Antique World Currency Collection - FDIC as Receiver for High Desert State Bank

This was not a routine receivership sale. It was a high-stakes opportunity to engineer a global market for a once-in-a-generation numismatic collection.

FDIC Receivership | Specialty Numismatic Assets | $470,806 in Proceeds

Rare assets require rare strategy. When a failed bank’s extraordinary world currency collection needed liquidation, the solution demanded national reach and specialized execution.

This was not a routine receivership sale. It was a high-stakes opportunity to engineer a global market for a once-in-a-generation numismatic collection.

The Challenge

When High Desert State Bank failed in June 2010, the FDIC Receivership assumed control of an extraordinary asset: a 241-piece collection of antique world currency and rare negotiable instruments assembled by former bank president Doug Lutz.

These were highly specialized numismatic assets with global collector appeal. The challenge wasn’t simply selling them — it was determining how to place them directly in front of serious collectors, institutional buyers, and international currency specialists.

A traditional regional auction would have limited exposure and risked leaving value on the table.

We needed to think beyond conventional liquidation methods.

The Strategy

After consulting with industry experts and evaluating the collector marketplace, we identified a powerful opportunity:

The American Numismatic Association’s “World’s Fair of Money” — the premier annual convention for serious coin and currency collectors worldwide.

In 2010, it was being held in Boston, Massachusetts.

Rather than market around the event, we built the auction into it.

Our strategy:

Launch a timed online auction weeks in advance
Build anticipation nationally and internationally
Secure booth space inside the convention
Showcase the collection live to attending collectors
Coordinate the auction closing during the Fair

This approach concentrated demand at the precise moment the most qualified buyers in the world were gathered in one place.

Execution

Worley Auctioneers became a member of the American Numismatic Association and secured exhibit space inside the Boston convention center.

We:

Rented professional display cases to highlight the rare notes
Produced a detailed and research-driven online catalog
Launched targeted digital campaigns across Facebook and YouTube
Placed strategic print advertising in numismatic publications
Promoted directly to known currency dealers and institutional buyers

As the World’s Fair of Money began, momentum accelerated.

Collectors visited our booth. Dealers began discussing the offering. Word spread organically across the convention floor.

Then a pivotal moment occurred.

A representative from PMG (Paper Money Guaranty) — one of the most respected grading authorities in the industry — approached us with a critical recommendation:

Professional third-party grading could significantly enhance value and buyer confidence. The decision required an immediate $8,000 investment and an overnight turnaround. We made the call.

The collection was expedited through PMG for last-minute grading, and the newly certified grades were updated in the online catalog in real time. The response was immediate and measurable.

The Results

The strategy created a globally competitive bidding environment:

39 highly qualified bidders
Participation from 12 U.S. states and 7 countries
International buyers from:
- Canada
- Germany
- Malaysia
- Norway
- The Philippines
- Singapore
- The United Kingdom

With live-event momentum, third-party grading credentials, and a synchronized auction close, bidding intensified well beyond expectations.

Gross Auction Proceeds: $470,806

The FDIC Receivership achieved a fully compliant and highly successful liquidation of these rare specialty assets — with maximum exposure and global reach.