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zanz21
Just got this from Heritage

https://currency.ha.com/itm/federal-reserve-notes/series-1914-1918-5-10-20-50-100-500-1000-5000-10-000-federal-reserve-note-face-and-back-proof-archive-gem-unc/a/3578-20063.s?type=wantlistid-299651!creatorid-cewl!linkclicked-image!emailid-07122020-033513.299PM-578727-299651!itemid-3578_15001!wlem

I do own a few notes from Albert Grinnell collection. Way out of my league on this one!!! It will be interesting to see how it ends.

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Dan Cong
group buy perhaps ? each chip in a bit ?
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MEC2
Tempted to bid, just to say I was once the high bidder... if I win, gotta sell the house...
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coinfrog
Best to get slammed down to earth every so often. ðŸ˜°
The value of anything is what you can sell it for the same day you bought it.
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DepressionScripGuy (Rod)
MEC2 wrote:
Tempted to bid, just to say I was once the high bidder... if I win, gotta sell the house...


The problem is you might end up being the only bidder....
Come see a forgotten piece of history...
http://www.depressionscrip.com
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zanz21
I had the same thought about a bid...… but even at the bargain price of 400K, it would be a bit of a struggle ðŸ˜² !!
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tigertrader
I almost did a post on this lot myself a few weeks ago when I first saw it but got side tracked... What an epic set!

lf2.jpeg 
lf (8).jpeg  lf (7).jpeg  lf (9).jpeg  lf (10).jpeg

America's Inaugural Federal Reserve Note Proof Archive
Including the 1918 $5,000 and $10,000 Proofs – Each Unique in Any Form in Private Hands
The "Crowning Masterpiece" of the Albert Grinnell Collection

Series 1914-1918 $5, $10, $20, $50, $100, $500, $1000, $5000, $10,000 Federal Reserve Note Face and Back Proof Archive Gem Uncirculated. Hessler 380B, 618B, 848B, 1044B, 1244B, 1370, 1429, 1461, and 1493.
There is a saying that old paper money offers the opportunity to hold history in your hands. This fantastic group of Proofs is perhaps the most outstanding example of that concept known in the field of paper money collecting today. The offering comprises both face and back Proofs of Series 1914 and 1918 Federal Reserve notes of each denomination: $5, $10, $20, $50, $100, $500, $1000, $5000, and $10,000, all housed in a specially prepared, custom binder.

On December 23, 1913, President Woodrow Wilson signed into law the Federal Reserve Act, which transformed the American monetary system. Throughout the next year, various prototype designs were produced and considered, until a standardized design was finalized in the fall of 1914. As a part of the design process, a small quantity of Proof examples was produced. These Proofs were printed from the actual currency plates onto card stock. The Treasury seal and the all zero serial numbers were glued on by hand by the pressman. Though the 1916 Annual Report of the Bureau of Engraving and Printing noted two sets of the $5 to $100 denominations produced, we know of additional (perhaps five) sets of Series 1914 Proofs that were presented by Secretary of the Treasury, William G. McAdoo, to a select group of officials in late 1914.

When the Federal Reserve became a better facility for banks to transfer large amounts of cash, the larger denominations were ideal. The Series 1918 Federal Reserve Notes were printed only in the $500, $1,000, $5,000, and $10,000 denominations. In the design process, Proofs were prepared for each of the denominations above. This is where the historical significance of this set ultimately lies.

By 1926, the process for handling Proofs included rules for mandatory destruction of the items, preventing additional Proofs from being distributed outside the Bureau. While Specimens were still printed and distributed, these may be the last Proofs to have made their way out of the Bureau of Engraving and Printing, as none of the Series 1923 notes have appeared in any Proof form.

