In 1990, the sale of the Thompson Collection was the first public offering of the unique Fr. 1219b Series 1907 $1,000 Gold Certificate. Only 12,000 examples of the Series 1907 $1,000 Gold Certificate were issued during the joint tenure of James C. Napier and Lee McClung. They served together as Register of the Treasury and Treasurer for less than two years, between March 1911 and November 1912, making their signature combination on currency scarcer than most joint tenures of the time. The almost exclusive use as carefully accounted for, interbank monetary instruments nearly assured the redemption and subsequent destruction of most high denomination notes.

The design of this high denomination gold certificate is regal, employing a golden-yellow overprint and back design intended to remind the user of its status as a monetary instrument redeemable in gold coin on demand. Changes to the Federal Reserve Act on December 24, 1919 resulted in a minor design change to the $1000 Gold Certificates, a clause was placed over the bright $1000 overprint on the face. The change called an end to the Series 1907 issues and ushered in the slightly altered and not nearly as beautiful Series 1922 issues.

While many rarities considered unique among collectors since their kin are permanently impounded in institutional collections at the Smithsonian and Federal Reserve Banks, this note is the only example known in or out of government hands. Collectors now are even more determined to take home a rarity like this than ever before, and its status as a true numismatic rarity will command a price likely to well exceed its 2005 realization of $241,500 in the Taylor Family Collection Auction. The piece is part of the impressive Jupiter Collection being offered in Heritage’s September 17-19, 2008 Long Beach Currency Signature Auction.

Photos and descriptions used with permission and courtesy of Heritage Auction Galleries

The 1858 Seated dollar is the most famous proof of the series due to its status as the only “proof-only” date issued from 1840 to 1873. It is also one of the least understood coins among all American numismatic treasures from a mintage estimated at about 80-300 coins. Only one finer example of the date has been certified by NGC.

Numismatist Duncan Lee, a well-known specialist in the Seated coinage arena, compiled a brief study of proof Seated dollar rarity, published in the August 2006 “Monthly Supplement” of the Coin Dealer Newsletter. A two page study, Lee provides excellent information.

For 1858, he writes: “The 1858 is the only Proof-only date in the Liberty Seated silver dollar series. All known survivors were struck from one obverse die paired with at least two reverse dies, one being the same reverse die used for some 1856 and 1857 proofs …. Several others were made with the reverse die which was used to produce some 1859 proofs.”

A particular challenge in the study of early proof coins is determining what information is valid and what is not. In his Proof Encyclopedia, Walter Breen described two different reverse dies. Unfortunately, this single example has certain characteristics of both dies!

For the second reverse, Breen recorded that the “claws touch, two lower arrowheads touch shafts; often, depressed mark (from foreign matter on die) in field near beak.” The Kaufman collection coinshown above clearly has the shallow depression near the beak, but has the claws separated and the two lower arrowheads not near the shafts above. It also has a straight die line in the narrow space over ITE of UNITED, and this die line is identical to that appearing on the 1856 proof dollar in this collection.

Die notes for the proof dollars are in need of substantial overhauling, as different authors use different notations with little consistency. In addition to revamping the die notes, considerable study is still needed to make accurate mintage determinations.

Sold on August 8, 2007 at the Heritage Milwaukee (ANA) Sale #444 for $54,625.00
Specifications:

Designer: Christian Gobrecht
Mintage: Estimated 300
Denomintion: $1.00
Diameter:  ± 38.1 millimeters
Metal content: Silver - 90% Copper - 10%
Weight: ± 26.73 grams
Varieties: Reeded

Additional Resources :
Ex Kaufman Collection

Last Updated : 05/15/2008