APPRAISER: It's fairly clear from this picture that you've brought in a Theodore Roosevelt document, and I see the signature down here, clear as can be. Could you tell me how you acquired it?

GUEST: Sure, this is actually, it's my husband's piece, and he's quite a history buff and particularly interested in Theodore Roosevelt. It was most difficult to find documents from the time that he was with the police department in New York.

APPRAISER: Yes, of course. And when did he acquire this, your husband?

GUEST: Just within the last couple years.

APPRAISER: In the last couple of years, yes. The thing that I find so interesting about it is that it shows Roosevelt's keen eye for revising a letter. It's a draft, as you know. It's a draft for his resignation. Apparently-- your husband would know better than I-- but his term as the head of the police commission was kind of rocky because of all the corruption in New York and everything else. And so his letter of resignation sort of demonstrates what a perfectionist Roosevelt was. And you come across some of his handwriting. He describes here that he's been "hampered by unwise legislation," and he inserts it, "so-called bipartisan law." So he's including the mayor in his, if you will, resignation speech and perhaps, saying to the mayor, that it's not all... it's not all my fault. He says it's the law's fault. He says here, "Experience has been working with all," and then he adds in, "the rich and the poor" to show his democratic nature, if you will. Although he was a Republican. This little reproduction in color has nothing to do with the value of the letter, but by itself it's worth less than $50. Have you any idea of the value? Did your husband impart the value to you?

GUEST: You know, he wouldn't tell me what he paid for it, but he did say that he probably paid too much.

APPRAISER: Do you know where he got it?

GUEST: He apparently had gotten it from a gentleman who this was in his family.

APPRAISER: He didn't buy it from a retail store?

GUEST: No.

APPRAISER: No. Well, in auction values, I would say that it is in the neighborhood of $25,000 as an auction estimate. Roosevelt has been fairly sought after in recent years, and this is a particularly important part of his political career.

GUEST: Very good.