Auction review: 19th-century Vermont banknote brings $64K

Founded in 1831, Vermont’s National Bank of Middlebury has a history of fine fiscal management, including through the Great Depression, both World Wars, and more recently, during the volatility of worldwide banking and investment markets.

Despite the long-standing efforts, a printing error made by the bank nearly 150 years ago recently paid dividends for at least one notaphilist. Bearing a $10 denomination on the obverse and a $20 denomination on the reverse, the rare, misprinted $10 banknote was described by auctioneers as “one of the most coveted of the Double Denominations.” It sold for $64,625 USD (including buyer’s premium) to an undisclosed buyer as Lot 20104 of the Aug. 3 Currency Signature Auction hosted by Heritage Auctions in conjunction with the World’s Fair of Money in Colorado.

“In twenty years of publicly archived currency auctions, we have handled, just one other Original Series Double Denomination, a far inferior $10/$20 from Springfield, Massachusetts,” reads the auction catalogue. “In 2005, we offered this piece as part of the Taylor Family Collection, where it was described in part, ‘An excessively rare note which traces its pedigree back to the celebrated Albert A. Grinnell collection, where it was lot 1734. It’s one of just two First Charter double denomination examples known and considerably the nicer of the pair. The reverse is not inverted, resulting as it does from the mating of a 3x$10-20 face plate with a 3x$20-50 reverse plate.'”

“It remains one of two known and for error collectors, it’s one of the most coveted of the Double Denominations,” concludes the catalogue.

With a grade of Professional Coin Grading Service (PCGS) Very Fine-25, the note was expected to bring between $60,000 USD and $80,000 USD.

Leave a Reply

Keep up to date with the numismatic community

Sign up to receive our newsletter.

Canadian Coin News

Canada

Canadian Coin News is Canada's premier source of information about coins, notes and medals.

Although we cover the entire world of numismatics, the majority of our readers are Canadian, and we concentrate on the unique circumstances surrounding collecting in our native land.

Send Us Your Event

Running an event? Send it to us and we will display it on Canadian Coin News!

Submit Event →

Subscribe To 26 Issues For Just $47.99/year

Subscribe today to receive Canada's premier coin publication. Canadian Coin News is available in both paper and digital forms.

Subscribe Now

We acknowledge the financial support of the Government of Canada through the Canada Periodical Fund of the Department of Canadian Heritage.