Money fair showcases rare coins and bills

Associated Press

BOSTON

In an economic downturn, it might be tough to get your head around this: rare sheets of $100,000 bills, fabulous gold treasures dating back to the California Gold Rush era, rare coins including those tied to the first stirrings for America’s independence and federal government securities worth more than a billion dollars.

That’s the backdrop of the country’s premier money show, the World’s Fair of Money, which has brought about 1,000 coin dealers and hundreds of collectors to Boston, seeking to tap into the surprising resilience of the coin industry.

Taking place in a sprawling hall monitored by armed uniformed and undercover police officers, federal agents, private security contractors, electronic surveillance equipment and vigilant participants, the fair features seldom-seen gold treasurers brought from the Smithsonian Institution’s vaults including America’s first $20 gold coin — valued by independent experts at $15 million today — and its last $20 coin.

It also includes sheets of America’s largest- denomination currency, the $100,000 bill, which is said to be worth about $1.6 million today. The gold certificate note, which bears President Woodrow Wilson’s portrait, was used only for official transactions between Federal Reserve Banks. It cannot be held legally by currency-note collectors.

“The reaction from kids to grandparents is universally the same: ‘Wow, that’s a lot of money.’ So, they wouldn’t mind having it,” Kevin Brown, manager in the marketing division of the U.S. Treasury Department’s Bureau of Engraving and Printing, said.

There even was some free money at the show after the Bureau of Engraving and Printing handed out $150 bills to some children as souvenirs — thoroughly shredded and packed into tiny plastic bags.

The show, which ends Saturday, includes a comprehensive collection of U.S. paper money that never before has been exhibited.

Greg Rohan, president of Dallas-based Heritage Auction Galleries, said his company expects to raise $40 million dollars at its auction at the money fair. During the five-day show, more than $100 million will trade hands, he said.