Historic Auction at the Dallas National Money Show: Updated

This month, Dallas-based Heritage Auctions plans to auction off an extremely rare 1905 $5 bill from the First National Bank of Fairbanks, Alaska. This item is 1 of 4 national currency notes of its kind ever printed; it dates from Series 1902, has a red seal and features President Benjamin Harrison. The minimum starting bid is $120,000 — and it is expected to sell for $200,000 to $300,000.

The Alaskan bank originally gave the bill to Vice President Charles W. Fairbanks in 1905 as a memento from the city named after him. Held for decades as a treasured family heirloom, the bill’s color has slightly  muted, but it has been kept in uncirculated condition with no wear. Although some minor restoration has been performed to the back corners, it is not expected to affect the selling price of this extremely rare piece of history. 

The note has been certified by PCGS as Apparent Choice New 63 and also mentions the minor restoration on the back corners. The embossing is strong with full original paper wave and full margins. The bill also displays a bold blue serial number, a Treasury serial number and bold signatures.   

 

 Due to an increased interest in these rare notes, the Fairbanks family recently decided to consign with Heritage Auctions, realizing that the significant value of the uncirculated note had dramatically increased over the years. Out of the four notes of its kind, one sold in 1997 for $93,500 and another resides at the University of Alaska Museum of the North in Fairbanks. At the time of publishing, the whereabouts of the 4th note is unconfirmed. 

The auction is open to the public and will be held during the American Numismatic Association National Money Show in Dallas, the third week of October 2012, at the Dallas Convention Center. The Heritage Auction live floor session is scheduled for 6 p.m. CST Thursday, October 18, 2012, and Internet bidding ends at 10 p.m. CST the night before the floor session. 

You can bet — with such a scarce and pristine piece of history up for the taking — that this auction will be a highlight of the show and, perhaps, an event to go in the Fairbanks family history books. 

If you’d like more information about this historic auction, please refer to the following websites: 

UPDATE:

According to the Heritage Auctions website, this historic bill sold on October 18, 2012 for $246,750. There was considerable interest in the bill as 4,518 page views were racked up on the website. The purchaser immediately began taking offers on the Heritage Auctions website.

You can view other currency auction results from this show, as well. 

West Seattle Coins and Bellevue Rare Coins specialize in rare coins and gold buying. We are a family-owned business that was first established in 1979 and is now located in West Seattle, Bellevue and Lynnwood. We also deal in silver, diamonds, currency and jewelry. Visit us first for a free appraisal.