Fr. 2054-Klgs*. 1934 $20 Light Green Seal Federal Reserve Star Note. Dallas. PMG Choice Uncirculated 63 EPQ. Serial Number 1.A monumental offering worthy of a museum or a collection composed by numismatic luminaries such as Grinnell, Carter, Bebee or Anderson. This note is not just another a $20 Federal Reserve Note or another Replacement offered from a common bank, but rather a trifecta of remarkable traits that combine to create a remarkable rarity. An exquisite Light Green overprint cuts an uncommon contrast foreign to later Federal Reserve Notes while the star visible at the end of the serial number which denotes this note as a Replacement are but two factors which by themselves would already account for a remarkable note. The third factor is the pièce de résistance in the calculus of rarity. Featuring a serial number of K00000001* the picture becomes immediately clear and does well to demonstrate why this note was first saved over eight decades ago by William Philpott Jr. who was the long-time head of the Texas Bankers Association. Philpotts legacy in the field of paper money is particularly apparent and can be attested to by the expansive Philpott-Moody Foundation holdings and the Fr. 831 Series of 1918 $50 Federal Reserve Bank Note which through the direct intervention of Mr. Philpott, a sizable number of high grade examples managed to survive for the benefit of collectors. Later acquired by Peter Huntoon in the 1960s, this note would remain part of Huntoons collection until recently when it was purchased by the consigner who became only the third person to own this note in over 80 years. Comparable notes are seldom offered if at all with just three Serial Number 1 Light Green Seal Replacements known to collectors. The last time any of these pieces were offered publicly was all the way back in 2013 when we sold the Fr. 2152-D* for $88,125 as part of the August 2013 Chicago Sale (Lot 3457). Compared to the Fr. 2152-D*, this piece is nonetheless representative of a different grade, but like its fellow counterparts is nothing short of a magnificent rarity of exceptional eye appeal. Printed on cream-white paper stock, the Treasury overprint is nicely embossed and cuts a remarkable figure endemic only to that ink shade. The engraved elements of the design are likewise superb and reflect a strong impression of uncommon quality. By like association the portrait of Senator (later President) Andrew Jackson adapted from the 1824 portrait done by Thomas Sully does well to demonstrate the remarkable abilities of the Bureau of Engraving & Printings engraving staff. Truly an exceptional piece where more can be said in the way of words to describe it, the truth remains constant, and this piece stands among a league of its own in terms of quality and rarity where it stands destined to become a focal point among a great collection of small size notes. Indeed, it is with great pleasure that we offer a numismatic item of a caliber that can only be had with a bid that suitably reflects the remarkable rarity of this item which is sure to be held tight within the next collection it may soon elevate into elite company.<p><p>