 Russian-American Company. 25 Kopeck. Printed in black on thick, off-white parchment with very minor surface granularity. Very rich, creamy surfaces as properly diagnostic for this type in high grades and catalogued as such in Zander. The surfaces are essentially very smooth on both sides. 65mm by 56mm. The four corners are neatly and evenly clipped off as properly issued. This allowed the basically illiterate native population to identify the note compared to a 50 Kopeck (that had two corners clipped) The common face (as catalogued in the Clifford Sale) with a company seal using a double headed Imperial Russian eagle within an oval frame, legend in Russian translated UNDER THE HIGH PATRONAGE OF HIS IMPERIAL MAJESTY. The denomination in words below the seal, upright letters and tightly spaced as shown in Zander Fig.10a. The back (often considered the face by many) has a finely engraved oval protector with spiral details with the Russian legend translated NOTE IN AMERICA with the denomination '25 KOP' below. The serial number frame with 'No' is at the bottom of this oval, outlined white to allow the serial number to be written in. At the base is a shaded box with the authorized signature. No.17323. Not signed. Eighteen examples are recorded in the 1996 Zander monograph. Eight of those are in museums in Russia, Ireland and Helsinki. Reported in the census initially by Uhl as Private Collection.
The proximity of the serial number of this example and the Clifford note lends credence to the view that a small group was once saved for some purpose at the time of issue, perhaps as presentation examples. Once these notes got into use by the Native population, they became greasy, worn, bent with other circulation malfunctions to their eye appeal evidenced by the Capt. Fast/Riba Sale/Kaye/1993 Smythe Memphis Sale group. To our knowledge, this is the first time this Boyd example has appeared at public sale. He probably obtained it in the 1920's or 1930's from Chapman or Raymond. These notes were well regarded as ''odd and curious'' money and would be the kind of item Boyd would enjoy showing at numismatic club meetings.
An absolutely magnificent example, fully Choice About Uncirculated or perhaps it should be called ''Uncirculated'' if there is such a state for these notes. This example clearly did not circulate and is on par with the Clifford lot 347 (serial No.17346, a note that was not on the Uhl census, which was the best compilation at the time that sale was catalogued). There are no creases or severe bends. There is a petty dirt speck at the bottom of the face below the denomination. There are some wisps of toning on the perimeter that are scarcely worth noting. There is a clear erasure of some pencil at the bottom of the back below the serial block. The status of that erasure's date is unknown, but this exceptional example has been in the Ford Collection since 1965. Clearly in the highest end of the Condition Census for the denomination and the entire series. This is the finest grade ''Walrus Skin'' note to be offered at public auction in two decades. A classic example of historical American related currency and virtually unduplicatable. Worthy of a runaway realization in our opinion.
Ex F.C.C. Boyd Estate.
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