of this denomination. This unique specimen was included in a hoard found in 1966 after 90 years hiding in a jar in a Missouri farm.
It is graded Fine 15 by PCGS, which is not so bad when considering its storage history. It was sold for $ 750K including premium by Lyn Knight in October 2005. It is estimated $ 800K, for sale by Stack's Bowers in Chicago on August 15.
POST SALE COMMENT
Very good price for this unique piece in fine condition : $ 880K including premium.
1863 A Piece of Paper for a Big Debt
2018 SOLD for $ 960K including premium
The ephemeral Demand Note was only exchangeable for coins from the federal treasury. This operation was not satisfactory for the government then confronted with the Civil War. This first experiment leads to extending the application to almost all financial transactions in 1862 with the Legal Tender Note.
The obligation printed on the note stipulates this liberalized use : This note is a legal tender for all debts public and private except duties on imports and interest on the public debt. A variant of an additional clause is early modified and the very first copies are easily identified.
The highest denomination of the Demand Note was $ 20. For the Legal Tender Note it was $ 1,000, a very high amount mostly intended for bank-to-bank operations.
This $ 1000 Legal Tender is referred as Fr-186* in the Friedberg nomenclature. No example survives with the first obligation of February 1862 (Fr-186 and Fr-186a). The earliest known item is a unique Fr-186c bearing the printed date of March 10, 1862. Graded Fine 15 by PCGS, it was sold for $ 880K including premium by Stack's Bowers on August 15, 2013.
The Fr-186d was the first variant with the printed date modified to March 10, 1863 and referring to the act of March 3, 1863. Three notes survive. The only one in private hands has certainly never been used and retains its original embossing. Graded Choice About New 58 by PCGS, it is estimated $ 800K in the first sale of the Joel R. Anderson collection by Stack's Bowers in Baltimore on March 22, lot 1018.
The obligation printed on the note stipulates this liberalized use : This note is a legal tender for all debts public and private except duties on imports and interest on the public debt. A variant of an additional clause is early modified and the very first copies are easily identified.
The highest denomination of the Demand Note was $ 20. For the Legal Tender Note it was $ 1,000, a very high amount mostly intended for bank-to-bank operations.
This $ 1000 Legal Tender is referred as Fr-186* in the Friedberg nomenclature. No example survives with the first obligation of February 1862 (Fr-186 and Fr-186a). The earliest known item is a unique Fr-186c bearing the printed date of March 10, 1862. Graded Fine 15 by PCGS, it was sold for $ 880K including premium by Stack's Bowers on August 15, 2013.
The Fr-186d was the first variant with the printed date modified to March 10, 1863 and referring to the act of March 3, 1863. Three notes survive. The only one in private hands has certainly never been used and retains its original embossing. Graded Choice About New 58 by PCGS, it is estimated $ 800K in the first sale of the Joel R. Anderson collection by Stack's Bowers in Baltimore on March 22, lot 1018.
Read this great article written by our Co-Founder about the upcoming Joel R. Anderson Collection to be offered at March 2018 Baltimore, featuring a $1,000 "Trophy Note." https://t.co/kCWj19VQiy pic.twitter.com/2axZIUI292
— Stack's Bowers (@StacksBowers) February 1, 2018
1864 Lincoln's Fatal Blow to Slavery
2010 SOLD 3.8 M$ including premium
On 22 September 1862, President Lincoln issued an ultimatum to the secessionist states: slavery shall be abolished on January 1 in all states that will not come back into the Union before that date.
At the promised date, January 1, 1863, Lincoln proclaimed an executive order abolishing slavery in the ten states on which he had no control.
This strategy is of paramount political skill. It confirms that in the mind of Lincoln the end of slavery is the main issue of the American Civil War. Without alienating the states loyal to the Union, it gave such a boost to the slaves that their emancipation had no more obstacles, entering into the constitution through the Thirteenth Amendment on December 18, 1865.
One hundred years later, the Kennedy brothers are considering new advances for civil rights. The murder of the President does not slow down the ardor of his brother. In 1964, Robert Kennedy bought at auction at Parke-Bernet a copy of the Emancipation Proclamation signed by Abraham Lincoln.
This document is again for sale on December 10 in New York by Sotheby's (Parke-Bernet's successor). It is estimated $ 1M, and illustrated in the press release shared by Paul Fraser Collectibles.
