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    Very Rare and Important Fr. 193b $100 Compound Interest Treasury Note
    The Original Friedberg Plate Note

    Fr. 193b $100 Act of June 30, 1864 Three-Year 6% Compound Interest Treasury Note. Hessler X140D. PMG Very Fine 20.
    It is not surprising that this highest denomination $100 Compound Interest Treasury Note is very rare. Most were redeemed for their principal and maximum interest payment primarily by institutional subscribers. However, the infrequency of appearances over the past three decades indicates an extremely rare Friedberg number. This was the original, first edition Friedberg plate note and onward through all the black and white printed editions. Mike acquired this rarity privately in 2008 and it has no auction records listed on Track & Price. It is listed among the 12 notes on their census.

    Like other Compound Interest Treasury Notes, printed by the Treasury Department from plates engraved using some American Bank Note Co. New York dies. An intricate frame with small "C" dies alternating with "US" and upper corner "100" denomination dies contains the designs. Across the center, the straight title and partial obligation are bisected by the Lansdowne Portrait of George Washington (adapted from the original painting by Gilbert Stuart and engraved by Owen G. Hanks). At the lower left is Guardian, an allegorical scene with a woman protecting the flag. At lower right is the well-known vignette, Justice and Shield, engraved by Charles Burt (as also used on Third Issue Fractional Currency). In red at the upper right are the treasury department seal, serial number, and stamped (issue) date. The bronzed 100 / COMPOUND INTEREST / TREASURY NOTE overprinting is across the center, with the "100" adjacent to the "100" die at top left. Engraved Colby and Spinner signatures are at the bottom. On the ornate green back are outlined "100" protectors within intricate lathework and a cartouche with the interest payable table for the denomination in the center. The maximum payable at three years is listed as "119.40."

    This plate position B note has a red stamped May 15, 1865, issue date. Very pleasing on both sides, it has crisp printing and colors that are still vivid despite circulation. Face bronzing is bright and not oxidized as commonly seen, and the back is an attractive green. The note is well framed on the sides and bottom, but trimmed slightly inward along the top bordering. PMG notes "Restoration," but that was accomplished discreetly and is hard to find without scrutiny. This is the second finest known example following the Joel Anderson Collection note sold at the SBG 2018 ANA sale for $180,000 (PCGS Extremely Fine). Essentially a new note to the market. Friedberg 193b public offerings are infrequent and, more often than not, many years apart. Prior to the 2018 sale appearance, the last auctioned example realized $41,400 in September 2006 (Uncertified Fine with restoration). In this grade, certainly worthy of approaching or exceeding six figures. A key opportunity to acquire this great rarity from the Coltrane Collection.
    From The Mike Coltrane Collection.




    Auction Info

    Auction Dates
    June, 2021
    24th-25th Thursday-Friday
    Bids + Registered Phone Bidders: 19
    Lot Tracking Activity: N/A
    Page Views: 887

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