In terms of overall survivors, the Fr. 265 is the rarest of any $5 Silver Certificate to be issued under the Series of 1886. This was the last Friedberg Number to represent the Series of 1886 before the Series of 1891 was introduced in the early 1890s with a revised back design. The last printings for this series occurred during fiscal year 1892 and continued through the first half of 1892. In a numismatic context, this Friedberg Number is seldom encountered at auction in the present. Going back to at least 2015 roughly a dozen offerings can be traced across multiple venues while we havent offered an example since our August 2021 ANA Auction where an example (Lot 20220) realized $1,680. That specimen by comparison was graded at a significantly lower grade than the present offering and showed signs of extensive circulation. This example is by far its better in terms of both eye appeal and technical quality and should rightly represent this popular design better than a generic Fr. 261 or Fr. 263 that has seen a similar level of circulation.From the Hararn Family Collection.
