Lot 2586
1914, $50 Federal Reserve Note. PCGS Currency Gem New 66PPQ. . Fr-1035. This is a magnificent example of the design type, with full, even margins, bright paper, and bold originality that is evident by embossing that is easily visible through the holder.
As this catalog goes to press, the current news story continues to be the amazing downfall of Bernard Madoff and his elaborate Ponzi scheme. President Grant, who is pictured on this note, was the victim of what was perhaps the most famous such scheme in the nation's history. After Grant left the White House after serving two terms as Chief Executive, he retired to New York City. His son, Ulysses, Jr., teamed up with a Frederick Ward to found a Wall Street banking house called Grant & Ward. Using the ex-President's popularity as a front for convincing investors to fund his scheme, Ward bilked the naive ex-President and his son and eventually left town with the firm holding assets of $12,000 and liabilities of more than $16,000,000. Financially ruined, Grant had to rely on the generosity of people around the country who sent him money--some with checks written for "payment for services rendered in service of our Union, 1861-1865." Grant, who had stubbornly refused to write his memoirs for nearly two decades, soon discovered that he had throat cancer and decided he must finally do so if he wanted to keep his family from being destitute. After receiving an advance for the then unheard of sum of $250,000 from Mark Twain, Grant dove headlong into a heroic quest to finish his memoirs. He finished just weeks before he died, and the result was a masterpiece of military strategy and forthright honesty on the frailty of even the best of heroes. More than 300,000 copies were sold, making it one of the bestsellers of the 19th century. His family eventually received royalties of more than $500,000.
Estimated Value $6,000 - 8,000.
|
| |
| Realized $4,485 |
