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    Description

    Superb June 30, 1812 $100 5-2/5% Treasury Note
    Finest in Appearance

    United States - Act of June 30, 1812 $100 5-2/5% Treasury Note. Hessler X69A, Fr. TN-2. Unsigned Remainder. PMG About Uncirculated 55 EPQ.
    This is the first War of 1812 Treasury Note type and therefore historically important. There are only six confirmed examples, and the Mike Coltrane Collection contained three of them. A superb note, this is the finest from that trio and, in this cataloger's opinion, the finest known. The instruments from this act bore 5-2/5% interest for a one-year term. They were willingly subscribed by investors, and virtually all were redeemed within two years. All June 30, 1812, notes existing today are unsigned remainders. Only nine examples (six $100 notes and three $1,000 notes) from this initial act have been confirmed by us. The Mike Coltrane Collection Part 1 in November 2020 contained five examples from this important series. Obtaining those was a great achievement; the final three are offered in the present sale. The issue is listed in Gene Hessler's book, An Illustrated History of U. S. Loans 1775-1898 (BNR Press, 1988) based upon its enactment date, but without confirmed denominations or illustrations in the book. At that time, Hessler reported only $100 notes were printed and issued (the Congressional act did not specify denominations).

    Like all War of 1812 Treasury Notes, this issue was printed for the Federal government by Murray, Draper, Fairman & Co. in Philadelphia. A uniface large format note, it is similar in size to period drafts and larger than concurrently circulating private banknotes. Printed on a two-subject (positions A-B) engraved copper plate on bond paper with red and blue silk fibers. The first three acts shared a similar design style featuring an eagle and an American shield. At the upper right on this denomination, an eagle with upraised wings is in flight; it carries an olive branch intertwined with greenery (right talon) and three arrows (left talon). At bottom center, an American shield stands upright amid flags and weaponry. Intricate side bordering, in a style similar to notes from the Second Bank of the United States, contains texts. In the center are the required obligations. Engraved lines designate spaces for the following: in the upper half, the serial number, date (in two forms), payee, and payment location; at the bottom, the signatures, one for "Com'r of Loans" at the left, and two for "in behalf of the U. States" signers at the right. In the right border, the oval cartouche displays the " ... duties taxes and Public lands" clause. The lower left shows the interest amounts payable per day, month, and year. The Friedberg catalog reports 15,000 $100 notes were printed, but no issued pieces survive today.

    Plate position "B", this example is a fresh and original unsigned remainder note, well margined on three sides with a wavy edge at the right end as made. Ex: Stack's, Ford Part VI sale, lot 376 (realized $17,250); previously from Julian Blanchard, September 19, 1955. Numerically, the Stack's Bowers, November 2012 sale, lot 4345 (PMG Choice About Uncirculated 58) note is higher grade, but arguably this "55 EPQ" example is better. That note realized $26,400 over eight years ago.

    The three June 30, 1812, notes offered in this sale present a unique and important opportunity; notes from this act are infrequently offered for sale except when major collections like Mike's become available. Prior to the first Coltrane sale, we had not cataloged an example since 2015 (in much lesser condition), and prior to that, the piece in the 2005 Jim O'Neal sale. Any note from this foundational Treasury Note act is an essential part of a significant War of 1812 Note set or Federal currency collection.
    From The Mike Coltrane Collection.




    Auction Info

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