Love was lost for centuries when a silver locket went missing. The silver locket was likely made in 1660 to commemorate the new marriage between Robert Coppinger and his wife Margarett, Catholic landowners residing in County Cork, Ireland. Coppinger’s oval-shaped locket is adorned with an engraving of the Nativity on the front and the reverse showing the Adoration of the Magi and the text “ROBT COPPINGER & MARGARETT COPPINGER als. ROCHE.”

The ornateness continues in the locket with an engraving of the Crucifixion and a 1619-struck gold 2 doppia from Parma and Piacenza during the reign of Duke Ranuccio I Farnese placed inside. As Roseberys notes in its press release, the issue would have carried a special resonance for the Catholic landowning family as at the time, high-value coins were carried as jewelry. Doppia circulated as a trade gold and was often in the possession of wealthy Europeans.

It isn’t known when exactly the locket was lost or why, but it was rediscovered around 1850 under the castle of Mashanaglass in County Cork by a farm laborer. The locket was then taken to the rector of the parish, restored, and given to a Coppinger descendant. “Very few objects survive with such a vivid sense of the people and place to which they belonged,” explains Anna Evans, Head of Works of Art at Roseberys.

When the coin reached the Roseberys’ Fine & Decorative auction on October 1, the token of love was paired with a copy of The Cork Historical and Archaeological Society Journal from 1895 that reported on the discovery. Also accompanying it was a handwritten 1892 letter from the British Museum’s Keeper of Coins that identified the coin.
Aside from its historical value, surviving examples of 2 doppias are rare as they were often melted or reminted. In particular, 1619 doppias typically appear at major sales and usually are sold at high prices. This doppia did not go against stereotype, as it sold beyond its estimated £3,000–£5,000 at £8,528.

When the locket was discovered, it unfortunately bore the brunt of a spade and was damaged, but the coin was left untouched. “The survival of the coin is owed to the locket: sealed inside it, the coin was shielded from the very spade that unearthed it near Mashanaglass around 1850…It is rare to find a coin whose journey from the mint to a marriage keepsake to its rediscovery is so fully documented.”

For more information about the locket and auction, visit roseberys.co.uk

Find more auction news:

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An English Bouquet…of Coins

Rare William and Mary Five-Guinea Coin from Britain’s First Joint Monarchy Sells at Auction

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After the U.S. Mint stopped striking 90 percent silver dimes, quarters, and half dollars for circulation, savvy people started to hoard them. Over the decades, such a large volume had been minted that, up into the 1980s, a large percentage of all bullion-priced physical silver transactions outside of commodity futures markets involved 90 percent silver coins.

Over time, increasing numbers of bars and rounds were struck to fill the void in supply of bullion-priced silver. Then, in the 1980s, a growing number of countries began to issue .999 fine silver one-troy-ounce coins at bullion prices.

When the silver spot price fell sharply during the Great Recession in late 2008, fabricators and mints were unable to produce enough silver issues to meet investor demand.  U.S. 90 percent silver coins, out of production for more than 40 years but still available on the market, saw their retail premium rise to more than 30 percent above the value of the silver in the coins.

In normal markets, U.S. 90 percent silver coins over recent decades had traded at premiums relatively at par with bars and rounds.

But the price of silver has not traded normally over the past three years.  Its price jumped +460.1 percent from the COMEX close on Oct. 5, 2023, at $20.84 to settle at $116.73 on Jan. 28, 2026.

When silver’s price rose so fast, and so high to its late January peak, an extraordinary number of sellers came onto the market. Where industrial fabricators acquire 1,000-ounce bars of pure silver, the overwhelming amount of liquidated silver was in 1) smaller pure bars and coins, 2) those of sterling silver (92.5 percent) purity, 3) or of lesser purity content, and 4) flatware, holloware, and jewelry of mostly sterling silver purity.

So much silver was being liquidated early in 2026 that refiners were unable to handle the deluge in a normal, timely fashion. As a backlog developed, many refiners for a time limited what forms of silver they would accept, specifying only .999 fine coins and bars. Refiner payments fell to 4-6 weeks’ delay, which pushed bullion wholesalers to postpone dealer payments, which then forced coin and precious metals dealers to either stop purchasing any form of silver or accept only .999 purity forms, or set maximum transaction limits on what they would purchase.

One result of the market logjam is that, like what happened in late 1979 into January 1980, physical silver prices were discounted, sometimes steeply, below the COMEX spot price.  The only form of physical silver in America worth the spot price was the 1,000-ounce pure bars already in COMEX bonded warehouses.

