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    Pleasing 1862 $50 Legal Tender

    Fr. 148 $50 1862 Legal Tender PMG Very Fine 20.
    A very rare type, with fewer than 50 pieces reported for all three Friedberg numbers covering both the 1862 and 1863 issues. This piece is noted in the census listed there as Fine although it now resides in a VF holder which fits its appearance much better. Alexander Hamilton's portrait was used for the design with UNITED and STATES flanking each side rising from left to right. The lathework is extensive both on front and back, an implement used to thwart counterfeiters. Despite the relatively complex design, counterfeiters still worked to mimic the Bureau's efforts. At least three well known counterfeit engravings are known and it was not long before the Bureau of Engraving and Printing was forced to change the design. In all, just over 600,000 examples were printed for the 1862 and 1863 Series. This piece is colorful and evenly circulated. Its only defect is the numerous small scattered pinholes near the portrait. Our recent 2020 FUN auction saw a realization of $19,500 for a VF 20 restored and $36,000 for a VF 20 with edge restoration, both PCGS graded. A wholly pleasing example that will likely finish somewhere between those two realizations.

    Auction Info

    Auction Dates
    April, 2020
    22nd-27th Wednesday-Monday
    Bids + Registered Phone Bidders: 9
    Lot Tracking Activity: N/A
    Page Views: 705

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