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    Description

    Act of Feb. 24, 1815 Interest Bearing Treasury Note Very Fine. Considered by many collectors to be our nation's first federal currency, the War of 1812 issues were printed to finance the war effort against Great Britain. The "Second War of American Independence," as some historians have called this conflict, was caused by an extended disagreement between the United States and Great Britain over trade tariffs and violations of American maritime rights. With the demise of the First Bank of the United States and no provision for internal revenue taxes, the Treasury was left with meager choices of revenue to prosecute the war. In addition to the issue of federal bonds, the Treasury created these circulating notes that drew 5 2/5% interest per year.
    Listed in Hessler as X83c, and identical to that number on page 57 of Hessler's U.S. Paper Money. A rare note in all grades, this piece is particularly noteworthy as it is utterly intact and totally free of restoration. This note is from the issue authorized immediately after the end of the War of 1812, an it is the first example that we have handled that is neither a remainder nor a cancelled issued note. This important historic example of what many people consider to be the first federally issued U.S. currency would be an important rarity in any form, but a fully issued, uncancelled, undamaged piece could easily elicit a runaway price.


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    Auction Info

    Auction Dates
    September, 2002
    20th-21st Friday-Saturday
    Bids + Registered Phone Bidders: 11
    Lot Tracking Activity: N/A
    Page Views: 328

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