Investors and collectors grew frustrated with the inability to readily sell their physical items at the market peak in January either anywhere near the COMEX spot price, or in some instances, not being able to sell at all!

This market logjam is one reason that silver’s price dropped by a greater percentage from its respective January peak than did gold or platinum. A continuing negative impact is that subsequent investment demand for silver has not ramped up as strongly at recent prices in the $50s and $60s as happened after major price declines in the past. There has been at least some reluctance to invest in silver at current lower prices when there is concern that it might not be possible to sell it for a “fair” price and maybe not at all should the future price skyrocket.

One consequence of the lesser enthusiasm to acquire silver is that most coin and precious metals dealers are still today selling U.S. 90 percent silver coins to retail customers at a discount to the silver spot price. Their early 2026 reduced liquidity has pushed more silver buyers toward coins and bars of .999 fine purity.

Still, industrial demand for silver for use in solar panels, cell phones, electric vehicle batteries, military equipment, medical applications, and much more just keeps growing.  Industrial demand will continue to displace shrinking investment demand. 

Because industrial demand is less erratic than investment demand, in most future markets U.S. 90 percent silver coins (and other world coins of less than .999 fineness) will trade as liquid as the pure forms and trade for close to the same prices. The only time I foresee where U.S. 90 percent silver coins might again be heavily discounted from pure coins and bars would be in markets of skyrocketing prices in a short time period.  Therefore, when you can purchase U.S. 90 percent silver coins today at a lower cost per ounce of silver content, those looking to acquire bullion-priced physical silver should consider placing a high percentage or all of their acquisition into these budget-priced coins.

Another consideration:  The most common alloy in sterling silver and other forms of non-pure silver is copper.  With copper also recently reaching all-time record high prices, refiners who purchase non-pure silver such as U.S. 90 percent silver coins and pay only for the silver value have the potential to make a higher profit margin by being able to sell the residual copper content in addition to their sales of 1,000-ounce pure silver bars.

Last column’s numismatic trivia question

Last time I asked, how is the U.S. Dollar Index calculated?  The U.S. Dollar Index was established in 1973 with a base value of 100, using a geometrically weighted average today against six other currencies—the euro (57.6 percent), Japanese yen (13.6 percent), British pound (11.9 percent), Canadian dollar (9.1 percent), Swedish krona (4.2 percent), and Swiss franc (3.6 percent). The euro replaced the German mark and French franc as components of the Index when the euro displaced those two currencies in January 1999. There is advocacy that the Index should be expanded to include the Chinese yuan, Mexican peso, South Korean won, and the Brazilian real since these nations are major U.S. trading partners, more significant than Sweden and Switzerland. 

This column’s trivia question

Here is this column’s question. What are the components of the “paper” of U.S. currency?  Come back next week for the answer.

Patrick A. Heller was honored as a 2019 FUN Numismatic Ambassador. He is also the recipient of the American Numismatic Association 2018 Glenn Smedley Memorial Service Award, the 2017 Exemplary Service Award, the 2012 Harry Forman National Dealer of the Year Award, and the 2008 Presidential Award. Over the years, he has also been honored by the Numismatic Literary Guild, Professional Numismatists Guild, National Coin & Bullion Association, and the Michigan State Numismatic Society. He is the communications officer of Liberty Coin Service in Lansing, Michigan, and writes “Liberty’s Outlook,” a quarterly newsletter on rare coins and precious metals subjects. He now volunteers with the National Coin & Bullion Association as its Industry Issues Advisor.  Past newsletter issues can be viewed at www.libertycoinservice.com. Some of his radio commentaries, “Things You ‘Know’ That Just Aren’t So,” and “Important News You Need To Know,” can be heard at 8:45 a.m. Wednesday and Friday mornings on 1320-AM WILS in Lansing (which streams live and becomes part of the audio archives posted at www.1320wils.com).

Look for the silver lining:

More States Are Turning to Gold and Silver Currency

Bargain Collector: Five-Ounce Silver Quarters, Really?

Increasing Capacity Problems in the Physical Silver Market

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6821 Southpoint Dr N, Jacksonville FL 32092

Email: paul@kingphilipcoin.com

www.kingphilipcoin.com

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Kiwi Coins is an online-only retailer based in Christchurch, New Zealand, with no public storefront. Could you please list our business under Online Stores without displaying a physical street address? We would prefer to show Christchurch, New Zealand only. Please contact us before publication if a physical street address is mandatory.

www.kiwicoins.co.nz

Email: contact@kiwicoins.co.nz

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Coins and coin sets recently released from the mint continue to lead the charge. It’s amazing just how many individuals are focused more on these new coin issues than on the traditional realm of coins that are or were used in circulation.

