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    War of 1812 $10 Treasury Note

    War of 1812 $10 Interest Bearing Treasury Note- Act of Feb. 24, 1815 PCGS Apparent Very Fine 25. Friedberg TN-14a Hessler X83c
    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 sources of revenue to prosecute the war. In addition to the issue of federal bonds, the Treasury created these circulating notes that were fundable into 7% stock.

    This $10 partially signed remainder is listed in Hessler's An Illustrated History of U.S. Loans as X83c. Issued under the Act of February 24, 1815, the issue authorized immediately after the end of the War of 1812, this note was part of the total of $3,392,994 worth of small Treasury Notes under $100 that were issued, with denominations of $3, $5, $10, $20, and $50. A total face value of $25,000,000 had been authorized.

    There were two varieties of the $10 notes. One design includes text in the right border stating "receivable everywhere by the United States in payment of duties, taxes, and public lands." The other variety, the design being offered in this lot, simply states "ten dollars" within the right border. Edward Fox and Samuel Clarke were the signers for this issue and signed this piece, however this note was not countersigned. PCGS assigned the Apparent Very Fine 25 grade due to a small tape repair in the upper left corner and minor staining. The repair actually involves a small piece of a hinge on the back that appears to have been applied due to a small nick at the top margin near the left corner. The areas of staining are light and pose little distraction.

    This piece has considerably more eye appeal than the example we offered in our 2002 auction in Cincinnati. That note realized over $7000. With a greater understanding of the importance and desirability of these notes in today's market, partially as a result of Forrest Daniel's extensive research on the subject published in the September/October 2008 issue of The Society of Paper Money Collectors' publication Paper Money, we would certainly anticipate that price will be eclipsed by this far superior example.

    Auction Info

    Auction Dates
    January, 2011
    6th-10th Thursday-Monday
    Bids + Registered Phone Bidders: 5
    Lot Tracking Activity: N/A
    Page Views: 1,590

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