Skip to main content
Go to accessibility notice


    Well Signed and Problem Free Demand Note

    Fr. 1 $5 1861 Demand Note PCGS Very Fine 25.
    Even as the most common of the 1861 Demand Notes, the New York $5 is rarely seen in quantity in any given auction. This unlikely offering of two examples side by side in this auction is special in another way. Paper researchers have for decades looked at the finest details in the engravings of notes, and have found some very distinct differences. In this case, we have two notes side by side with engraving differences that are often overlooked. Below MacLeod's signature at left, is For The Register of the Treasury. This exact phrase appears in the same spot on the note in the next lot, but both were engraved differently. First, For The on this note is capitalized, versus no caps on the next note. The font is dramatically larger, with the phrase measuring 43 millimeters, nearly 30% larger than the 32 millimeters seen on the other note here this evening. In recent years, Paper Money of the United States by Arthur and Ira Friedberg has seen many changes, which have reflected changes like this. Tonight's offering is a perfect side by side comparison of the types for study and appreciation.

    Auction Info

    Auction Dates
    August, 2016
    11th Thursday
    Bids + Registered Phone Bidders: 4
    Lot Tracking Activity: N/A
    Page Views: 952

    Buyer's Premium per Lot:
    17.5% of the successful bid (minimum $19) per lot.

    Sold for: Sign-in or Join (free & quick)
    Track Item

    Heritage membership

    Join Now - It's Free

    1. Past Auction Values (prices, photos, full descriptions, etc.)
    2. Bid online
    3. Free Collector newsletter
    4. Want List with instant e-mail notifications
    5. Reduced auction commissions when you resell your
    Consign now
    • Cash Advances
    • More Bidders
    • Trusted Experts
    • Over 200,000 Satisfied Consignors Since 1976
    Only 23 days left to consign to the 2020 December 17 - 19 HKINF World Paper Money Signature Auction - Hong Kong!

    Learn about consigning with us

    I think heritage is the best auction house and has the best service - that’s why I use you. 
    Sara B.,
    Dubai, UAE
    View More Testimonials receives more traffic than any other auction house website. (Source:

    Video tutorial

    Getting the most out of search