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Stack’s Bowers and Ponterio   |   The August 2018 ANA Auction   |   23 August 2018 Sort by Lot-NumberSort by Estimate
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Session 4, Lot 2022

Estimate: 15'000 USD   |   Starting price: 9'000 USD Price realized: 45'600 USD
Interest Bearing Note
Incredible 1861 $100 Interest Bearing Proof

Friedberg 202b (W-3200). 1861 $100 Interest Bearing Note. PCGS Currency New 60. Proof.
No issued notes of this 1861 $100 Interest Bearing Note type are known in either private or institutional collections leaving just three to four Proof examples of this early federal type for collectors. The offered Plate C Proof on India paper displays this National Bank Note Company produced face design nicely with sharply printed details. Liberty with capped staff is seen at left while a fierce bald eagle with shield, arrows and olive branch is found near center. The head of the eagle is turned toward the arrows as the Civil War loomed on the horizon. The border prints are in red as are the cycloidal security tints. Large kaleidograph style 100 counters are seen to each side of the eagle vignette. Six punch out cancellations are found in the signature panels. This issue of Interest Bearing Notes was produced in pursuance with an Act of Congress approved March 2, 1861. This Proof impression is free of folds or other signs of heavy handling. Only some light foxing is seen, as is common on early federal Proofs.

$100 Interest Bearing Notes, March 2, 1861, 6% Interest, 2 Years

As stated earlier, at the time of issue the notes made for circulation were sold at a discount from face value to reflect the interest that would be earned for two years. Most buyers were banks and security houses which retailed them to investors. They did not circulate in commerce, but were held until maturity, then redeemed at par. Proofs are a special case, of course, and had no monetary value at the time, and serve to illustrate the designs of many notes that are not available in signed and issued form.

PCGS Population: 1, none finer.

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