There are some catchwords that are motivating collectors, among these being “key moments in American history” accompanying promotional efforts for the 10-coin set recently released. This set is being offered both in base metal and silver versions.

The search for privy-marked coins celebrating the Semiquincentennial continues, although here caution may have been thrown to the wind by speculators and some collectors who are viewing these coins as investments or as something to be resold for a quick profit.

There are comments being posted on social media speculating about the future value of such coins, ignoring the poor track record set in the past by special issues minted for the Centennial in 1876 and the Bicentennial in 1976. Here, the future can only be speculated.

The 2026 Declaration of Independence quarters bearing the special July 4 privy mark, for example, have an official mintage of a quarter million, yet the U.S. Mint has estimated there may be as many as 139 million active U.S. coin collectors. Even if the mint’s numbers are correct, how many of these collectors are willing to pay a premium may not be known for years.

Irrational exuberance has tanked prices for specific issues in the past and could at some point do the same for what is now viewed as a hot issue.

Regardless of your concern about values, the mint’s efforts appear to be resulting in many new collectors. That makes it all worthwhile.

Catch up on More Hobby News:

Current Market Anything But Boring

The Satisfaction of Collecting

Coin Market Shows Strength Across the Board

Hobby Insights Show Growth

Coins in Their Pockets

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Every American coin collector should learn about the coins minted for the Philippines under U.S. administration and the Commonwealth (1903 to 1945). They’re rich in history, spanning from the presidency of Theodore Roosevelt through World War I, the Roaring Twenties, the Great Depression, and World War II. If you collect Barber coins, Buffalo nickels, Mercury dimes, or any of the other classic U.S. coins of that era, you should have at least a type set of their Filipino cousins.

Dennis Tucker, Address withheld

I would like to see more articles about tokens.

Steve Higbie, Facebook

I’ve always wanted to read more about the modification of small-denomination coins into “Hobo nickels.”

Kat, Dallas, Texas

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The First National Bank of Davenport, Iowa, Charter Number 15, opened on June 29, 1863, becoming the first bank to operate under the National Bank Act of 1863. The first institution to receive a National Charter, Number 1, was the First National Bank of Philadelphia, which opened for business on July 11, 1863.

National Banking Act of 1863

Banks under the National Banking Act of 1863, such as The First National Bank of Davenport, Iowa, which obtained federal charters, were required to purchase U.S. government bonds. In return, the bank received the right to issue national bank notes, which created a stable, uniform national currency. 

National Bank notes were issued in various denominations, commonly $5, $10, $20, $50, and $100. They were circulated across all states, as well as territories like Alaska, Hawaii, and Puerto Rico. The First National Bank of Davenport, IA, was among the early federally chartered banks to issue and circulate National Bank notes. 

Application for Bank Charter 

On February 24, 1863, the day before President Lincoln signed the National Banking Act, Austin Corbin, a renowned banking and railroad entrepreneur, and his partner, Tristam Dow, applied with the Treasury Department for a charter for The First National Bank of Davenport, Iowa.

It was well into May, however, before the articles of association, the legal document that sets out the rules for running a company, were received from the Comptroller of the Currency. 

To receive a charter from the Office of the Comptroller of the Currency, a bank is legally required to meet specific capital requirements. Thus, on May 25, 1863, the general subscription lists for The First National Bank of Davenport were opened to the public. Within three days, $100,000 in capital was subscribed to by about eighty citizens.

Assigned Charter 15

With the capital requirement met, on June 22, 1863, the Comptroller of the Currency assigned National Bank Charter 15 to the Davenport stockholders and authorized them to begin business. 

The First National Bank of Davenport began business on June 29, 1863, in the old 3-story Marble Bank on West Second Street. On its first day, the bank recorded deposits of $80,000. On that day, a $12.60 check written by Henry Hess became the first check in the country to clear under the new banking system. 

Austin Corbin was named The First National Bank of Davenport’s first president. For a short period of time, the bank was the only one in operation under the new banking act in the United States. Official records show that by late 1864, the bank’s circulation was $18,500 and total resources were $629,814.14. By the first quarter, shareholders earned a 5% dividend.

Charter 2695 and Charter 15 Regained

Original national bank charters were granted for a 20-year period. Upon its expiration in 1882, The First National Bank of Davenport’s Charter 15 was succeeded by Charter 2695 in order for the bank to continue operations for its second 20 years. On  May 22, 1911, The First National Bank of Davenport retook Charter 15. 

