Lot 1771
1862-S $20 Liberty. NGC graded AU-55. Frosty and untoned with extensive luster over both sides, suggesting this did light duty in circulation but was mainly stored in bank vaults to back paper money and deposits. In those days, a well-run, properly audited bank (and there were many back then that fit the description) were required to house up to 40% backinig in specie (metal bars and coins, in other words) for their deposits and currency issues. Gold was the money; the other, promised-money or IOU claims on the gold, as it were. In 21st Century style, we've reversed the theory, for now the paper and deposits, once IOUs, are the money itself. An odd turn of events (PCGS # 8938) .
Estimated Value $2,500 - 2,600.
The Arden Collection.
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| Realized $4,830 |
