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    Description

    Very Rare Act of February 24, 1815 $100 5-2/5% Interest Proof
    One of Four Proofs Known

    United States - Act of February 24, 1815, Section 3 $100 5-2/5% or Redemption for 6% Stock Treasury Note. Hessler X85, Fr. TN-10p. Proof. PMG Choice Uncirculated 63.
    There are only 10 examples confirmed of this distinctive and very rare War of 1812 type: four proofs and six unsigned remainders. Although denominations were not specified in the Act of February 24, 1815, their obligations were. Notes $100 or greater were 5-2/5% interest payable and could be converted, principal and interest, later into United States 6% funded stock. They are larger size than the previous "small" non-interest bearing notes and are similar in style with the first three acts' interest bearing notes. These notes did not have the engraved "March 25, 1815" date, but were hand-dated to determine when interest accrual began. Four proofs are known, and all were in The Mike Coltrane Collection when he commenced this series of important auctions. He acquired this choice C plate position proof, along with A and B position proofs as part of the three-note sheet previously sold in Smythe's 2000 Memphis sale, lot 2202 (realizing $20,350). The A and B proofs were offered individually for the first time in The Mike Coltrane Part 1 sale. This is the final impression available from that former trio.

    An India paper proof on original card, engraved and printed by Murray, Draper, Fairman & Co. As on all War of 1812 proofs, small punch-hole cancels in the three signature areas are as prepared at the printer. In a larger size than the prior lesser-denomination notes and in a style similar to that of the first three acts. At the upper right, a fierce eagle with wings pulled back grips an olive branch entwined with greenery in its right talon and three arrows in its left. A small oval "100" die is at upper left. At bottom center is an American shield with E PLURIBUS UNUM on a ribbon. Directly above is the interest payable per day, month, and year. Intricate ends have denomination protectors above and below and textual denominations in cartouches. There is ornate top and bottom bordering. Across the center are titles and the obligation which states, "The United State promise to receive this Note for One Hundred Dollars with interest from the date hereof at 5 2/5 pr. cent. pr. annum, in all payments to them, or to issue, on demand, Six pr. cent. stock for the principal and interest ... " Engraved lines designate signature positions: at lower left for the "Register of the Treasury" and at lower right for the two "In behalf of the United States" signers. A short line is at top right for the serial number, a longer line is below for the written date with engraved "181," and a "payee" line is within the obligation. It is without the clause "in payment of duties taxes & public lands" used on other interest-bearing notes.

    This plate position C proof is from the former complete sheet. A choice example, it is tied for finest at PMG with The Mike Coltrane Collection plate position B piece sold in the first sale for $6,000. The other known proof, sold in Stack's Ford Part VI sale (lot 405) and later in our 2005 Jim O'Neal sale, follows this lot. As made, but there are some scattered areas of printing weakness, particularly at the top and bottom bordering. This proof exhibits some "ghosting" on the face from what appears to have been another proof sheet once opposite it in an archive book. The blank card back has traces of a former mounting at the sides and a brown ink speck. However, those are trivial points due to its rarity and overall choice condition. Another essential War of 1812 major type and the finer of the last two available in this offering.
    From The Mike Coltrane Collection.


    Auction Info

    Auction Dates
    June, 2021
    24th-25th Thursday-Friday
    Bids + Registered Phone Bidders: 11
    Lot Tracking Activity: N/A
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