2001 $1 SAN FRANCISCO PCGS 66PPQ TOM FLYNN POP 1/2

2001 $1 SAN FRANCISCO PCGS 66PPQ TOM FLYNN POP 1/2

Start price	1.0 USD
Current price	11.5 USD
Start time	06/21/2008
End time	06/28/2008
Bid count	18
See more about 2001 $1 SAN FRANCISCO PCGS 66PPQ TOM FLYNN POP 1/2

A monster sleeper rarity from an issue that may be a modern sleeper. If this were any issue of coin in a PCGS certification, this ultra rarity would fetch over $50,000. We live in exciting times when monsters like this might be bought for petty cash.    back image at http://i16.photobucket.com/albums/b41/08822/Jun1734.jpg Federal Reserve Note A Federal Reserve Note (FRNs or ferns, not to be confused with "Federal Reserve Bank Note") is a type of banknote issued by the Federal Reserve System and is the only type of American banknotes that still circulates today. Federal Reserve Notes are fiat currency, with the words "this note is legal tender for all debts, public and private" printed on each bill. (See generally 31 U.S.C. § 5103.) They are issued by the Federal Reserve Banks and have replaced United States Notes, which were once issued by the Treasury Department. The paper that Federal Reserve Notes are printed on is made by the Crane Paper Company of Dalton, Massachusetts. The first institution with responsibilities of a central bank in the U.S. was the First Bank of the United States, chartered in 1791 by Alexander Hamilton. Its charter was not renewed in 1811. In 1816, the Second Bank of the United States was chartered; its charter was not renewed in 1836, after it became the object of a major attack by president Andrew Jackson. From 1837 to 1862, in the Free Banking Era there was no formal central bank. From 1862 to 1913, a system of national banks was instituted by the 1863 National Banking Act. A series of bank panics, in 1873, 1893, and 1907 provided strong demand for the creation of a centralized banking system. The first printed notes were Series 1914. The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the Treasury Department, Federal Reserve Notes carry the (engraved) signature of the Treasurer of the United States and the United States Secretary of the Treasury. Federal Reserve Notes are fiat currency, which means that the government is not obligated to give the holder of a note gold, silver, or any specific tangible commodity in exchange for the note. Before 1971, the notes were "backed" by gold: that is, the law provided that holders of Federal Reserve notes could exchange them on demand for a fixed amount of gold (though from 1934–1971 only foreign holders of the notes could exchange the notes on demand).[1] Since 1971, federal reserve notes have not been backed by any specific asset. While 12 U.S.C. § 411 states that "Federal Reserve Notes . . . shall be redeemed in lawful money on demand" this means only that Federal Reserve banks will exchange the notes on demand for new Federal Reserve notes. Thus today the notes are backed only by the "full faith and credit of the U.S. government"—the government's ability to levy taxes to pay its debts. In another sense, because the notes are legal tender, they are "backed" by all the goods and services in the economy; they have value because the public accepts them in exchange for valued goods and services. Intrinsically they are worth the value of their ink and paper components. Federal Reserve Notes are printed by the Bureau of Engraving and Printing (BEP), a bureau of the Department of the Treasury.[2] The Federal Reserve Banks pay the BEP only the cost of printing the notes (about 4¢ a note), but to circulate the note as new currency rather than merely replacing worn notes, they must pledge collateral for the face value, primarily in Federal securities. Federal Reserve notes, on average, remain in circulation for the following periods of time $1 21 months $5 16 months $10 18 months $20 24 months $50 55 months $100 89 months The Federal Reserve does not publish an average life span for the $2 bill. This is likely due to the fact that it is treated as a collector's item by the general public, and therefore is not subjected to normal circulation. In contrast, the Fed pays the United States Mint—another Treasury bureau—face value for coins, as coins are direct obligations of the Treasury. A commercial bank that maintains a reserve account with the Federal Reserve can obtain notes from the Federal Reserve Bank in its district whenever it wishes. The bank must pay for the notes in full, dollar for dollar, by debiting (drawing down) its reserve account. Smaller banks without a reserve account at the Federal Reserve can maintain their reserve accounts at larger "correspondent banks" which themselves maintain reserve accounts with the Federal Reserve. Despite the relatively late addition of color and other anti-counterfeiting features to U.S. currency, critics hold that it is still a straightforward matter to counterfeit these bills. They point out that the ability to reproduce color images is well within the capabilities of modern color printers, most of which are affordable to many consumers. These critics suggest that the Federal Reserve should incorporate holographic features, as are used in most other major currencies, such as the pound sterling, Canadian dollar and euro banknotes, which are more difficult and expensive to forge. Another robust technology, the polymer banknote, has been developed for the Australian dollar and adopted for the New Zealand dollar, Romanian leu, Thai baht, Papua New Guinea kina and other circulating, as