Notes Issued to The First National Bank of Davenport, IA

On January 21, 1864, The First National Bank of Davenport received and issued the first issue of notes from the U.S. Treasury Department’s Bureau of Engraving and Printing. The first notes received were 5,200 $5 bills in sheets of four notes each. A year later, in January 1865, the Davenport bank received and circulated the first $1 and $2 bills. 

During its life, The First National Bank of Davenport issued a number of different types and denominations of national currency.

Charter 15 National Bank Notes

A total of $2,924,170 in National Bank notes was issued by Charter 15 between 1864 and 1931. This consisted of a total of 215,236 notes, which included 185,428 large-size and 29,808 small-size notes. 

In April 1931, The First National Bank of Davenport was officially absorbed by the Union Savings Bank and Trust Company. This marked the end of the bank’s long history, which began in 1863 as the first bank in the United States to open under the National Bank Act.

From 1863 to 1935, National Bank Notes were issued in many denominations by thousands of banks throughout the U.S. As of January 1, 1929, there were about 24,000 banks in operation, of which there were roughly 7,600 National Banks. Davenport, Iowa, had five National Banks chartered during the Note Era; all five of these banks issued National Bank Notes. 

Interestingly, the circulation of National Bank notes caused some confusion in places across the nation. This article was printed in the Bismarck Daily Tribune on October 9, 1907:

Our Circulating Medium

The circulation of the National bank currency is one of the peculiar things that few people comprehend. Bank notes issued by National banks located in other states are more in evidence right here in North Dakota than the notes issued by our own National banks, while those issued by the local banks are scattered all over the broad expanse of this great country of ours.

As illustrating the point in question, a check was cashed in Bismarck yesterday, the payee receiving 14 ten dollar bills issued by the following banks scattered throughout the country: De Witt National Bank, Iowa; the Nacona National Bank, Texas; the Citizens National Bank of Delphia, Ind; the First National Bank of Aitken, Minn; the National Bank of Commerce, Kansas City, Mo; the Market Street National Bank of Philadelphia (2); United States Treasury Notes (4); the Sioux Falls National Bank of South Dakota; and 2 silver certificates.

The notes were paid out by one of the Bismarck banks and illustrate the really wonderful circulation of Treasury and National bank notes throughout the country. 

The author could not find a similar report of the confusion reported in Bismarck pertaining to the issuance of National Bank Notes in Davenport, Iowa.

The history of the federal charters of The First National Bank of Davenport, Iowa, the first operating bank in the United States under the National Bank Act of 1863, is noteworthy. As the nation’s first “First National Bank,” during its charter from 1863 to 1882, it successfully operated during the Civil War, postwar recession, and economic changes.  

Importantly, the success of The First National Bank of Davenport helped to establish the national banking system’s credibility. Additionally, the issuance and circulation of the bank’s stunningly attractive National Bank Notes added to the bank’s notable place in history.

Read more by this author:

Coins of the Bailiwick of Jersey–Part 1

Coins of the Bailiwick of Jersey–Part 2

1863-1935 Alaska National Bank Notes

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The impact of Islamic trade with medieval Russia and Denmark is well illustrated by two recent finds. A hoard of 59 Islamic silver coins was recently discovered in the Kaliningrad or Vistula Lagoon on the Baltic Sea, and a find of 266 pennies was unearthed in Denmark near the site of the former Viking town of Ribe.

The Institute of Archaeology of the Russian Academy of Sciences discovered the Islamic coins while working on an eighth-century settlement about 1.2 kilometers, or about three-quarters of a mile, from the lagoon. There is an indirect connection to the Baltic Sea through the Szkarpawa and Vistula rivers in the Polish sector of the lagoon. The Kaliningrad Lagoon on the Russian side connects directly to the Baltic Sea via the Pilawa Strait.

The hoard includes 29 complete dirhams and 30 coin fragments, many of which were deliberately cut into halves to make small change. A few have suspension holes, indicating they may have been treated as ornaments. Others have small edge cuts, likely an indication of having been tested for purity and authenticity.

Based on the latest coin in this group, it appears the hoard was likely buried during the mid-810s. This would place these coins among the earliest known deposits associated with the circulation of Abbasid silver in Eastern Europe.

This isn’t the first time Islamic coins have been found in the Kaliningrad region; however, most have dated from the 10th century. One previously discovered hoard was incomplete, while a second find lacked sufficient archaeological records to determine when people buried the coins.

The newly uncovered hoard is more important than the two previous finds due to archaeologists having carefully recorded the find during excavation. The coins give a picture of how silver moved through the ninth-century Sambia region and give fresh evidence of the long-distance trade being conducted between the Islamic world and that of the Baltic region.

