RZM Fine Arts and Antiques Inc: Ask the Appraiser

Thank you for writing this much anticipated column each week. It is quite enjoyable, not to mention informative to read. The photos I’ve sent off to you are of what we believe was a five-dollar bill that my mother may have overlooked when she sold off my deceased father’s collection of antique American money. My father was a long-time collector of paper money and had assembled quite a collection over many years.  After my mom died last year, we emptied her safe-deposit box, and this was found in an old yellow envelope. As I mentioned earlier, we thought his entire collection had been sold over 15 years ago. As you can see by the pictures I’ve sent, this bill is in mint condition, still tight or crisp, as they say. Can you please send us some information about. Perhaps a little history and current value. We might even consider selling it off. Any suggestions from you would be greatly appreciated. Looking forward to your response.

Susan 

Before pocket-sized folding money became the norm, the United States Treasury printed this large sized note. A note so generously proportioned it is affectionately known as a ‘horse blanket’. Apparently, the United States Treasury prioritized intricate art over compact design. You are in possession of a Beautiful Series of 1899 Five Dollar Silver Certificate Note. Allow me to start by telling you about the powerful engraving of Running Antelope, Chief of the Oncpapa Lakota Sioux Indians. This was the first and only time a Native American image was used as the central design on any United States currency. Please notice the central vignette of Running Antelope is highlighted by the bright vibrant blue seal and a large “V” denoting the notes denomination. When this particular note was issued it did cause some controversy because the headdress Running Antelope is pictured wearing was for a Pawnee Indian chief. The Pawnee Indians were mortal enemies of the Oncpapa Indians. Apparently, the engravers at the United States Mint did not know the Lakota and Pawnee were enemies. A bit of research shows the correct headdress would have been too tall for the engraving plate that was used to manufacture this particular note. Hence, the reason for the incorrect headdress. This note is one of my favorite pieces of United States currency and one of the most popular currency notes of all time. Maybe, just maybe, this might be the reason your mother decided not to sell it with the rest of the collection. This note is the perfect blend of United States history and beautiful artwork from that period to form an interesting American artifact. After examining this note, I’m in agreement with you as to its condition. The note appears crisp, clean and damage free, with nice square corners. Wonderful vibrant colors throughout. No staining, evidence of handling or dirt. Certainly, a high-grade note. As I frequently mention in this column, it should be professionally graded by a third-party grading company. If this note grades in the excellent uncirculated condition category, and I’m sure it will, the current value for a note of this quality is $3,500 USD. Based on recent past auction results for these five dollars notes in the premium condition I believe this note is in. A note of this quality should only be sold through an auction house that specializes in rare United States currency in order for it to realize its full potential. I can supply you with the names of the two best currency auctions in New York City that I use on a regular basis. Thank you for sharing such an important item with us.