||Houston, TX - Republic of Texas $500 January 15, 1838 Cr. H12 Olson 495 Medlar 47. PCGS Very Fine 25 Apparent. The highest denomination from the white "Lone Star" Republic of Texas series, and very rare in any condition. The diagnostics are in common with the other denominations from the series. This has the Sam Houston secretarial signature. Printed on coarser white paper, like the $10 note previous, without an imprint and showing a design common to the series. At the top center, a five-pointed Texas Star is flanked by counters in cartouches wide to the side. Fancy pattern ends and top engraving enliven the appearance. Like the others, this is Cross-Cut Cancelled. Although designated Apparent as normal, and cited with "Edge and Internal Splits, Tears, and Damage; Stains," it has a bright appearance. The stains, just some mottled damp areas, are not especially severe. The Hugh Shull Rarity Rating-10 (5-15) seems accurate if the number known is placed nearer the fifteen number in all grades, but this would also include notes held by museums. Most are of lesser grade, and this is superior to the few we have observed. Two of our auction records are relevant: the Steve Ivy Texas collection note was sold in September 2002 in Cincinnati for $1,782.50, and its third-party grade today probably would have been "Good 8 Apparent" on a generous grader's day due to missing pieces; an attractive example was sold by us at Long Beach on September 26, 2007 as Lot 12218, realizing $4,255 in Very Fine. Apparent, due to a missing corner tip. This note is in that ballpark in terms of eye appeal. A key piece for a denomination set of a superior type note to represent the first Republic of Texas series. Ex: Eric P. Newman Numismatic Education Society.
Realized $7,050.00. Newman VI (Heritage Auctions, 4/2015), lot 19336. Description courtesy of Heritage Auctions.