US Civil War
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.
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 Answer by Lincoln to the Children's Petition
2008 SOLD for $ 3.4M including premium by Sotheby's
narrated in 2020
The abolition of slavery is the major issue of Lincoln's presidency and of the Civil War. Proclaimed by an executive order of September 22, 1862, it is a political act based on the interpretation that slavery is a non-conformity with the Constitution of the United States. The application is delayed and the abolitionists are getting impatient.
The President received a great deal of mail which was carefully handled by his secretaries. Amidst thousands of requests for favors, he was moved by a letter forwarded to him in early April 1864 by Charles Sumner, senator from Massachusetts, more radical than him for an immediate emancipation.
The document is a children's petition prepared and annotated by Mrs Mann, a widow who had founded a school in Concord MA. 195 boys and girls under 18 wrote their names under a simple and short text : "Children's Petition to the President asking him to free all the little slave children in this country".
The President prepares an autograph draft, which is kept at the Library of Congress. He replies to Mrs Mann : "Please tell these little people I am very glad their young hearts are so full of just and generous sympathy, and that, while I have not the power to grant all they ask, I trust they will remember that God has, and that, as it seems, He wills to do it ".
This answer is very important to the President, who himself copies his draft onto an 8 x 5 inch letterhead page of the Executive Mansion in Washington. Dated April 5, 1864, the letter is addressed to Mrs Mann to whom it is transmitted through the good care of the Senator. It was sold for $ 3.4M including premium by Sotheby's on April 3, 2008, lot 85.
On April 20, Mrs Mann thanks the President for his "sweet words to the children" for whom she was going to have facsimiles prepared, replacing her name as a precaution with the identification of the place of origin, Concord MA. She insists in her abolitionist demand by courteously calling out to the President : "You who can hasten it must be the happiest of men, for in saving the colored man you will feel that you are doing equal service to the white man".
The President received a great deal of mail which was carefully handled by his secretaries. Amidst thousands of requests for favors, he was moved by a letter forwarded to him in early April 1864 by Charles Sumner, senator from Massachusetts, more radical than him for an immediate emancipation.
The document is a children's petition prepared and annotated by Mrs Mann, a widow who had founded a school in Concord MA. 195 boys and girls under 18 wrote their names under a simple and short text : "Children's Petition to the President asking him to free all the little slave children in this country".
The President prepares an autograph draft, which is kept at the Library of Congress. He replies to Mrs Mann : "Please tell these little people I am very glad their young hearts are so full of just and generous sympathy, and that, while I have not the power to grant all they ask, I trust they will remember that God has, and that, as it seems, He wills to do it ".
This answer is very important to the President, who himself copies his draft onto an 8 x 5 inch letterhead page of the Executive Mansion in Washington. Dated April 5, 1864, the letter is addressed to Mrs Mann to whom it is transmitted through the good care of the Senator. It was sold for $ 3.4M including premium by Sotheby's on April 3, 2008, lot 85.
On April 20, Mrs Mann thanks the President for his "sweet words to the children" for whom she was going to have facsimiles prepared, replacing her name as a precaution with the identification of the place of origin, Concord MA. She insists in her abolitionist demand by courteously calling out to the President : "You who can hasten it must be the happiest of men, for in saving the colored man you will feel that you are doing equal service to the white man".
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, 2008. 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
2016 SOLD for $ 2.17 M including premium by Sotheby's
Narrated and linked below with another lot from the same sale.
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.
1864 Presentation Sword to General Grant
2007 SOLD for $ 1.67M including premium by Heritage
narrated in 2021
President Lincoln had understood that the border between Kentucky and Tennessee would be one of the keys to the Civil War. Kentucky's neutrality did not last long : on September 5, 1861, a Confederate officer attempts an invasion.
Brigadier General Ulysses S. Grant reacts on September 6. Like Lincoln, he has roots in Kentucky. He reaches Paducah before the Southerners, preserving the control by the Union of the Mobile and Ohio Railroad and of the Tennessee River traffic. On September 7, the Kentucky General Assembly votes to keep this State in the Union.
Grant multiplies victories and military promotions. The supreme rank, General in Chief of the Armies of the United States, is awarded to him by Congress on March 2, 1864. In the following month, his friends in Kentucky recognize this exceptional distinction by offering him a sword.
Made by Henry Folsom, a silversmith and jeweler in St. Louis, this sumptuous arm is centered with the 36-diamond monogram of the general's USG initials. The solid silver hilt is a winged Victory holding the American eagle above her head. The 84 cm long blade is inlaid with battle scenes.
The sword was kept for one hundred years by Grant and his family with its scabbard and its original ivory mounted presentation case. This set was sold in 1989 by Butterfield and Butterfield for $ 330K (probably including premium), a very high price for that time, and for $ 1.67M including premium by Heritage on June 25, 2007, lot 72184.
Brigadier General Ulysses S. Grant reacts on September 6. Like Lincoln, he has roots in Kentucky. He reaches Paducah before the Southerners, preserving the control by the Union of the Mobile and Ohio Railroad and of the Tennessee River traffic. On September 7, the Kentucky General Assembly votes to keep this State in the Union.
Grant multiplies victories and military promotions. The supreme rank, General in Chief of the Armies of the United States, is awarded to him by Congress on March 2, 1864. In the following month, his friends in Kentucky recognize this exceptional distinction by offering him a sword.