well as commemorative, banknotes of a number of other countries. Polymer banknotes are a deterrent to the counterfeiter, as they are much more difficult and time consuming to reproduce. They are more secure, cleaner and more durable than paper notes. However, U.S. currency may not be as vulnerable as it is said to be. Two of the most critical anti-counterfeiting features of U.S. currency are the paper and the ink. The exact composition of the paper is confidential, as is the formula for the ink. The ink and paper combine to create a distinct texture, particularly as the currency is circulated. The paper and the ink alone have no effect on the value of the dollar until post print. These characteristics can be hard to duplicate without the proper equipment and materials. The differing sizes of other nations' banknotes are a security feature that eliminates one form of counterfeiting to which U.S. currency is prone: Counterfeiters can simply bleach the ink off a low-denomination note, typically a single dollar, and reprint it as a higher-value note, such as a $100 bill. To counter this, the U.S. government has included a vertical strip imprinted with denominational information, and has considered making lower-denomination notes slightly smaller than those of higher denomination. Current proposals suggest making the $1 and $5 bills an inch shorter in length and a half-inch shorter in height. Critics also note that U.S. bills are often hard to tell apart: they use very similar designs, they are printed in the same colors (until the 2003 banknotes), and they are all the same size. Advocates for the blind have argued that American paper currency design should use increasing sizes according to value and/or raised or indented features to make the currency more usable by the vision-impaired, since the denominations cannot currently be distinguished from one another non-visually. Use of Braille codes on currency is not considered a desirable solution because (1) these markings would only be useful to people who know how to read braille, and (2) one braille symbol can become confused with another if even one bump is rubbed off. Though some blind individuals say that they have no problems keeping track of their currency because they fold their bills in different ways or keep them in different places in their wallets, they nevertheless must rely on sighted people or currency-reading machines to determine the value of each bill before filing it away using the system of their choice. This means that no matter how organized they are, blind Americans still have to trust sighted people or machines each time they receive change for their purchases or each time they receive cash from their customers. Nor does this help blind or partially sighted tourists. By contrast, other major currencies, such as the pound sterling and euro, feature notes of differing sizes: the size of the note increases with the denomination and are printed in different colors. This is useful not only for the vision-impaired; they nearly eliminate the risk that, for example, someone might fail to notice a high-value note among low-value ones. Tourists also frequently encounter difficulties with U.S. money, as they are less familiar with the design cues that distinguish the various denominations. Multiple currency sizes were considered for U.S. currency, but makers of vending machines and change machines successfully argued that implementing such a wide range of sizes would greatly increase the cost and complexity of such machines. Similar arguments were unsuccessfully made in Europe prior to the introduction of multiple note sizes. Alongside the contrasting colors and increasing sizes, many other countries' currencies contain tactile features missing from U.S. banknotes to assist the blind. For example, Canadian banknotes have a series of raised dots (not Braille) in the upper right corner to indicate denomination. Mexican peso banknotes also have raised patterns of dashed lines.     Tom Flynn has been a familiar face to nearly everyone in the currency field for more than four decades. He started collecting United States currency in the mid-1960’s and expanded his collecting focus to include Canadian currency a few years later. Unlike most collectors of his day, who were content to collect by seal type or signature combination, Tom’s horizons were much wider, as he soon decided his goal would be to own an example of every United States note issued by Friedberg number and every Canadian note issued by Charlton number. While no collection can ever be complete, Tom pursued his dream with passion for more than four decades, with truly marvelous results.Comprising over one thousand notes encompassing nearly every Friedberg number from 1 through 1225, Tom’s large size note holdings include a plethora of rarities. A listing of highlights would be far too numerous to mention, however, the range of notes is spectacular, from a high grade $100 Watermelon pedigreed to the collection of Amon Carter, Jr., to a $50 National Gold Bank Note, which, by coincidence, was obtained directly from Amon over thirty years ago. Of special mention is Tom’s complete set of large size Federal Reserve Bank Notes by Friedberg number, the only complete set that has ever been assembled by any collector. Unlike many type note collectors, Tom also acquired National Bank Notes by Friedberg number. Included in his collection are a host of numbers that are simply never seen, with many coming from populations of under five or seven pieces.