The binder with its eighteen uniface Proofs, traces its history back to none other than Albert Grinnell who acquired this phenomenal set of Proofs presumably from one of his friends and contacts within the Treasury Department. This set was the highlight of the entire seven-part Grinnell Collection sale conducted by Barney Bluestone. This grouping appeared in Part VI of the sale on June 29, 1946 as Lot 4871, and turned out to sell for a higher price than any of the other 5,897 lots in the entire seven-part sale. Since then, some of Grinnell's other notes have gone on to realize well into seven figures at auction in the last decade, including a Grand Watermelon, which currently tops the list of most expensive banknote ever sold at auction, realizing $3,290,000 in our 2014 FUN Signature Auction.

Bluestone took the opportunity to detail Mr. Grinnell's great pride in owning this set when he wrote in the catalog "I can remember when Mr. Grinnell showed me his collection several years ago that he reserved this lot of specimens, or engraver's impressions until the very end. He felt that it was the crowning masterpiece of his successful achievement as a collector, and a fitting climax to his extensive and magnificent collection. He was respectably and justly proud of this possession and valued it highly." What Bluestone wrote next is as applicable today as it was in 1946: "Without doubt this is a prize that will bring much joy to the heart of some collector. It is unique and, as stated previously, I do not believe its companion exists."

After selling for $4,050 in 1946, the grouping has made several public auction appearances, including Coins & Currency's August 7, 1969 sale, lot 1760; Forman & Taxay's December 6, 1974 sale, lot 250; New England Rare Coin Auction's March 26, 1976 sale, lot 9; NASCA's Brookdale Collection November 12, 1979 sale, lot 2230; and and finally Stack's J.W. Thompson March 14, 1991 sale, lot 2136, where it was purchased by the Levenson Family, with a multi-generational history in banking.

The Notes

All of the Proofs appear to be on both sides of the cardstock, although previous examples of similar notes have been uniface. We have decided to maintain the integrity of the original holders and have not disassembled them to verify this, and the Hessler numbers used herein are for double sided impressions. On notes of this stature, this is perhaps a moot point in any case. The notes are printed on cardstock, and mounted in custom 6-1/2" x 9-1/2" frames that have been sealed on all four sides and fitted in a special leather binder that is believed to be contemporary to Grinnell. Extended and close inspections of the impressions lead us to believe that archival practices were followed by whomever put together the holders, as no paper deterioration or toning has been noted. While these notes have not been graded, we believe each of them to be equal to, or better than, similar notes that have been graded in the past. In short, we believe that these notes will easily be seen as as-printed Gem New examples.

The lower denomination notes ($5 through $100) are series 1914 Red Seal designs from the New York District. The black ink plate was used in each case to produce the base face impression with the red serial numbers and Treasury seal, and the black District seal and District number (2-B), all pasted in place. The serial number is B0000000A in each case. The engraved signatures are those of Burke and McAdoo. Both the face and back designs are the same as was used for production notes. All notes have SAMPLE stamped on the face.

The higher denomination notes ($500 through $10,000) are series 1918 Blue seal designs from the New York District. Again, the face Proofs were produced using the black ink plate to produce the basic face impression, with the blue Treasury seal, black District seal, black District number (2-B), and blue serial number (0000000) pasted in place. The engraved signatures are of Burke and Glass. All of the face and back designs are like those used for production. All notes have SPECIMEN stamped on the face. Hessler numbers 1370 ($500) and 1429 ($1,000) are incorrectly noted as Red Seals, which were not produced, and are in fact the Blue Seals presented here.

Examined in entirety, the notes are far better preserved than any of the other large size Federal Reserve Proofs in collector circles. Greater care seems to have been taken in the printing, cutting, and application of the seals and serial numbers, all of which have much bolder impressions and richer colors than the examples in other sets.

