CAINE COLLECTION OF FEDERAL PROOFS AND ESSAYS

Welcome to Part 1 of the Caine Collection of federal currency proof notes, an unprecedented offering. Such proofs, also called essays, represent the evolution of designs thatin most instances were used in this form or modified to create regular series, from those of 1861 onward in the large-size series, continuing into the post-1928 small size.

The proofs range from full face and reverse impressions in full color, some with 000000 serial numbers, to design elements such as portraits and counters.

In the world of collecting paper money, proofs are the rarest of the rare. Even the most available proof issue in the Caine Collection is a rarity in an absolute sense. Manyare absolutely unique and others are one of just two or three known.

In their time, proofs were mostly used internally within the Treasury Department currency office in the Treasury Building in Washington, later in the separate Bureau ofEngraving and Printing facility. An exception to the internal-use rule was made in 1862 when Secretary of the Treasury Salmon P. Chase sent a large number of proofs to AlexandreVattemare in Paris, the details of which are related in the story of Vattemare given in the present catalog.

Other proofs passed to the engravers and artists, to Treasury officials, and others whose families eventually placed them into the hands of numismatists. In our recent Augustsale of Part II of the Joel R. Anderson Collection we showcased a regular-issue $50 "Technicolor" Gold Certificate that had been given to President Theodore Roosevelt. In thesister field of stamp collecting, the personal collection of President Franklin D. Roosevelt, including stamps made to his order, were sold on the open market. The provenances ofmost proof notes were never recorded, and thus much fascinating information has been lost. We do have, however, many auction and other sale records from recent decades.

Among the highlights of proofs in the Caine Collection are full plate impressions as well as design elements from the famous "Educational Note" series of the 1890s, mostfamously from 1896, but with some proofs bearing other dates from 1891 to 1897. Many of these came from the remarkable collection of Harry W. Bass, Jr. that we cataloged and soldin 2011, never thinking that we would handle these treasures again.

In creating this listing I worked from an initial file created by Matt Quinn, in many instances taking from some of the descriptions we did years ago, such as for the BassCollection notes. Others were new to Matt and me and involved new research and exploration. I particularly enjoyed writing about Alexandre Vattemare and might even do a book onhim someday!

The term "rarest of the rare" is often used in our catalogs, especially when famous coins or rare varieties are offered. Most such coins are expensive, say over the $100,000line. Not so with the Caine Collection proofs. "Rarest of the rare" applies to many that we estimate in just four figures. Opportunity is also applicable. I never know when ararity or unique item will pass through our hands again, but many are off the market for generations. Just about any proof in the Caine Collection is sufficiently rare that adecade or generation can pass between offerings. Accordingly, opportunity is at your fingertips now, but may not be in the future.

We are delighted and honored to present the Caine Collection-not even closely approached by any other collection of federal proof notes ever to cross the block.

To read the complete article, see:
The Caine Collection: Federal Proofs and Essays • Part I(http://www.stacksbowers.com/News/Pages/Blogs.aspx?ArticleID=3119)