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    $500 Interest Bearing Essay Proof Note

    Hessler ITE30 $500 April 1, 1863 Interest Bearing Note Essay Proof PCGS Extremely Fine 45.
    This Essay Proof is of an unadopted design under the Act of March 3, 1863 that authorized $400 million in Treasury Notes that would bear interest at a rate not to exceed 5% in lawful money for a term not exceeding two years. This interesting design was prepared with a medal-ruling machine. As Gene Hessler explains in U.S Essay, Proof and Specimen Notes, "when using a medal-ruling machine, a stylus is attached to the engraved point which feels the surface of the subject and changes the regular parallel path of the engraving point accordingly, so that the impression printed from the engraving reproduces the appearance of the original relief subject." The example in this lot has the face and back designs pasted together. The figure at left on the face is of Christopher Columbus gazing towards a sunrise, mountains, and a large waterfall. The interest amount table is located at center. The back has the obligation clause at left and the anti-counterfeiting clause at right. A large "US" superimposed over a "500" separates the two clauses. Hessler has observed three complete Essay Proofs of this design. The example in this lot is the Hessler plate note on page 82, though the two white stickers on the back along the left and right edge of the note in the reference book have been removed. Overall, this is an Essay Proof that is unlike any note that the United States issued. The PCGS label cites mounting remnants and stains.

    Auction Info

    Auction Dates
    September, 2019
    4th-9th Wednesday-Monday
    Bids + Registered Phone Bidders: 3
    Lot Tracking Activity: N/A
    Page Views: 261

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