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    Description

    Very Rare Act of February 24, 1815 $5 Double-Signature Remainder
    Few Public Offerings Recorded

    United States - Act of February 24, 1815 $5 Treasury Note. Hessler X83B, Fr. TN-15a. Double-Signature-Remainder. PMG Extremely Fine 40.
    Overall, the $5 notes from this act, in all forms, are much rarer than the $10 types. The notes intended for circulation from this act were printed on thinner bond paper than used on the first three large format size issues. This paper was also watermarked UNITED STATES, which would usually align with the printing across the center. In addition to known proofs, there are double-signature remainders like this, and unsigned remainders. This double-signature is a rare type with seven cited in the census, but six of those are reported upon two three-note multiples. This may be the only individual impression available, and public offerings have been rarely recorded.

    As the $5 proofs, engraved and printed by Murray, Draper, Fairman & Co. in Philadelphia. It is uniface on blue fiber UNITED STATES watermarked bond paper in a size and style similar to prior proofs. The Federal eagle with transposed arrows is at the upper right; its right wing is raised higher than its left. A ribbon with E PLURIBUS UNUM is held in its beak, and the radiant sun is behind. Intricate pattern engraving is on all four sides, and end panels have white-on-black textual denominations. There is an engraved March 25, 1815, date. The obligation across the center states, "The UNITED STATES promise to receive this Note for FIVE dollars in all payments to them; or to fund the amount at seven per cent. interest ... " and the clause "... in payment of duties taxes & public lands" appears under "UNITED STATES" at the upper left. 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 for the serial number, but there is no payee or payable location line as used on prior acts.

    This is the bottom, plate position d, note (from an a-b-c-d sheet), which would verify at least two types of plates were engraved for this denomination (the other, e-f-g-h, like the Coltrane proofs). Signed by F. W. McGeary and C. C. Biddle at the right; unsigned by the Register at the left. This faces up very nicely like a new note, with strong printing on the bond paper. Side margins are wide, but the bottom is trimmed in somewhat as seen on many remainders from the series. Minor faults noted by PMG as a "Tear, Minor Ink Burn" were both cited when last auctioned uncertified.

    Much rarer than the $5 unsigned remainder notes and due to the two multiples cited, even harder to obtain individually. Ex: Stack's Bowers, November 2015 sale, lot 30200. Mike's unsigned remainder was cut-cancelled with faults, but still reached $6,600 in the first Coltrane sale. This is an important $5 type and worth considerably more.
    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: 186

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