Posted on 02/20/2019 9:28:57 AM PST by ETL
Three exceedingly rare 19th century U.S. currency notes are expected to sell for a combined $7 million when they are auctioned off next week.
One of the unique bills being auctioned is a $1,000 "Rainbow" note from 1869 that's said to be the only one of its kind in private hands, according to Stack's Bowers Galleries.
It was last auctioned in 1946 and features a portrait of DeWitt Clinton, who oversaw the construction of the Erie Canal during his tenure as the sixth governor of New York.
The auction includes another "Rainbow" note in the $500 denomination that depicts President John Quincy Adams on one side and the allegorical figure of Justice — holding balance scales and an upward pointing sword — on the left-hand side. According to the auction house, only 89,360 examples of this bill were printed and today only three are known to exist.
The unusual bills include a famous 1891 "Marcy Note" — a $1,000 bill featuring a portrait of former New York Gov. William L. Marcy that's believed to be the only one of its kind in private hands, according to Stack's Bowers Galleries.
The note is expected to fetch between $2 and $3 million.
(Excerpt) Read more at foxnews.com ...
Hmm, I may never be able to forgive you.
Totally Wacky Note
Quite modern history topic.
You do that so easily! Are you an engraver??? ;)
$8, AOC Crazy 8 Dollar bill!
Who’s hand is that in the 1869 note? It does not look like it is attached to his body.
Ummm, that would be 50 $20 gold pieces.
Lol, I have no idea where I went with that.
It’d be tough to keep your pants up with those in your pockets.
Lol! Sure looks like it's someone else's hand.
However, same shows up elsewhere.
In 1891 a $1,000 bill would not circulate, it would be used for transferring funds between banks or as part of a bank’s required reserve backing its loans.
That 1891 $1,000 bill is a silver certificate.. but we could use gold for convenience. That $1,000 bill would exchange for 50 $20 coins
A $20 gold piece is about an oz of gold. Spot price for an oz of gold is about $1340 today.
Multiply 50 x $1340
$67,000
“Dude on the 3rd bill looks a bit tired of DC life.”
that’s DeWitt Clinton of New York
Lol!
That’s an excellent site, seems mostly accurate to me. It’s also cool how you can go backwards in time, i.e., for example, enter $500,000 in 2019 and ask for its equivalent in 1912. It also graphs out the equivalency.
These numbers are always difficult to assess. For example, an $850, the price of a Model T in 1912, shows on this calculator as $22,000. I think that’s a reasonable comparison, although I’d put it a lot higher given the greater access to capital by today’s buyers (in 1912 most paid cash).
Other things, like houses, have no comparison, as those are practically more financial instruments than objects of specific value. Perhaps the better way to calculate housing cost would be to compare a monthly amount, say $2500 in 2019, which might be a monthly mortgage on a $400-$500K home, a price that has no equivalency via the inflation calculator to 1912, when a suburban home would have cost $5000 (the inflation calculator puts $5K in 1912 dollars at $130K).
Today’s $2500 / month is equal to about $95 in 1912 dollars, which by a modern mortgage calculator, at 5% over 15 yrs, comes to a home value of $12,000, which would be a heluva house in 1912. Hard to measure, especially when thinking out loud here...
Thanks for the link!
To find the buying power today, Google “CPI Calculator” and enter the old date and today’s date.
While cleaning out old purses I found several $1 silver certificates. Is it possible to get a silver dollar for them at the bank? Last I looked an ounce of silver was around $14.
No, that program ended a long time ago.
No, but they are worth more than a buck to collectors.
Depending on condition, of course.
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