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    Second Act of February 24, 1815 $100 5-2/5% Interest Proof
    Extremely Rare - One of Four 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 About Uncirculated 50.
    A second sharp-looking proof example and the final War of 1812 note from this auspicious selection auctioned across two sales. This is a distinctive and rare type in any form with four proofs known; all of them resided in the Coltrane Collection at one time. It is an essential denomination and obligation type needed for any comprehensive collection of War of 1812 notes.

    Style and design are identical to the previous. This is an India paper proof on original card, engraved and printed by Murray, Draper, Fairman & Co. As with all proofs, small punch-hole cancels in the three signature areas are as prepared at the printer. At upper right, a fierce eagle with wings pulled back grips an olive branch entwined with greenery and three arrows in its right and left talons, respectively. A small oval "100" die is at upper left. At bottom center is an American shield with E PLURIBUS UNUM on a ribbon and the branches as seen with the eagle. Directly above is the interest payable per day, month, and year. Intricate ends with denomination protectors in the corners have the textual denominations in cartouches. Top and bottom bordering is elaborate. Across the center are the titles and obligation, which states, "The United States 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 the 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."

    Like the prior example, this is also a plate position C proof, but with a different pedigree. Its first auction appearance was in the Ford Part VI sale. Like the former $100 proofs from the Smythe triptych, it is printed weakly, especially when compared with the $5, $10, and $50 proofs offered here. A well balanced note, but PMG notes a "Tear Repair" seen at the top center. The fault is relatively minor as this faces up nicely. Ex: our Jim O'Neal sale, lot 16627; Stack's, Ford Part VI sale, lot 405 (realized $8,050). A final rarity from this epic offering of War of 1812 Treasury Notes.
    From The Mike Coltrane Collection.

    Auction Info

    Auction Dates
    June, 2021
    24th-25th Thursday-Friday
    Bids + Registered Phone Bidders: 22
    Lot Tracking Activity: N/A
    Page Views: 213

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