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    Extremely Rare $100 1863 Interest Bearing Note Face Proof

    Fr. 204 1863 $100 Interest Bearing Note Face Proof Hessler HX-138D. PMG Choice Extremely Fine 45.
    This Proof is virtually identical, save for grade, to the example we sold in our recent FUN sale, where we said, "This a truly rare piece of Civil War fiscal and numismatic history. Two Year Interest Bearing Treasury Notes were authorized under the Act of March 3, 1863 in denominations of $50, $100, $500, and $1000. They paid interest at 5% per annum, payable at maturity, two years after the date of issue. A single issued $100 note of this design was discovered in 1961 and was sold by Heritage in our 2005 Taylor Family Sale for $299,000. Another issued $100 example has been residing in the Smithsonian Collection since 1978. The opportunity to at least acquire the design is therefore limited to rare occasions when proofs or specimens are offered. The example offered tonight differs quite significantly from the issued $100 note in its terms. The approach for paying interest envisioned when this was designed was much closer to that employed for bonds in that three 'coupons' were attached to the right side of the note. Six, twelve, and eighteen months after the date of issue, the coupons were cut from the note and interest (in the case of this note, $2.50) was paid. Finally, twenty-four months after the original issue date, the note itself served as the fourth coupon and was redeemed for its face value plus the final $2.50 in interest. The note is adorned with three striking vignettes- 'Farmer and Mechanics' on the left, an oval vignette of the Treasury Building in the middle, and a great Civil War vignette, 'In the Turret' featuring naval gunners, on the right. Unlike the last example we offered several years ago, which had six pie shaped cancels and the stamped word 'SPECIMEN' twice, once on the note and once across all three attached coupons, this piece has only six small cancels at the signatures and two on each of the coupons. That piece, which was graded Choice About New 55 by PCGS, sold for an unprecedented $41,125 four years ago. PMG mentions an as-made paper wrinkle as the spectacular note's only flaw. We will be very conservative in our estimate here, but it would not come as a surprise at all to see the number below bested in the very early moments of the bidding for this significant Civil War rarity." We were indeed correct in our assessment that the pre-sale estimate was "very conservative," as the estimate of $25,000 was blown away by the realization of $47,000. The Proof offered tonight differs from the one offered in January only in its punch cancels, with two at each of the signature blocks and one in each of the three coupons. We will again be conservative in our estimate, but a bit more sure here with a prior sale at $47,000.

    Auction Info

    Auction Dates
    Apr-May, 2017
    26th-2nd Wednesday-Tuesday
    Bids + Registered Phone Bidders: 3
    Lot Tracking Activity: N/A
    Page Views: 658

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