The Kaliningrad find includes a dirham of Marwan II, the final Umayyad caliph, and 58 dirhams of the early Abbasid caliphate. The assemblage represents one of the earliest phases of Muslim silver being traded in Eastern Europe. The Abbasids came to power in 750. Most of the coins were minted during the reign of the Abbasid Caliph Harun al-Rashid (786–809). Twenty-five of the coins were minted at Madinat al-Salaam, known today as Baghdad. Others were minted at al-Kufa, Nishapur, and al-Muhammadiyya. The coins have been dated to between 746 and 815.

The location of these coins helps trace the trade routes across Eastern and Northern Europe during that time. Trading networks likely included Vikings, merchants, and trading communities.

The 266 silver pennies were found at the site of the Viking town of Ribe in Denmark in 2018. This is about 685 miles almost directly west of the Vistula Lagoon. A recent re-examination of a sample of 25 of the coins examined with X-ray fluorescence to analyze their chemical compositions has concluded that each has sufficient trace elements in the silver to suggest that more than half of the metal in the coins originated from Islamic silver coins.

At least 30 dies were used to strike the 1,000-year-old Danish coins. A face traditionally associated with the Norse god Wodan appears on the obverse, with a stag on the reverse. The coins appear to have originated from a mint in Ribe; however, it has been suggested the metal used to produce them was melted outside of Scandinavia and transported to Ribe in the form of ingots. Details regarding how this was concluded were not available at the time this article was written.

According to Thomas Birch of the National Museum of Denmark, “If these coins are being minted in the hundreds of thousands, that’s a huge quantity of Islamic silver.”

Birch said each Danish penny coin would have been enough to buy ale, bread, or simple tools.

Abbasid silver coins from the first of four periods of their emissions typically range from a purity of .950 to .980 fineness. Abbasid minting standards ranged from about 2.9 to about 3.1 grams per dirham. After about 767, the name of the caliph often appears on both silver and copper coins. The names of local governors and other officials typically appear on coins in all metals throughout this period.

Ribe is Denmark’s oldest town and the location of an eighth- and ninth-century mint producing silver sceattas and pennies.

More Coin Travel Around the World:

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Around the World: Counterfeit Coin Tells a Tale

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That total, paired with Heritage’s Oct. 6-9 GACC U.S. Currency Signature® Auction that achieved $8,727,555, raised the combined total for the events to $19,393,298.

The result smashed the previous auction record for any half disme, which was $1.41 million set at Heritage in 2013.

“When the finest certified example of a coin with this much historical significance comes to auction, collectors take notice,” says Todd Imhof, Heritage Auctions’ Executive Vice President. “As the only example graded MS68 by PCGS, and a coin from the first federal U.S. issue struck for circulation under the 1792 Mint Act, it earned a result worthy of its place in the top tier of American numismatics.”

The magnificent silver rarity, from the Ronald Firman Collection, is believed to be the finest surviving example of the first federal U.S. coin struck for circulation under the authority of the Mint Act of April 2, 1792.

The $2.93 million half disme is a remarkable survivor from the earliest days of the United States Mint. Although traditionally classified among the experimental issues and patterns of 1792, the half disme holds a more important place in American history as the first circulating coinage produced under the authority of the newly established federal Mint. President George Washington himself acknowledged the issue in his November 1792 address to Congress, referring to the nation’s “small beginning” in coinage. The example offered at Heritage is the only 1792 half disme graded MS68 by PCGS, surpassing even the famous Starr-Rodriguez specimen, certified Specimen-67. Its brilliant mint luster, extraordinary preservation, and rich natural patina, displaying silver-gray, rose, amber, gold, and vivid blue toning, distinguish it from other survivors of this landmark issue.

The 1898 Liberty Double Eagle, JD-1, R.5, PR65 Deep Cameo PCGS, that finished at $238,577 is an exceptional example of an issue with a proof mintage of just 75 pieces. Numismatic researcher John Dannreuther estimates that only 35 to 50 survive in all grades, including two in the National Numismatic Collection at the Smithsonian Institution and another in the American Numismatic Society collection, making the number available to private collectors even smaller. The example offered in this auction features deeply mirrored fields that contrast dramatically with richly frosted design elements, producing the coveted Deep Cameo appearance. Its lemon-yellow surfaces exhibit the orange-peel texture associated with the finest 19th-century proofs. Heritage previously offered this same coin as part of the Steinbrenner Collection in 2019, and opportunities to acquire an example of this quality remain exceptionally limited.

