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    Rare Fr. 197a $20 One-Year 5% Interest Bearing Note
    Dynamic Engraved Civil War Vignettes

    Fr. 197a $20 Act of March 3, 1863 One-Year 5% Interest Bearing Note Hessler X137B. PMG Very Fine 25.
    There are several Interest Bearing Note issues with various terms and interest rates. This second smallest-denomination one-year 5% interest note readily circulated as legal tender, and most known examples exhibit significant commercial use. Like all the interest bearing note types, attractively designed with dynamic layouts showing relevant Civil War-era vignettes. There are 26 examples currently enumerated on Track & Price, mostly in lower grades.

    Engraved and printed with the Treasury Department imprint at the bottom. An intricate frame with upper corner "20" denomination dies contains the designs. At top center are swirling Gothic titles and the partial obligation. At the left side, the seated female allegorical Victory, with hair blowing in the breeze, holds a laurel crown. At bottom center, just above the act date, is Mortar Firing, engraved by James Smillie. The right end shows a small vignette of Henry Gugler's Lincoln portrait. Across the center is a green guilloche using National Bank Note Co. patents. In red are the treasury seal at upper right, serial number at lower left, and the stamped (issue) date at lower right. In the lower corners, the motto GOD AND OUR RIGHT is at the left and IN GOD IS OUR TRUST is at the right. Engraved Chittenden and Spinner signatures are at the bottom. The dazzling green horizontal "diamond" back has the "Legal Tender" obligation at the top and "Counterfeiting" clause below.

    Plate position D and showing the red stamped March 30, 1864, date. This circulated note has soiling on both sides, but still retains excellent green colors. PMG cites some "Restoration" work, and designates the note as "Trimmed," at the left and top into the bordering and the legal tender clause, respectively. The right and bottom margins are razor close. Mike acquired this note in 1992 from a Dean Oakes catalog, and it is offered certified for the first time. This exciting type is consistently well received at auction in all grades. Mike's example represents the One-Year 5% issue ably and presents an excellent opportunity.
    From The Mike Coltrane Collection.




    Auction Info

    Auction Dates
    June, 2021
    24th-25th Thursday-Friday
    Bids + Registered Phone Bidders: 22
    Lot Tracking Activity: N/A
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