Fr. 164 $50 1880 PMG Ch. UNC 64 Finest Known

---

Large Size Type Notes > Legal Tender

---

---

Fr. 164 $50 1880
Grade: PMG Ch. UNC 64 EPQ    

---

Design 24b. Small red scalloped seal. The large brown seal is very common in high grade but the small red seal, while more common in lower grade, is anything but common in this grade. I cannot find any other note graded UNC by PCGS or PMG. This note could easily be the runaway of the night. Fr. 164 is represented in the Track & Price census by 200 notes, very few of which are at the upper end of the grade scale. In fact, both grading services together have graded only a total of three uncirculated Fr. 164s. Both PMG and PCGS have each graded a "63", and this "64" stands at the top of the census. It is very likely to remain there, as this is a note that has stymied collectors of Gems for decades. Estimating the note is a challenge as there is no auction precedent in this grade range. The last time this note appeared at auction was in 1991 where, as a raw note, it was also graded Choice. At that time it realized $3,960, which was a very high price for its day. As the finest known example of this very popular number, we believe this note will certainly reach and quite possibly exceed the estimate.

---