One of the auction’s most remarkable results came from an unexpected discovery: a previously unknown 1867-S Liberty Half Eagle, MS63 PCGS, that sold for $97,600, more than quadrupling the previous auction record of $22,800, achieved twice, most recently at Heritage in 2021. The coin is the newly recognized finest-known example of the date, exceeding the next-highest-graded specimen by two full grade points. It is one of just two examples reported in Mint State, with fewer than 100 believed to survive in all grades. The story behind its discovery is nearly as compelling as the coin itself. During an estate evaluation in Buda, Texas, a green milk crate tucked into a bedroom closet was found holding an old cigar box and two shoe boxes. Inside the cigar box was the remarkable 1867-S half eagle, along with other coins from the period. According to the estate’s heirs, the coins came from family members in Columbus, Ohio, and are believed to have originated with their great-grandfather, a Union soldier who served during the Civil War. Passed down through generations, the collection remained largely undisturbed until its discovery. The emergence of this previously unknown Mint State rarity has fundamentally changed the recognized Condition Census for the issue, making its $97,600 result one of the auction’s most noteworthy achievements.

Also reaching $97,600 was a 1907 Saint-Gaudens High Relief Double Eagle, Flat Rim, MS66 PCGS, an exceptional example of one of the most celebrated designs in American coinage. The coin traces its origins to President Theodore Roosevelt’s determination to improve the artistic quality of United States coins, a campaign that led to his collaboration with renowned sculptor Augustus Saint-Gaudens. The original High Relief double eagles proved exceptionally difficult to manufacture, requiring three blows from a medal press and annealing between strikes, with production taking approximately 12 minutes per coin. The Mint eventually modified its production process to produce the Flat Rim variety, which displays improved detail near the rim. The example offered at Heritage is a Premium Gem with fully struck design elements, impeccable satin luster, and attractive antique-gold surfaces, making it an impressive representative of a design included among the 100 Greatest U.S. Coins.

Another important gold rarity was an 1861-O Liberty Double Eagle, AU53 PCGS CAC from the Christensen Family Collection that realized $91,500. Few American coins are as closely associated with the Civil War as the 1861-O double eagle, whose production spanned three different governing authorities. Of the 17,741 pieces struck, the generally accepted breakdown attributes 5,000 to the federal government, 9,750 to the state of Louisiana, and 2,991 to the Confederate States of America. Because the entire mintage was produced using a single pair of dies, determining which authority struck any individual example remains an enduring numismatic mystery.

A second example of the nation’s earliest federal silver coinage also found a new home when a 1792 Half Disme, Judd-7, Pollock-7, R.4, VG10 PCGS sold for $85,400. Unlike the remarkable MS68 specimen that led the auction, this example bears the evidence of circulation that characterizes most surviving half dismes. Somewhere between 1,500 and 2,000 were struck originally, with production beginning in the cellar of Philadelphia sawmaker John Harper before the first U.S. Mint building was ready for operations.

The Christensen Family Collection also produced an 1851 Augustus Humbert Fifty Dollar Gold Piece, AU58 NGC, that achieved $76,250. One of the most recognizable forms of California Gold Rush coinage, the massive octagonal $50 piece was produced after Augustus Humbert arrived in San Francisco in January 1851 as the newly appointed United States Assayer of Gold. The Kagin-6 variety features a reeded edge, .887 fineness, and the distinctive engine-turned reverse design created by engraver Albrecht Kuner. Numismatic researcher Donald Kagin estimates that approximately 75 examples of the variety survive, including about 10 in Mint State.

Another $76,250 result came from an 1886 Liberty Double Eagle, AU53 NGC, a significant rarity among 19th-century American gold coins. Only 1,000 business-strike double eagles were produced at the Philadelphia Mint that year, with no additional examples struck at San Francisco, Carson City, or New Orleans. PCGS CoinFacts estimates that just 40 to 60 business-strike examples survive in all grades, making the issue one of the most elusive dates in the Liberty double eagle series.

Complete results can be found at HA.com/1397.

The GACC U.S. Currency Signature® Auction included a magnificent example of the highest denomination of U.S. currency ever placed into public circulation, which claimed top-lot honors when it sold for $244,000.

The Fr. 2231-B $10,000 1934 Federal Reserve Note PMG Choice Uncirculated 63 that topped the auction is an exceptional survivor from the famed Binion Hoard, a group of 100 Series 1934 $10,000 Federal Reserve Notes. Bearing serial number B00003065A, the note features white paper, ideal inks, and significant embossing visible on its reverse, including both serial numbers. Despite minor repairs, it has retained an impressive state of preservation for a note of its age and denomination.

The result was the highest among an extraordinary selection of nearly 2,300 lots that included rare National Bank Notes, historic fractional currency, gold certificates, error notes, and significant named collections.

