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Auction: 322 - The Numismatic Collector's Series Sale
Lot: 79

Fractional Currency Presentation Book of Spencer M. Clark, First Superintendent of the National Currency Bureau (predecessor of the BEP).
In May of 1866 a number of Fractional Currency "Presentation Books" (perhaps sixteen in total) were given to President Andrew Johnson, his cabinet members and several congressmen. Two of these presentation books are reported to have Spencer Clark's name on the covers. All known presentation books originally consisted of thirty-one different examples, and this one is no exception. Each of the thirty-one notes is a Proof, on special paper; all backs are blank, and none of the notes have overprints.

Spencer M. Clark was given the responsibility for producing Fractional Currency notes, and he successfully accomplished this task, but he made some controversial decisions that infuriated many members of Congress. He had his own portrait placed on the Third Issue 5 Cent notes, and F. E. Spinner's portrait placed on Third Issue 50 Cent Notes. This resulted in Congress passing a law forbidding the image of any living person to appear on U.S. coins and currency, but what was done was done; Clark and Spinner's portraits circulated widely throughout the entire country.

The following notes are included:
First Issue 5 Cents front; First Issue 5 Cents back; First Issue 10 Cents front; First Issue 10 Cents back, no monogram, wide margins, minor foxing; First Issue 25 cents front; First Issue 25 Cents back, monogram, wide margin; First Issue 50 Cents front; First Issue 50 Cents back, no monogram, wide margin, foxed; Second Issue 5 Cents front; Second Issue 5 Cents back; Second Issue 10 Cents front; Second Issue 10 Cents back; Second Issue 25 Cents front; Second Issue 25 Cents back; Second Issue 50 Cents front; Second Issue 50 Cents back; Third Issue 3 Cents light curtain front; Third Issue 3 cents back; Third Issue 5 Cents front (with S. M. Spencer's portrait); Third Issue 5 Cents red back; Third Issue 5 Cents green back; Third Issue 10 Cents front; Third Issue 10 Cents red back; Third Issue 10 Cents green back; Third Issue 25 Cents front; Third Issue 25 Cents green back, foxed; Third Issue 25 Cents red back; Third Issue 50 Cents Justice front; Third Issue 50 Cents Spinner front, very minor foxing; Third Issue 50 Cents green Type 1 back, moderate foxing; Third Issue 50 Cents red Type 1 back.

The front cover of the presentation album bears S. M. Clark's name in gold. The spine states "UNITED STATES fractional CURRENCY." The covers are original, but the book appears to have been rebound, with some cover restoration evident. All of the notes are quite nice with the exception of a few foxed examples mentioned above. The custom made box containing the presentation book is not original, but it is very handsome.

Similar presentation books in pristine condition have realized $20,000 or more at auction. Clark's intimate connection with the production of Fractional Currency adds obvious value to the Proof notes, but the overall condition of the book must be taken into account when determining the auction estimate. Viewing in person is advised.

This is a rare opportunity to obtain a major piece of Fractional Currency history.

Sold for
$20,000