In 2011, a couple bought a box of textbooks for $10. Inside, they found a 25-cent bill signed by the president of the Republic of Texas, Sam Houston, and subsequently sold it for $63,250.
A $10 Book Lot Hid a $63,250 Treasure from 1843 Texas
Sometimes the most extraordinary treasures hide in the most mundane places. In 2011, someone purchased a box of old textbooks at a public auction for just $10. Tucked between the pages of one book was a small piece of paper that would soon sell for over $63,000.
The discovery was an 1843 Republic of Texas 25¢ Exchequer note—one of the rarest pieces of American currency in existence. Dated May 1, 1843, and bearing the signature of Sam Houston (then serving his second term as President of the Republic of Texas), this humble quarter-dollar bill became a numismatic sensation.
The Holy Grail of Texas Currency
Republic of Texas Exchequer notes are considered the "holy grail" of Texas obsolete currency among collectors. These bills were issued between 1842-1845, during the final years before Texas joined the United States. What makes them extraordinarily rare is that they were actually backed by gold—a rarity for Republic of Texas currency—and the government systematically destroyed them when redeemed.
Current estimates suggest only 20-25 Exchequer notes survive in all denominations combined, scattered across public and private collections worldwide. The 25¢ denomination is particularly scarce, making this textbook discovery all the more remarkable.
Sam Houston's Signature (Sort Of)
While the note bears Sam Houston's signature as President, there's an interesting asterisk to this story. Houston's personal secretary, Washington D. Miller, actually signed the small denomination notes on his behalf. On larger bills ($5 and above), Houston's signature was lithographed. Still, Miller's hand-signed notes on Houston's authority carry tremendous historical weight—this was official Republic of Texas currency, after all.
The note also features the signature of James B. Shaw, who served as Secretary of the Treasury. Together, these signatures authenticated what was essentially the last paper money the Republic of Texas would ever issue.
From Textbook to Treasure
On January 6-11, 2011, the note went up for auction at Heritage Auctions' Tampa FUN Currency Auction. The auction house couldn't contain its excitement about the provenance story. As one director put it: "It's one of those great stories about found money, literally, that shows up out of nowhere."
The final hammer price? $63,250 (including the 15% buyer's premium). That's a 632,400% return on investment for the lucky buyer who paid $10 for that box of books. Not bad for cleaning out someone's estate sale.
Why So Valuable?
Several factors contributed to the stratospheric price:
- Extreme rarity: Fewer than 25 known examples exist across all denominations
- Historical significance: Represents the final currency of an independent nation
- Condition: The note survived in collectible condition despite being 168 years old
- Provenance story: The dramatic discovery added collector appeal
- Sam Houston connection: Even proxy-signed, Houston's name carries weight
Republic of Texas currency represents a unique moment in American history—a ten-year period when Texas operated as an independent nation. Sam Houston's tight-fisted fiscal conservatism meant these Exchequer notes were carefully controlled, which ironically made them incredibly valuable to future collectors precisely because so few survived.
The moral of the story? Never assume that box of musty old books is worthless. History has a funny way of hiding in plain sight, sometimes tucked between chapters on algebra or Victorian poetry, waiting for someone to turn the right page.