While the aforementioned sets of $5 to $100 Red Seals presented by McAdoo are undeniably historically valuable and rare, it is the Blue Seal high denomination notes crowning this set that ensure that this is unquestionably the most important set of Proof notes in United States monetary history. The $500 and $1000 values are, of course, rare and difficult to acquire, but the $5000 and $10,000 are only collectable as part of this set. There are no examples of either denomination in private hands. The five examples of each outstanding denomination have been ensconced in either the Smithsonian or in one of the Federal Reserve Bank collections. To own two federal notes that are unique in any form in private hands, and to add your name to the illustrious provenance for this fabulous set is going to be quite an accomplishment for tonight's winning bidder. The remarkable history, unique $5,000 and $10,000 impressions, and previous record setting prices realized, have established this set as one of America's most notable rarities in all of numismatics.
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MEC2


The problem is you might end up being the only bidder....


That, my friend, is why it is unbid...
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jdizzle
Looking at that gives me similar feelings of looking at the duPont Registry...a man can dream, right? 
Enamored with VF-35 and lower grade PPQ/EPQ notes!
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Steve in Tampa
I formerly worked at Mercedes-Benz of Tampa and saw automobiles that sold for $400K and more. It never got old and always amazed me.
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TennisCoach
I guess I'm going to take the unpopular opinion here.  I know they're rare, but I have a hard time getting around the fact they are on card stock and look like cut and paste jobs.  I realize they have a high asking price and a lot of marketing/storytelling behind them- so I may be alone in my opinion, but I'm really not impressed.  Actual notes like specimens with those serial numbers would resonate more with me.    
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SSC
“ I guess I'm going to take the unpopular opinion here.  I know they're rare, but I have a hard time getting around the fact they are on card stock and look like cut and paste jobs.  I realize they have a high asking price and a lot of marketing/storytelling behind them- so I may be alone in my opinion, but I'm really not impressed.  Actual notes like specimens with those serial numbers would resonate more with me.  “

I agree with Tennis.   They just have a cheap cardboard look to them like the Intaglio prints on card stock .   I would prefer an example of each individual note, not that I could ever dream to afford one.     
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YoungCollector

SSC wrote:
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I agree with Tennis.   They just have a cheap cardboard look to them like the Intaglio prints on card stock .   I would prefer an example of each individual note, not that I could ever dream to afford one.     

The 1878 $5000 legal tender Chinese specimen went for, what?, $700k?
Are there proofs of that note in private hands?

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Dan Cong
except there are no lovely printed just like regular notes specimens of the high denominations. This is kind of like the "would you rather have a 70EPQ of a common note than a rag of an extremely rare note?"

Some like the stunning gem condition, which can be one kind of rarity, others appreciate the rarity and historical gravity of notes that might not be in the best condition, but might be completely unobtainable otherwise. 

I think it could hit the magic 7 figures by the time it's over. Who knows though. In any case, I think they are stunning and the reverse of the $1000 is lovely. Yes, you can find the $1000 as issued. The reverse of the $100 is a classic as well. Simple and beautiful. 

I'd give the set it's very own safe deposit box. And visit on high holidays and feasts. 
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MEC2
TennisCoach wrote:
I guess I'm going to take the unpopular opinion here.  I know they're rare, but I have a hard time getting around the fact they are on card stock and look like cut and paste jobs.  I realize they have a high asking price and a lot of marketing/storytelling behind them- so I may be alone in my opinion, but I'm really not impressed.  Actual notes like specimens with those serial numbers would resonate more with me.    


Nothing wrong with that opinion. I think it's neat - but I also don't collect specimens as a rule. I'd rather have the real things versus a specimen, every time. But... it's still cool. Again, just an opinion, halfway between yours and others perhaps... nothing wrong with saying "this ain't my thing, and it's a ton of bread for something not my thing..."
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Delistamps
If the mounting was done with archival quality materials why are they so toned around the edges? Should one expect them to continue this deterioration? 
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mikelaw

Looks like an example of The Greater Fool economic theory at work.  Not even real notes. 

 

 

 

https://en.m.wikipedia.org/wiki/Greater_fool_theory

 

Mike
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