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    Significant Civil War $100 1863 Interest Bearing Note Face Proof Rarity

    Fr. 204 Hessler 1143FD 1863 $100 Interest Bearing Note Face Proof PMG Choice Extremely Fine 45, 7 POCs.
    A truly rare piece of Civil War fiscal and numismatic history is in this lot. Two Year Interest Bearing Treasury Notes were authorized under the Act of March 3, 1863 in denominations of $50, $100, $500, and $1,000. They paid interest at 5% per annum, payable at maturity, two years after the issue date. The only documented issued $100 of this design in private hands was discovered in 1961 and was offered at our February, 2005 auction of the Taylor Family Collection where it realized $299,000. The opportunity to at least acquire the design is therefore limited to rare occasions when Proofs or Specimens make it to market. The example offered tonight differs quite significantly from the issued $100 note in its terms. The approach for paying interest envisioned when this issue 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, 24 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 Mechanic on the left, an oval vignette of the Treasury Building in the middle, and a great Civil War vignette on the right, In the Turret, featuring naval gunners. This piece has four small POCs at the signatures and one small POC on each of the coupons and resides in a comment free third party holder. We auctioned this exact Proof note in April, 2017 for $32,900. Now is the time for this significant rarity to grace another top drawer collection. The market for rarities has only grown stronger in the intervening years and therefore prospective bidders should expect serious competition.

    Auction Info

    Auction Dates
    October, 2021
    6th-8th Wednesday-Friday
    Bids + Registered Phone Bidders: 7
    Lot Tracking Activity: N/A
    Page Views: 356

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