Redeemable in Gold Coin

[Pierre Tavlitzki]

Heritage Auction Galleries sells on April 30 in Cincinnati a banknote printed in 1872, uncirculated, beautifully illustrated, issued by the National Gold Bank.

The rich text of this note is interesting because it brings us back to a time when paper money was inseparable from coins. It is made clear that the carrier who will bring it to the bank in Sacramento, California, will get in exchange $ 5 in gold coins. Another part of the text deters counterfeiters to imitate this note.

The illustration, of course, relates to American issues: on the front, two beautiful scenes of the discovery of America (the explorers, and the encounter with the Indians), on the back, in cartridges, Fortune accompanied by a brown bear, and an eagle. Still more exciting, the backside center is illustrated with a pile of gold coins, dated between 1864 and 1871, which should fascinate the lovers of money.

The auction house said that this copy is Number One of this print, and believes that this piece of paper is worth over 200 K $.

[Pierre Tavlitzki]

Unsold at auction, the lot is now available in post-sale at a price well above the low estimate (which I had indicated). The reserve price being not announced, this situation could not be anticipated.

It should be noted that in France, with a view to improve the transparency of the auctions, it is prohibited to present a low estimate less than the reserve price. This law raises another problem which is that the estimate has no more meaning in relation to market analysis.