Bananas anyone?

[brandm24]

This is really an interesting banknote that I came across while researching on the internet. It's scheduled to be auctioned off by Heritage in January so it made mention in the GreySheet.

The $20 note was printed with a Del Monte sticker covering part of the design. Heritage catalogers explained it this way.

            United States paper money is essentially printed in three stages: the first printing is the back of the note,
            the second printing provides the face devices, and the final printing includes both seals and the serial numbers.
            When this note was printed at the Fort Worth Western Currency Facility, it went through the first and second
            printings normally before the Del Monte sticker found its way onto the surface. The sticker's placement is ideal,
            as it covers part of the second printing details and is overlaid by part of the Treasury Seal and the right serial
            number from the third printing.

The note first came to light in 2004 as part of an ATM withdrawal made by an Ohio college student. Shortly after, he auctioned it off on eBay and realized $10,000. While a tidy return on a $20 investment, the bill had almost zero exposure to the collecting fraternity at the time. I would imagine it will draw much more than that when auctioned this time as the "Del Monte Note" is now well known to collectors. I'll keep track of it and post the hammer price here.

Bruce

[CannedMeat]

The placement and orientation are too good to expect it to be a random event. Someone almost certainly placed the sticker intentionally (and then probably failed to retrieve the note later and it was released into circulation).

[Figleaf]

With some difficulty, I am refraining from banana republic jokes.

the Del Monte sticker found its way onto the surface

That's the key phrase. The scenario is easy to construct. A bored worker at the printing facility was carrying a banana. Having nothing more exciting to do, he or she peeled off the sticker that fruit companies feel obliged to put on fruit, today even including apples and pears. Having finished his none too arduous self-imposed assignment, the worker stuck it on one of the sheets rolling by. Since the place where the serial number was going to be was obvious already, he or she put it there, which opens the possibility that it was a "test" to see if the final printer would accept the sticker. Imagine the eyes of our diligent government employee going back to infinity as the note was printed without a hitch. Not even the thought of self-enrichment entered the brain set to zero.

Here's an anecdote to indicate what I think of paying $10 000 for this concoction. At meetings, in particular in France, one often finds a small bottle of mineral water on the tables. As speakers droned on, I would - in full view of other attendees - peel off the bottle's label and put it back upside down. As nobody ever noticed, I'd sometimes accost my meeting neighbour and mumble something about an error. At best, I'd get something like "strange" out of them. Nobody ever said anything like "I wonder what that is worth." Collectors are bizarre.

Peter

[brandm24]

The placement and orientation are too good to expect it to be a random event. Someone almost certainly placed the sticker intentionally (and then probably failed to retrieve the note later and it was released into circulation).

It was probably put there intentionally, but the worker probably had no thought of finding it later. These notes are printed on large sheets in huge quantities so he probably wouldn't have found it anyway. The fun thing about it is that we'll probably never know the truth.

Bruce

[brandm24]

No, go ahead and let the banana republic jokes fly, Peter.

I just had an interesting thought ...Yes, I have them occasionally. Maybe the Bureau of Printing and Engraving was looking for sponsors to help with the high cost of printing. Del Monte probably thought it was a good deal, but little did they know that the deal was for only one sticker.

Bruce

[Figleaf]

Do you mean that in the US, civil servants are better at deal making than fruit conglomerates? Mmm. Maybe Trump is onto something after all with these election officials

Peter

[brandm24]

Well, it all depends on how much money changes hands and whos hands get it. Winners and losers can be negotiated.

Bruce

[brandm24]

Here's an anecdote to indicate what I think of paying $10 000 for this concoction. At meetings, in particular in France, one often finds a small bottle of mineral water on the tables. As speakers droned on, I would - in full view of other attendees - peel off the bottle's label and put it back upside down. As nobody ever noticed, I'd sometimes accost my meeting neighbour and mumble something about an error. At best, I'd get something like "strange" out of them. Nobody ever said anything like "I wonder what what it's worth." Collectors are bizarre.

Peter

This goes beyond bizarre, Peter. I just went back to see what the note sold for and was left numb with disbelief. $400,000 YES, $400,000. I reread the article several times just to be sure it wasn't something from a Saturday Night Live skit.  https://www.9news.com/article/news/weird/error-banknote-del-monte-sticker-auction/507-bcc75914-4565-4f57-aca8-a1fdb6fefce4

Bruce

[Elak]

The fabulous Del Monte Note!
I think this note caught the imagination of people with deep pockets when it came up. As an error, it is essentially unique.

The price takes it out of normal banknote collecting. I collect British Isles and US, most of my errors would weigh in at $50-$400, and some of them are pretty scarce in terms of error type.

Still, 400K is a good result, and nice publicity for our hobby

[Figleaf]

That's $400 000 less that will compete with my hunger for 8th century Semirechye coins. May all idiot money go the idiot way. If I weren't trying at least not to gain weight, I'd have a banana instead.

Peter

[brandm24]

What are your thoughts on the Del Monte Note, Elak? Do you think there's any possibility that it's a true "error" and not a manufactured one . I do like it though but not for 400k.

Bruce

[Elak]

I think the Del Monte note is a true error. It is a one-off, imho. The next instance of an error note with a sticker on it will be very suspect indeed!

I am not sure at what point it was graded, I would have to look up the original references to it, but if it was after its initial sale on ebay, then PMG would have had a very close look at it prior to authentication, as it was at least a 10k at that point.

Banknote errors with areas of missing print due to a foreign body being present when being printed are relatively common - I have a few in my collection. What is uncommon, in my experience, is the foreign body happening to bear adhesive and becoming permanently attached to the note. This is the only one I have seen.

Considering the amount that the note sold for, and the resources that professional forgers of currency have, if forgers chose to turn their attention to forging an error like this, they would be able to do a good job of it. This has happened with rare coins, as we all know.

[brandm24]

Thanks for your comments, Elak. I've always felt that it was a legitimate error too. Apparently, the grading service and collectors/bidders agree.

Bruce