“High denominations always garner attention from the most serious collectors, and the $10,000 that led this auction is an extraordinary example that drew a result fitting of a note of this caliber,” says Raiden Honaker, Heritage’s Director of U.S. Currency. “The $10,000 and $5,000 Federal Reserve Notes are extraordinary pieces of American monetary history, but what makes this auction particularly exciting is the strength of the material across so many different collecting specialties. From an exceptionally rare fractional currency pair to a surviving piece of the D.B. Cooper ransom, collectors had opportunities to acquire notes with compelling histories and remarkable rarity.”

Another high-denomination treasure, a Fr. 2221-H $5,000 1934 Federal Reserve Note PMG Very Fine 30, drew a winning bid of $146,400. The St. Louis note, bearing serial number H00000397A, made its first recorded public auction appearance and is a new addition to the census, bringing the reported population for the Friedberg number to just nine examples. According to Track & Price, just 136 $5,000 Federal Reserve Notes have been recorded across both the 1928 and 1934 Series.

One of the auction’s most intriguing results came from a banknote connected to one of the most enduring mysteries in American criminal history. A D.B. Cooper 1971 ransom money $20 Federal Reserve Note — a surviving fragment of the money paid to the unidentified hijacker — realized $134,200. Bearing serial number L32796069A, its history traces to the November 24, 1971, hijacking of a Northwest Orient Airlines flight and the subsequent disappearance of the man known as D.B. Cooper. Nearly nine years later, in February 1980, eight-year-old Brian Ingram discovered three deteriorated bundles of ransom money along the Columbia River in Washington State. The FBI confirmed that the recovered $5,800 was part of the original $200,000 ransom. Measuring approximately 4.5 inches wide and 1.5 inches tall, the recovered fragment retains an unusually substantial portion of the original note, including both serial numbers, Andrew Jackson’s portrait, the Treasury and Federal Reserve District seals, and other identifying features. It was accompanied by an early PCGS identifying tag confirming that its serial numbers matched the FBI’s list, along with a copy of Richard T. Tosaw’s 1984 book D.B. Cooper Dead or Alive? The True Story of the Legendary Skyjacker.

Another fascinating piece of American history, a Gonzales, Texas, Dewitt’s Colony $20 note dated October 15, 1825, sold for $79,300. The handwritten note, graded PMG Very Fine 30 Net, dates to the period when the Mexican government encouraged settlement in what is now Texas through its empresario system. Green Dewitt received a six-year contract in April 1825 to settle 400 families in a region bounded by the Guadalupe, San Marcos, and Lavaca rivers. The offered note, bearing serial number 2, is the only example of its type presently known to Heritage.

National Bank Notes also produced notable results, including a Portland, Oregon, $50 1902 Red Seal from The First National Bank that reached $51,240. Only four Oregon banks issued $50 Red Seals, with a combined emission of just 3,900 notes. Of those, only three examples are reported today. One is held by the Federal Reserve Bank of San Francisco, while another, from the Merchants National Bank of Portland, has never been publicly offered. The example in Heritage’s auction, graded PMG Very Fine 25, made its first auction appearance and offered collectors an exceedingly rare opportunity to acquire this denomination and type from the Pacific Northwest.

Another exceptional National Bank Note, a Pensacola, Florida, $5 1875 First Charter note from The First National Bank, realized $48,800. Graded PMG Choice Extremely Fine 45, it is the finest of just four First Charter notes reported for the entire state of Florida, all originating from the same Pensacola institution. Its crisp appearance, strong margins, excellent color, and dark signatures distinguish it among the few surviving examples.

The auction also delivered a significant result for one of its featured named collections. The William S. George Collection, an expansive 479-lot offering of fractional currency, specimens, experimentals, and courtesy autographs, included a Fr. 1373a 50¢ Third Issue Justice Uncut Pair PMG Choice About Unc 58 EPQ that brought $48,800. The extraordinary pair is one of only two known uncut pairs of the Friedberg number, with just five additional single notes reported. Its history extends to the celebrated Monroe J. Friedman Collection, auctioned by S.H. and H. Chapman in Philadelphia in 1903. Originally part of an uncut block of eight, the pair subsequently passed through the collections of F.C.C. Boyd and John J. Ford, Jr. Graded PMG Choice About Uncirculated 58 EPQ, it stands as the highest-graded Fr. 1373a single note or pair certified by PMG.

