This isn't just any old $5 bill. A collector paid almost $247,000 for the rare, century-old note.

The 1905 bill from the First National Bank of Fairbanks, Alaska, sold at a Thursday auction by Dallas-based Heritage Auctions.

Heritage spokesman Dustin Johnston declined to name the buyer, saying only that the bill's new owner lives in the lower 48.

The bill was presented in 1905 to Vice President Charles W. Fairbanks, the namesake of the Alaska city and Theodore Roosevelt's No. 2.

The bill has been in the family's possession since. Charles W. Fairbanks IV of California, the vice president's grandson, recently decided to auction it.

To read the complete article, see:Century-old $5 Alaska bill sells for nearly $247,000(www.newsminer.com/view/full_story/20577292/article-Century
-old--5-Alaska-bill-sells-for-nearly--247-000-?instance=home_lead_story)

Jess Lipka was exhilarated at the chance of owning the rare $5 bill, even though his winning bid of nearly $247,000 terrified him.

"It's a lot of money," the Old Flemington, N.J., man said Tuesday. "I have to move around a lot of things and figure out how to cover it."

But he was determined to have the century-old note issued through the First National Bank of Fairbanks. Thus his steep bid at an auction by Dallas-based Heritage Auctions last week at the American Numismatic Association National Money Show.

Lipka, 51, is a coin and currency dealer, but he said the 1905 bill is for his private collection of old national bank notes of a category known as Serial No. 1 red seals. The note represents one of the few states missing from his cache, said Lipka, who has collected national bank notes for most of his life.

Lipka's bid was the most he's ever paid at auction, he said. But now he has the note he first heard about more than 20 years ago.

"It's a great privilege, one of the highest privileges I've ever had, to own a great piece of Alaskan history," he said.

The proceeds for the sale will go toward ongoing restoration work of the historical Fairbanks House in Dedham, Mass, according to the great-grandson. The house, open to public tours, was built in the 1600s and is believed to be the oldest standing timber house in North America, according to the Fairbanks House website.

Fairbanks, 67, said he met Lipka at the Dallas auction and was glad to see him become the new owner of what was long a family heirloom. There's no doubt Lipka knows his currency, Fairbanks said.

To read the complete article, see:N.J. man adds rare $5 Alaska bill to collection(www.newsminer.com/view/full_story/20588092/article-N-J--man-adds-rare--5-Alaska-bill-to-collection-)

Dick adds:

To read the earlier E-Sylum article, see:ALASKA NATIONAL BANK NOTE MAKES HEADLINES(www.coinbooks.org/esylum_v15n42a22.html)