Fractional Specimen Book

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Fractional Currency

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Specimens of United States Fractional Currency Clark's Copy

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In April 1866, one year after Johnson succeeded to the presidency, the treasury department prepared just over a dozen ornately embossed, leather bound Fractional Currency Presentation Books, containing 31 specimens of U.S. Fractional Currency. Just 13 books are known to have been presented to dignitaries including President Andrew Johnson, Salmon P. Chase (Chief Justice, U.S. Supreme Court), and F.E. Spinner (Treasurer or the United States) as well as Secretaries of State, War, Navy, Treasury and a few senators. Presentation letters accompanied these books, signed by Spencer M. Clark, Superintendent of the National Currency Bureau. A 14th book is known, given to S. M. Clark himself. That Clark should have had one book prepared for himself is not surprising, given his egotistical nature and the fact that he had his own likeness put on the Third Issue 5c note, prompting the law that to this day forbids the likeness of living persons on our currency. We are pleased to offer for sale this 14th book, “presented” to Spencer M. Clark. The books are bound in full leather, with gold embossed borders front and back. The name and title of the recipient appears in the center of the front. Each of the 31 specimens (mostly wide margin notes) was mounted on a separate gilt-edge page. The notes themselves, however, are of particular numismatic and historic interest. The extraordinary nature of the fourteen presentation books becomes apparent, for none of the second or third issue notes contained in them had any surcharges. In addition, the impressions in the books are extraordinarily sharp and clear, on soft white India paper which lent itself to such vivid, clear impressions. That release of proofs in such form was unusual can be surmised from the fact that many of the notes in the books are totally unknown in individual form outside of the books. The same notes appear in all books, each on a separate gilt-edge page: First Issue: 5c Face (on the normal orange/straw paper for the issue. 5c Back (on the normal paper for the issue). Only two are known outside of the books. 10c Face (on thin white India paper).Two are known outside of the books. 10c Back (on thin white India paper). Only two are known outside of the books. 25c Face (on the normal orange/straw paper for the issue). 25c Back (on the normal paper for the issue). In addition, the ABNCo monogram can be found at the lower right. Unknown outside of the books. 50c Face (on thin white India paper). Unknown outside of the books. 50c Back (on thin white India paper). Only one or two are known outside of the books. Second Issue: All on thin white India paper, with no bronze surcharges on the face and no outline denomination surcharges or corner surcharges on the back. 5c Face. Two known outside of the books. 5c Back. Unknown outside of the books. 10c Face. Two known outside of the books. 10c Back. Unknown outside of the books. 25c Face. One known outside of the books. 25c Back. Unknown outside of the books. 50c Face. One known outside of the books. 50c Back. Unknown outside of the books. Third Issue: All on thin white India paper, with no bronze surcharges on the face, and no outline denomination surcharges or corner surcharges on the back. 3c Face, Dark Curtain. One known outside of the books. 3c Back. One known outside of the books. 5c Face. One known outside of the books. 5c Red Back. One known outside of the books. 5c Green Back. One known outside of the books. 10c Face. One known outside of the books. 10c Red Back. Unknown outside of the books. 10c Green Back. Two known outside of the books. 25c Face. One known outside of the books. 25c Red Back. Unknown outside of the books. 25c Green Back. Unknown outside of the books. 50c Justice Face. Unknown outside of the books. 50c Spinner Face. Unknown outside of the books. 50c First Type Red Back. Unknown outside of the books. 50c First Type Green Back. Unknown outside of the books. Of the major types issued, only the Light Curtain 3c face, the Type II Spinner 50c reverse, and the (unissued) Grant & Sherman 15c notes were omitted from the books. In all, 13 of the 31 Specimens in the books are totally unknown outside of the books, and the remaining 18 are all Rarity-8. Of the 18 known outside of the books, only nine have ever been offered at public auction. (Description attributed to Martin Gengerke) The specimen book we are offering belonged to Spencer M. Clark. The leather binding has some weathering and there are minor losses to the gilding. The book has foxing on some pages that has varying affects on a few of the notes. The last sales record I know of is for a book in the mid-sixty thousand dollar range.

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