Another exceptional California rarity, a Serial Number 1 San Diego $20 1882 Brown Back from The Consolidated National Bank, realized $46,360. The PMG Extremely Fine 40 note is the only reported example from the San Diego bank, which operated from 1883 until 1893, and one of just three reported Serial Number 1 $20 Brown Backs from California. Its distinguished ownership history includes noted collector Albert Grinnell, whose collection was dispersed in 1945. The note also retains bold pen signatures and vibrant ink colors, qualities that complement its remarkable scarcity.

Among other noteworthy results, a Fr. 284 $10 1878 Silver Certificate PMG Fine 12 reached $43,920. Only four serial numbers of this Friedberg variety are recorded in Track & Price, and the offered example boasts an extensive pedigree that includes the collections of Albert A. Grinnell, F.C.C. Boyd and Amon G. Carter, Jr. It is distinguished by the penned countersignature of J.C. Hopper for the Assistant Treasurer of the United States.

Also bringing $43,920 was a Fr. 2407 $500 1928 Gold Certificate PCGS Banknote Choice Uncirculated 63. The beautifully preserved note features white paper, bold inks, nearly perfect centering and traces of Treasury Seal embossing. High-denomination small-size Gold Certificates remain a challenging pursuit for collectors, and the offered example’s comment-free grade added to its appeal.

Complete results can be found at HA.com/3602.

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Paper money collecting can encompass more than just government-issued bank notes. Among the ancillaries to be considered is complementary currency.

Complementary currencies have been around for a long time. In the United States, they are better known as merchant tokens, having been issued as a “good-for” trade token, especially from the late 18th to the mid-20th century. Today they remain popular in Europe and Brazil, and all are collectible. They all fall under the umbrella of being “complementary currencies.”

Complementary currencies are isolated mediums of exchange that circulate alongside official legal tender only as long as they are accepted by both merchants and consumers. Complementary currencies help stimulate a local economy while keeping money within that community. Consider them to be a customer loyalty program if you like. There are an estimated 300 of these complementary currencies in current use.

Perhaps one of the most noticeable of these is the Chiemgau in Bavaria, Germany. Chiemgau is the name of a region, but it has evolved into the name of the local complementary currency as well.

This high-profile parallel economy currency was invented in 2003 when local Traunstein High School economics teacher Christian Gelleri and his students determined that a new regionally accepted currency would support local businesses losing clients to larger chain stores. It is a crime under German law to print and use money other than euros; however, because the Chiemgau is regional and individuals must join the Chiemgau e.V. association to use the “currency”, the German central bank, or Deutsche Bundesbank, has turned a blind eye to its being used. 

Chiemgau holders are required to purchase a validation stamp every six months, with the notes expiring after three years regardless. A validation stamp for a 10-Chiemgauer note is €0.30 or about 35 cents. Chiemgauers are not legally convertible to euros; however, for a 5% fee, merchants can convert their Chiemgau holdings. That fee funds the Chiemgau as a limited liability non-profit organization and supports local nonprofit organizations. The validation stamp is a form of demurrage, a currency circulation tax.

In a June Deutsche Welle interview, a Mediterranean delicacies vendor in Traunstein said, “ I run an organic food store myself and partly use the Chiemgauer earnings for my own purchases.” The vendor uses payments in cash and electronically by using a special card that works with regular bank accounts.

Gelleri, who, with his students, founded the complementary currency, says about 5 million Chiemgauers are spent annually, with one euro being accepted in Traunstein for one Chiemgau. Because of the popularity of the Bavarian Chiemgau, more than 200,000 Chiemgauer have been purchased with hard currency euros. In turn, this allowed Chiemgau e.V. to become a professional company and to hire a security printing company to produce better notes that are difficult to counterfeit.  The notes are now issued in denominations of 1, 2, 5, 10, 20, and 50 Chiemgauer.
Complementary currencies have been studied at Lund University in Sweden and include research done at the São Paulo Business School in Brazil, HEC Montréal Business School in Canada, Brunel University London in the United Kingdom, and Maastricht University in the Netherlands.

According to Lund University participant Ester Barinaga, “The currencies push local shopping, which then makes the supply chains shorter because vendors purchase locally produced goods.”

Massachusetts Institute of Technology and the International Energy Agency concluded that freight transportation makes up about 8% of all global greenhouse gas emissions. Vilawatt rewards, honored in Viladecans, Spain, let users save energy. Plastic bottles collected for recycling are purchased for locally accepted Plastic Bank tokens in areas of Indonesia and the Philippines. Local complementary currency shortens the supply chain. For those reasons, complementary currencies are popular with environmentalists. 

According to Barinaga, “If money is created to reward pro-environmental behaviors, then you’re going to have more people behaving pro-environmentally.”

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