Friday, February 18, 2011
$1000 1907 Series Gold Certificate Fr. 1219b
February 18, 2011 9:14 AM
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.