Heritage Auction Galleries will offer one of the rarest Canadian notes ever printed, the “Queen Mary” $500 1911, in their upcoming Long Beach Currency Signature Auction, to be held September 17-19, 2008.

“This is an amazing note, one of the classic rarities in Canadian currency,” said Michael Moczalla, Consignment Director for Dallas-based Heritage Auction Galleries. “Until the discovery of this particular piece, there were only two examples known to exist in private hands. In fact, this type and denomination is so rare that it is even lacking in the official Bank of Canada collection!”

“The specimen we’re offering in our Long Beach auction has been graded PMG Very Fine 20 with mention of minor restorations, which, although present, are exceedingly difficult to detect,” Moczalla said. “Its existence represents a true miracle of survival, attesting to the fact that these high denomination pieces were actually used in commerce. If this were a United States issue, recognized as only the third example known for the design type, it would easily be a million dollar note.”

“Canadian notes have been growing steadily in popularity and, given the performance of the Flynn Collection – which was part of our record-setting Central States auction held earlier this year – the market for true Canadian rarities is beginning to generate prices which are now standard south of the border. The current Charlton catalog places a value on this note in this grade of $250,000 Canadian. Our best guess here is that this ‘Queen Mary’ note will bring a solid six figure price, but if two or more determined bidders decide they have to own it, our estimate will likely be conservative in the extreme.”

To view all the lots in the upcoming auction, please visit www.HA.com/Currency.

The famous Waterloo medal by Benedetto Pistrucci is celebrated not only for its mammoth dimensions (140.8 mm, 677.5 gm), stunning beauty, and historical significance, but also for the colorful story surrounding its production. The Battle of Waterloo, perhaps one of the most important single-day battles in history, was fought on June 18, 1815, near Brussels.

Approximately 50,000 souls were lost on that fateful day. British and Prussian allied forces defeated Napoleon, thus ending over a decade of the bloody Napoleonic Wars in Europe. To immortalize the successful military campaign, the Duke of Wellington suggested that a couple of special medals be prepared.

From a July 11, 1815, letter from Master of the Mint W.W. Pole to the president of the Royal Academy:

“I have been commanded to strike two Medals at the Royal Mint in commemoration of the battles of Les Quatre Bras and Waterloo; One, in gold, of the largest size, to embrace the exploits of the allied army under the Duke of Wellington the Prince of Orange and the Duke of Brunswick, and of the Prussian Army under Field Marshal Blucher. This Medal will probably be given to each of the sovereigns in alliance with the Prince Regent, to their ministers and generals.”

Medallists were petitioned to submit designs for the medal. Pistrucci’s design was selected over a design by John Flaxman, which had been recommended by the Royal Academy. However, due to an internal strife at the Royal Mint between Pistrucci, Pole, and Wyon regarding the position of chief engraver, work on the medal got off to a slow start. Ongoing personality conflicts within the Royal Mint, salary disputes, a heavy workload, and the utter complexities of the proposed design were all contributing factors as to why it took Pistrucci 33 years to complete his masterpiece. (more…)

Heritage Auction Galleries will offer the very first $2 note ever printed by the U. S. Government in their upcoming Long Beach Currency Signature Auction, to be held September 17-19, 2008.

This first of a kind, Serial Number One note is a true miracle of survival, and has obviously spent countless hours, days and years traveling throughout our systems of commerce. Referencing the 2005 Memphis catalog by Smythe, this note has now had four owners in the past one hundred years, two of whom have owned it for approximately seventy of those years.

It can originally be pedigreed to ANA Member #187 Abe Hepner, who owned the note for the first half of the 20th Century. He sold the note in the 1950’s. The note was exhibited by the second owner at the 1971 and 1972 ANA Conventions, as well as the 1973 Greater Eastern Numismatic Association show, then quietly resided within the collection of an unnamed third owner, who eventually offered the note in Smythe’s 2005 sale.

The note was catalogued and graded raw as a Very Good. PCGS has now encapsulated the note, and has agreed with the original assessment.

The face of the note bears a portrait of Alexander Hamilton, with a double Serial #1 and plate position A, designating that this is the top note from the first sheet printed, as there were four notes to a sheet, with letters as plate positions running from top to bottom.

“Due to an inability to pay its debts in gold or silver during the Civil War, the U. S. Congress authorized the printing of a new series of paper notes, called Legal Tenders, in denominations of $1, $2, $5, $10, $20, $50, $100, $500, and $1000″ said Jim Fitzgerald, Consignment Director for Heritage. “Initially resisted by the people, who were accustomed to the established gold and silver coinage, the Legal Tender Act of 1862 firmly established the paper money as a legitimate form of currency in the United States.” (more…)