POST SALE COMMENT
The estimate of this prestigious lot was undervalued. It was sold for $ 3.8 million including premium.
This document printed and signed in 1864 is bearing the autograph signatures of Abraham Lincoln and of Secretary of State William Seward.
I invite you to play the video shared on the web by Sotheby's :
At the promised date, January 1, 1863, Lincoln proclaimed an executive order abolishing slavery in the ten states on which he had no control.
This strategy is of paramount political skill. It confirms that in the mind of Lincoln the end of slavery is the main issue of the American Civil War. Without alienating the states loyal to the Union, it gave such a boost to the slaves that their emancipation had no more obstacles, entering into the constitution through the Thirteenth Amendment on December 18, 1865.
One hundred years later, the Kennedy brothers are considering new advances for civil rights. The murder of the President does not slow down the ardor of his brother. In 1964, Robert Kennedy bought at auction at Parke-Bernet a copy of the Emancipation Proclamation signed by Abraham Lincoln.
This document is again for sale on December 10 in New York by Sotheby's (Parke-Bernet's successor). It is estimated $ 1M, and illustrated in the press release shared by Paul Fraser Collectibles.
POST SALE COMMENT
The estimate of this prestigious lot was undervalued. It was sold for $ 3.8 million including premium.
This document printed and signed in 1864 is bearing the autograph signatures of Abraham Lincoln and of Secretary of State William Seward.
I invite you to play the video shared on the web by Sotheby's :
1864 The Two Victories of Abraham Lincoln
2009 SOLD 3.4 M$ including premium
In one of my first articles, I discussed a letter from Lincoln dated 5 April 1864. The document, written during the election campaign for his second presidency, was sold $ 3.4 million including expenses by Sotheby's in New York on April 3. I considered it too emotional.
Now, in a press release, Christie's reminds with suitable details the events of this decisive year. Until June, Lincoln, the outgoing president, was considered a loser. The popular opinion was in favor of McClellan calling to enter into negotiations to end the civil war.
In August the fall of Atlanta happened, and supporters of Lincoln saw that a military victory was possible. On November 8, Lincoln won the election, one of the most important in the history of his country: his anti-slavery ideas would now be able to overcome. The end of the war came also very soon afterwards.
On 10 November 1864, at the White House, the reelected president made an important speech to celebrate his political victory. The paper he wrote with his hand for reading it on that day will be sold by Christie's in New York on 12 February 2009. Those four pages in excellent condition were owned by the heirs of Lincoln before going into a library that sells them now.
In a nice marketing approach that we would like to see more often from auction houses (big and small), Christie's organizes this sale the very day of the 200 th anniversary of Lincoln, who was born on 12 February 1809. This lot is expected to realize more than $ 3 million.
POST SALE COMMENT
Sold for $ 3.4 million charge included, the manuscript of an important speech has made the same price as the emotional letter sold last year. I would hope it sells more, but perhaps is it just the regular price for an important autograph of Lincoln.
This is of course one of the most important results at the beginning of this year.
Now, in a press release, Christie's reminds with suitable details the events of this decisive year. Until June, Lincoln, the outgoing president, was considered a loser. The popular opinion was in favor of McClellan calling to enter into negotiations to end the civil war.
In August the fall of Atlanta happened, and supporters of Lincoln saw that a military victory was possible. On November 8, Lincoln won the election, one of the most important in the history of his country: his anti-slavery ideas would now be able to overcome. The end of the war came also very soon afterwards.
On 10 November 1864, at the White House, the reelected president made an important speech to celebrate his political victory. The paper he wrote with his hand for reading it on that day will be sold by Christie's in New York on 12 February 2009. Those four pages in excellent condition were owned by the heirs of Lincoln before going into a library that sells them now.
In a nice marketing approach that we would like to see more often from auction houses (big and small), Christie's organizes this sale the very day of the 200 th anniversary of Lincoln, who was born on 12 February 1809. This lot is expected to realize more than $ 3 million.
POST SALE COMMENT
Sold for $ 3.4 million charge included, the manuscript of an important speech has made the same price as the emotional letter sold last year. I would hope it sells more, but perhaps is it just the regular price for an important autograph of Lincoln.
