Rare, 100-year-old $5 Alaska bill to be auctioned
Would you like to buy a $5 bill for $200,000 to $300,000? You will have the chance soon when Dallas based Heritage Auctions will sell a $5 note from an Alaska bank that is over 100 years old, reports the CS Monitor.
The family of Vice-President Charles Fairbanks has owned the note since Fairbanks received it in 1905. Fairbanks served as Vice-President under President Teddy Roosevelt.
The family has had it in their possession ever since and recently decided to auction it off through Heritage Auctions.
The note is from the First National Bank of Fairbanks, Alaska, named for Mr. Fairbanks. Mr. Fairbanks was a senator from Indiana and served as a diplomat with Canada at that time during a border dispute with Canada and the Alaska territory.
“It’s a wonderful, wonderful find,” says Dustin Johnston, director of Heritage’s currency auctions.
The note bears an image of President Benjiman Harrison. The opening bid for the note will be $120,000 and the target price is between $200,000 and $300,000.
The note being auctioned is one of only four such notes known to exist. The note is green just like the Federal Reserve Notes we have been using since 1913 when President Woodrow Wilson signed into law the Federal Reserve Act allowing a private banking cartel to control our currency. The bill is now only one of two known to still exist according to Dustin Johnston, director of Heritage’s currency auctions.
The other bill sold 15 years ago for close to $100,000 and the market has “really picked up for the rarest pieces,” he said. Johnston said the bill is unfolded and there is no wear. Its color is a little muted because the family displayed it for so long. There also have been some minor restorations to the back corners, but Johnston doesn’t expect that to affect the selling price, given the bill’s rarity, pedigree and history. It’s probably one of the better national bank notes that will come to auction over this decade, he said. “It’s easily in the top five of what I’ve handled,” Johnston said.