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Fr. 192b $50 Act of June 30, 1864 Three-Year 5% Compound Interest Treasury Note. Hessler X140C. PMG Very Fine 30.. ...
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Description
Very Rare Fr. 192b $50 Compound Interest Treasury Note
One of the Finest Known
Fr. 192b $50 Act of June 30, 1864 Three-Year 5% Compound
Interest Treasury Note. Hessler X140C. PMG Very Fine 30.A very rare and beautiful high-denomination Compound Interest Treasury Note. This is one of several great highlights from The Mike Coltrane Collection cataloged in this sale. Notes from this issue are very distinctive, and all denominations feature a special under-printing on the face to differentiate them from the similarly engraved Interest Bearing Notes that preceded them. There are only 18 examples of the type listed on Track & Price. Four of those are held by institutions and not available to collectors. This is one of the finest known in private hands.
Compound Interest Treasury Notes and other Civil War-period interest bearing notes were "Legal Tender," as engraved on the notes, and circulated as needed. Slightly larger in size, they were similarly styled to contemporary Demand and Legal Tender Notes also in circulation. Compound Interest Treasury Notes are listed before the Interest Bearing Notes in Friedberg although they were issued after most of those issues. This series was sometimes used to redeem shorter term prior issues. Compound Interest Treasury Notes were authorized by the Act of June 30, 1864 (with their funding included in the Act of March 3, 1863), paid 6% interest "Compounded semi-annually" as engraved on the face from its stamped red date (date of issue), and interest accrued for a maximum of three years. Because of the interest rate term, the majority were redeemed by 1868 (when the last notes issued were due). The survival of all Compound Interest Treasury Notes, especially in high denominations, is understandably limited.
An artistic design, printed at the Treasury Department, but with some vignettes and dies originally engraved at the American Bank Note Company (both vignettes from the Fr. 198 face are used on this type). Within the intricate frame around the perimeter, allegorical Loyalty, engraved by Charles Burt, stands at the left with her right hand resting on the Bible under which the Constitution peeks out; Alexander Hamilton, engraved by Owen G. Hanks, is at lower right. The Legal Tender clause is within the top border. Under-printed (using bronzing powder applied to the paper sheet prior to its receiving the black ink intaglio printing) with"50" at upper left and "COMPOUND INTEREST / TREASURY NOTE" across the center under the obligation, with the engraved "FIFTY DOLLARS" in the center. The engraved Colby and Spinner signatures are at the bottom. The red treasury department seal and serial number are at the right side; the red stamped (issue) date is at the upper right. On the ornate green back are "50" outlined protectors flanking a cartouche with the interest payable table for the denomination. Maximum payable at three years is listed as "59.70.3" ($59.70, 3 mills).
Mike acquired this important note from our August 2016 ANA Platinum sale (lot 18027) where it realized $129,250. At that time, it was a newly discovered example and not in the census. In our January 2014 FUN Signature Auction we sold a PCGS Very Fine 30 piece that brought $141,000. The present plate position C with the red stamped May 15, 1865, date is an exceptionally well detailed example on bright paper. The face under-printing is lightly oxidized to a subtle greenish hue as commonly encountered on the issue. The green back is bold. PMG notes "Minor Restoration" which is difficult to see. This is a seldom-encountered high-denomination Friedberg type. We have handled very few, and often those appearances were spaced several years apart. A key opportunity to bid upon this classic "middle-of-the-book" rarity.
From The Mike Coltrane Collection.
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Auction Info
2020 November 4 - 5 The Mike Coltrane Collection Part 1 Currency Signature Auction - Dallas #3575 (go to Auction Home page)
Auction Dates
November, 2020
4th-5th
Wednesday-Thursday
Bids + Registered Phone Bidders: 18
Lot Tracking Activity: N/A
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