Fr. 1279. 25 Cents. First Issue. PMG Choice About Uncirculated 58 EPQ. This 25 cent note is part of a three-denomination set that was first brought to the market by Lester Merkin in the 1970s. That set of three was last sold intact back in the 2005 OMara sale. The perforations are smaller and closer together than are seen on the typical perforated First Issue fractionals. No one can adequately prove or disprove that these notes were printed by the federal government, much in the same vein as the accepted Fr. 1310a notes. No matter how you slice it, this note is incredibly rare and desirable, both for its absolute rarity and its coolness factor. Quite possibly unique so far as anyone is aware.