This is of course one of the most important results at the beginning of this year.
1864 The Authorized Edition of the Emancipation Proclamation
2012 SOLD 2.1 M$ including premium
The Proclamation of Emancipation enacted by Lincoln on 1 January 1863 is one of the most important political acts of all countries and all time.
Of course, this statement was not sufficient to end the U.S. Civil War. In the middle of the next year, 1864, charity gatherings organized by the U.S. Sanitary Commission are held everywhere to support the Union troops.
The President, always ready for personal engagement, then accepts the project of the authorized edition of the Emancipation Proclamation, one of the initiatives to raise funds.
The document consists of a title and 52 lines of text printed in a single page on a watermarked Whatman paper sheet 55 x 44 cm. 48 copies bear the three autograph signatures of Abraham Lincoln, of the Secretary of State William Seward and of John Nicolay, private secretary to the President.
The highly publicized copy bought one hundred years later at auction at Parke-Bernet by Robert Kennedy was sold $ 3.8 million including premium by Sotheby's on 10 December 2010.
Another copy is estimated $ 1.8 million, for sale by Robert A. Siegel in New York on June 26.
POST SALE COMMENT
The result, $ 1.85M before fees, 2.1M including premium, is in line with the estimate.
Of course, this statement was not sufficient to end the U.S. Civil War. In the middle of the next year, 1864, charity gatherings organized by the U.S. Sanitary Commission are held everywhere to support the Union troops.
The President, always ready for personal engagement, then accepts the project of the authorized edition of the Emancipation Proclamation, one of the initiatives to raise funds.
The document consists of a title and 52 lines of text printed in a single page on a watermarked Whatman paper sheet 55 x 44 cm. 48 copies bear the three autograph signatures of Abraham Lincoln, of the Secretary of State William Seward and of John Nicolay, private secretary to the President.
The highly publicized copy bought one hundred years later at auction at Parke-Bernet by Robert Kennedy was sold $ 3.8 million including premium by Sotheby's on 10 December 2010.
Another copy is estimated $ 1.8 million, for sale by Robert A. Siegel in New York on June 26.
POST SALE COMMENT
The result, $ 1.85M before fees, 2.1M including premium, is in line with the estimate.
1865 The Proclamation of Equality
2016 SOLD for $ 2.4M including premium
The founding fathers of the USA stated that all men are created equal. The slavery of the Negroes is seen as a disgrace by President Lincoln, not for moral or economic reasons but indeed because it opens up the possibility for a persecution of other minorities.
The thirteenth amendment to the Constitution was a major political achievement by Lincoln. It was not an easy operation, especially as the President did not want to wait for the end of the Civil War.
On 8 April 1864 the Senate voted at 38 against 6 a resolution in favor of the thirteenth amendment, but its embedding into the Constitution also required the approval of the House of Representatives and of 3/4 of the States.
In the House, the required 2/3 majority of voters was impossible to achieve in 1864 but the new elections have strengthened the power of Lincoln. The text was accepted on January 31, 1865 after a first negative vote followed by a change of opinion of some voters.
The joint resolution of both chambers is signed on the next day. In the joy of this event, some manuscript duplicates are prepared on the official paper of the Congress.
One of these copies is estimated $ 2M for sale by Sotheby's in New York on May 25, lot 79. This document 55 x 40 cm is signed by 36 senators from the historic proclamation of 1864 and by Abraham Lincoln himself who endorse it as "Approved".
Slavery was abolished in the United States of America in December 1865 when Georgia becomes the 27th state to ratify the thirteenth amendment, eight months after the death of the President.
I invite you to watch the video shared by Sotheby's for introducing the sale. Another top lot is a copy of the "Authorized edition" of the Emancipation Proclamation (June 1864), also signed by Abraham Lincoln. It is estimated $ 1,5M, lot 78.
RESULTS INCLUDING PREMIUM :
1864 Authorized edition : $ 2.17M
1865 Signed manuscript copy of the proclamation : $ 2.4M
The thirteenth amendment to the Constitution was a major political achievement by Lincoln. It was not an easy operation, especially as the President did not want to wait for the end of the Civil War.
On 8 April 1864 the Senate voted at 38 against 6 a resolution in favor of the thirteenth amendment, but its embedding into the Constitution also required the approval of the House of Representatives and of 3/4 of the States.
