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    Description

    Finer of Two Known - An Extraordinary Rarity in Extraordinary Grade

    Fr. 193 $100 1863 Compound Interest Treasury Note PMG Very Fine 30 EPQ.
    Compound Interest Treasury Notes were authorized under the Acts of March 3, 1863 and June 30, 1864. These acts authorized the Treasury Department to issue notes which, for a period of three years, bore interest at a rate of six percent which was compounded twice per year. Notes were issued in denominations of $20, $50, $100, $500 and $1000, with examples of two highest denominations remaining unknown today. Just over 500,000 of the $100 denomination were issued, but, due to the precarious state of the Federal Government's finances and the limited duration of the promised interest payments, nearly all were speedily redeemed. The Treasury's latest calculation in 1944 revealed only 300 examples still outstanding, and only fifteen specimens are known today covering all three Friedberg numbers for this denomination. This example is one of only two Fr. 193's extant, and by far the better of the pair, as the only other example in the census is not only lower grade but has been professionally restored as well. This piece is utterly original and as such represents an absolute miracle of survival. The bronze overprint is bright and completely intact, the red overprint vivid, and the note displays an eye appeal that is absolutely mesmerizing. PMG notes "Exceptional Paper Quality & Color," and both comments are completely appropriate here. This is one of the truly spectacular highlights of the Coral Gables Collection, with tonight's offering marking the first time this note has been available to collectors since its last appearance in the 1977 ANA auction. The other extant Fr. 193 has been offered four times at auction since 1997, with the price realized escalating in each appearance, culminating with its latest sale in 2013 for $176,250 on an estimate of $100,000-$150,000. Expect this far superior specimen to easily eclipse that record, likely closing well into the range of...
    From the Coral Gables Collection, Part II


    View all of [The Coral Gables Collection, Part II a ]

    Auction Info

    Auction Dates
    January, 2020
    8th-14th Wednesday-Tuesday
    Bids + Registered Phone Bidders: 2
    Lot Tracking Activity: N/A
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