Fr. 1232 Milton 2R5.1i 5¢ Second Issue Treasury Rectangle Choice New. Treasury Rectangles have been an important item in Fractional Currency collecting ever since they were first noticed by collectors, which was shortly after the end of the circulating period. There are two different accounts of the original of these Treasury Rectangles. Milt Friedberg has located a document from the Third Session of the Fortieth Congress, where in testimony a Mr. William Coleman testified that he and a Mr. Drummer counted the blank banknote paper before it was printed and stamped it with a little stamp consisting of a rectangle with "Treas Dpt.," inscribed on it. This rectangle was stamped on the corner of the sheet to indicate that it had been counted. A second version relies on the research of Martin Gengerke. That version is that Congress, having become concerned with counterfeiting, ordered the Treasury Department to print notes on distinctive paper. The Treasury Department circumvented Congress's orders by stamping each sheet "Treas Dpt.," thereby making the regular banknote paper distinctive, instead of having to go back to the drawing board and print Experimental notes on various forms of paper, a process which had already been done, and during which Treasury Department officials never found a satisfactory substitute for the regular banknote paper. Several different sizes and shapes of Treasury Department rectangles are known, and it's possible, perhaps even likely, that both of these accounts are correct. In either case, the rectangle was at the very edge sheet, and it was intended to be trimmed off, accounting for their extreme rarity.

    The Five Cent denomination is the second scarcest on which to find these Treasury Department bronze rectangles. On this note, it is located at the upper-left corner of the back. About half the rectangle appears along with the bottoms of all the letters. What is present is bold and bright. At the time of issue of Milt Friedberg's massive Encyclopedia of Fractional Currency, no Five Cent Treasury Rectangle had been discovered. Currently, there are about fifteen 25¢ notes, ten 10¢ notes, six 5¢ notes and to our best knowledge no 50¢ is known. This is a beautiful note that is a pure Gem save for its centering.

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    Auction Dates
    May, 2005
    5th-7th Thursday-Saturday
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