In the House, the required 2/3 majority of voters was impossible to achieve in 1864 but the new elections have strengthened the power of Lincoln. The text was accepted on January 31, 1865 after a first negative vote followed by a change of opinion of some voters.
The joint resolution of both chambers is signed on the next day. In the joy of this event, some manuscript duplicates are prepared on the official paper of the Congress.
One of these copies is estimated $ 2M for sale by Sotheby's in New York on May 25, lot 79. This document 55 x 40 cm is signed by 36 senators from the historic proclamation of 1864 and by Abraham Lincoln himself who endorse it as "Approved".
Slavery was abolished in the United States of America in December 1865 when Georgia becomes the 27th state to ratify the thirteenth amendment, eight months after the death of the President.
I invite you to watch the video shared by Sotheby's for introducing the sale. Another top lot is a copy of the "Authorized edition" of the Emancipation Proclamation (June 1864), also signed by Abraham Lincoln. It is estimated $ 1,5M, lot 78.
RESULTS INCLUDING PREMIUM :
1864 Authorized edition : $ 2.17M
1865 Signed manuscript copy of the proclamation : $ 2.4M
Not 1 but 2 important documents signed by Abraham Lincoln are coming to auction this month: https://t.co/RioDqJhUnY pic.twitter.com/rfhKXhKwj6
— Sotheby's (@Sothebys) May 14, 2016
1866 How the Government promoted its Gold
2013 SOLD 2.1 M$ including premium
The first federal American paper money was released during the Civil War, as a way to help the debtors to repay the government. The idea of promoting the gold that abounds in the reserves of the Treasury in New York went soon afterward.
The act of Congress of March 3, 1863 authorized the issue of Gold certificates redeemable only at the Treasury against gold coins of the designated amount. Six denominations are allowed: $ 20, 100, 500, 1000, 5000 and 10000.
The equivalence between metal and paper would be a good idea if the price of the raw metal was immutable. After a relatively short time during which the success of the operation can be considerable, a party is aggrieved: either the government or the speculators. The papers are reimbursed and disappear.
Very few units of the first issue of the top five denominations have survived. None $ 500 and $ 10,000. The only known copy in $ 1000 and $ 5000, and two of the three known in $ 100 are in the collections of the Smithsonian.
The interest of collectors at the only "1863" $ 100 certificate in private hands is obvious, especially since it is graded PCGS Apparent Extremely Fine 40. It is dated December 13, 1866.
It was privately sold through Heritage in June 2006 along with the Grand Watermelon Fr.379c, to the same collector and at the same price, $ 2.1 M. Both are now listed in the same auction sale, again by Heritage, on April 26 in Schaumburg IL.
This Grand Watermelon has been previous discussed in this column. The Gold certificate is estimated $ 1.5 M. Here is the link to the catalog.
POST SALE COMMENT
This note both exceptional and historically significant was sold for $ 2.1 million including premium.
Please watch the video shared by Heritage :
The act of Congress of March 3, 1863 authorized the issue of Gold certificates redeemable only at the Treasury against gold coins of the designated amount. Six denominations are allowed: $ 20, 100, 500, 1000, 5000 and 10000.
The equivalence between metal and paper would be a good idea if the price of the raw metal was immutable. After a relatively short time during which the success of the operation can be considerable, a party is aggrieved: either the government or the speculators. The papers are reimbursed and disappear.
Very few units of the first issue of the top five denominations have survived. None $ 500 and $ 10,000. The only known copy in $ 1000 and $ 5000, and two of the three known in $ 100 are in the collections of the Smithsonian.
The interest of collectors at the only "1863" $ 100 certificate in private hands is obvious, especially since it is graded PCGS Apparent Extremely Fine 40. It is dated December 13, 1866.
It was privately sold through Heritage in June 2006 along with the Grand Watermelon Fr.379c, to the same collector and at the same price, $ 2.1 M. Both are now listed in the same auction sale, again by Heritage, on April 26 in Schaumburg IL.
This Grand Watermelon has been previous discussed in this column. The Gold certificate is estimated $ 1.5 M. Here is the link to the catalog.
POST SALE COMMENT
This note both exceptional and historically significant was sold for $ 2.1 million including premium.
Please watch the video shared by Heritage :
