||New York, NY - Bank of the Commonwealth $500 18__NY-1545 G16. Proof. PCGS Gem New 65PPQ. This is a subtly beautiful and exceedingly rare $500 final series proof note, one of only two known to us, engraved and printed by American Bank Note Company on India paper mounted on cardstock. The New York Bank Seal is at the top center in an ornate circular frame. Across the center is the title in script and in the corners, "500" dies, the tops and bottom ones matching each other. Hole Punch Cancelled as prepared at the ABN. The only other example we know of is the Haxby Plate Note last sold publicly in the March 23, 2005 Schingoethe Part 2 sale, lot 4548; it is still in a strongly held collection. That note was described as having some foxing, but this example is superior and an amply margined Gem New 65PPQ. There are fewer and fewer $500 or higher denomination Obsoletes coming to the market, and the many newly discovered notes from the Newman collection from this category represent a great opportunity. Ex: Eric P. Newman Numismatic Education Society.
Realized $5,405.00. Newman VI (Heritage Auctions, 4/2015), lot 19252. Description courtesy of Heritage Auctions.