Made by Henry Folsom, a silversmith and jeweler in St. Louis, this sumptuous arm is centered with the 36-diamond monogram of the general's USG initials. The solid silver hilt is a winged Victory holding the American eagle above her head. The 84 cm long blade is inlaid with battle scenes.
The sword was kept for one hundred years by Grant and his family with its scabbard and its original ivory mounted presentation case. This set was sold in 1989 by Butterfield and Butterfield for $ 330K (probably including premium), a very high price for that time, and for $ 1.67M including premium by Heritage on June 25, 2007, lot 72184.
1865 The Last Speech of President Lincoln
2002 SOLD for $ 3.1M including premium by Christie's
narrated in 2021
On March 4, 1865, when Lincoln delivered his second inauguration speech, the Civil War was not yet over. General Lee surrendered on April 9. On April 11, from a window in the White House, the President announced the federal reconstruction in a jubilant speech.
Lincoln is proud of his advances in favor of freedom, which he considers indispensable in the spirit of the Constitution. The attribution of civil rights to freed slaves is henceforth unrestricted in that logic.
John Wilkes Booth attends the speech with two other conspirators. Their first idea had been to prepare for a kidnapping but this political statement infuriates him. He says, "That means nigger citizenship ... That is the last speech he will ever give". The crowd is too enthusiastic for immediate action, but Booth keeps his word : on April 14, he kills Lincoln.
The final autograph manuscript of Lincoln's last speech is a 12 page document 35 x 21 cm, 22 lines in black ink on each front side. The writing is very regular, with only six small autograph changes. It is complete, and in superb condition except for small smudges on the first page. Coming from the Forbes collection, it was sold for $ 3.1M including premium by Christie's on March 27, 2002, lot 105.
Lincoln is proud of his advances in favor of freedom, which he considers indispensable in the spirit of the Constitution. The attribution of civil rights to freed slaves is henceforth unrestricted in that logic.
John Wilkes Booth attends the speech with two other conspirators. Their first idea had been to prepare for a kidnapping but this political statement infuriates him. He says, "That means nigger citizenship ... That is the last speech he will ever give". The crowd is too enthusiastic for immediate action, but Booth keeps his word : on April 14, he kills Lincoln.
The final autograph manuscript of Lincoln's last speech is a 12 page document 35 x 21 cm, 22 lines in black ink on each front side. The writing is very regular, with only six small autograph changes. It is complete, and in superb condition except for small smudges on the first page. Coming from the Forbes collection, it was sold for $ 3.1M including premium by Christie's on March 27, 2002, lot 105.
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
1865 The Second Inauguration of Abraham Lincoln
2015 SOLD for $ 2.2M including premium by Heritage
narrated in 2021
Abraham Lincoln was re-elected President of the United States and will soon win the war. The inaugural speech of his second term, delivered on March 4, 1865, is constructed as a reference to divine providence, like a prayer inspired by the Bible.
The concluding paragraph is directly adapted from the Psalms and from King James Bible : "With malice toward none; with charity for all; with firmness in the right, as God fives us to see the right, let us strive on to finish the work we are in; to bind up the nation's wounds; to care for him who shall have borne the battle, and for his widow and his orphan - to do all which may achieve, and cherish a just, and a lasting peace among ourselves, and with all nations ".
Two autograph transcripts of this final paragraph are known. Both were signed by the president. Each has been incorporated into an album that has received comments and signatures from most cabinet members and from Vice President Johnson.
The album of Caroline Wright, a friend of Lincoln's wife and the wife of a former senator from Indiana, was sold by Christie's for $ 1.32M including premium on November 20, 1992.
The other album was made for Linton Usher, the son of the Home secretary. The 13-year-old boy often accompanied his father to cabinet meetings. His mother collected the first signatures for him in the days following the inauguration. Other pages were added until 1887, bringing to 74 the total number of inscriptions spread over 43 pages 14 x 22 cm. It was sold for $ 2.2M including premium by Heritage on November 5, 2015, lot 49127.
The concluding paragraph is directly adapted from the Psalms and from King James Bible : "With malice toward none; with charity for all; with firmness in the right, as God fives us to see the right, let us strive on to finish the work we are in; to bind up the nation's wounds; to care for him who shall have borne the battle, and for his widow and his orphan - to do all which may achieve, and cherish a just, and a lasting peace among ourselves, and with all nations ".
Two autograph transcripts of this final paragraph are known. Both were signed by the president. Each has been incorporated into an album that has received comments and signatures from most cabinet members and from Vice President Johnson.
The album of Caroline Wright, a friend of Lincoln's wife and the wife of a former senator from Indiana, was sold by Christie's for $ 1.32M including premium on November 20, 1992.
The other album was made for Linton Usher, the son of the Home secretary. The 13-year-old boy often accompanied his father to cabinet meetings. His mother collected the first signatures for him in the days following the inauguration. Other pages were added until 1887, bringing to 74 the total number of inscriptions spread over 43 pages 14 x 22 cm. It was sold for $ 2.2M including premium by Heritage on November 5, 2015, lot 49127.
1865 The Second Inauguration of Abraham Lincoln
1992 SOLD for $ 1.32M including premium by Christie's
Narrated above.
(1863)-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 :
