Fr. 212. 1864 $50 Interest Bearing Note. PMG Very Fine 20.No. 118501. Plate A. Issued amidst the economic challenges of the period that prompted a shortage of both coin and currency in circulation, this note represents one of the many fiscal measures taken during the period and is in-part discussed in great detail by Nicholas J. Bruyer in his book <em>U.S. Treasury Notes 1812 - 1865: An Illustrated History</em>. Part of the second issue of 7-30 Interest Bearing Notes authorized by the Act of June 30, 1864, many of the notes from this emission went to Army paymasters while large quantities also went to creditors and National Banks across the country. This note lacks the five coupons that would have been attached along the right margin when this note first made it to circulation. Those coupons were payable semi-annually and clipped as required by the bearer with the final interest payment due to the bearer when the note was ultimately surrendered. These notes were nonetheless popular, and Treasury Secretary William P. Fessenden opined that the Secretary has great satisfaction in reference to the fact that many 7-30s went to fulfill outstanding Army payrolls despite their lack of legal tender status. Later emissions followed much and the same route with the July 15, 1865 imprinted 7-30s becoming a popular means of fulfilling outstanding payrolls while some even found their way to circulation before their eventual redemption.<p><p>Yet somehow this piece managed to avoid the inglorious fate that claimed most of its peers. Graded Very Fine 20 by PMG with a comment that states Restoration, this piece offers a strong degree of eye appeal despite imperfections including a series of curious punch-type cancellations that may be noticed along the bottom margin. This represents a sight rarely encountered among comparable pieces implying that this note had been redeemed (or may confiscated) and not destroyed as a result. The reason behind such a distinction is open to speculation and invites further research with the assistance of the National Archives in College Park, Maryland. As for the balance of the note, even circulation may be observed while the impetus behind the Restoration comment applied by PMG can best be observed along the top margin. A penned signature attributable to one John Green whom this note was issued to can be observed in two different signature panels on both sides. The same basic design of the 1861 7-30 Interest Bearing Notes is emulated, but with modifications. The centermost vignette engraved by Johan Heinrich Henry Gulger is visually similar to the vignette used on the 1861 7-30s, but the eagle faces left as opposed to right while the ornamental elements along the margins have become more complex. The back design by comparison shares a strong similarity to the $50 one-year 5% notes save for a revised obligation.<p>Barring additional historical and aesthetic minutiae, this is an exceptionally rare item when speaking in strictly numismatic terms. Track & Price records only six surviving examples for this Friedberg Number barring the inclusion of any errors while a similar distinction is demonstrated by the old Generke Census. The level of eye appeal demonstrated by this specimen is particularly wholesome for the grade assigned while the imperfections noted by PMG are easily overlooked and best observed with the added aid of backlighting. Held together these traits underscore the material condition of something that should have been redeemed and destroyed almost 160 years ago but managed to survive for unknown reasons. For the advanced collector with the means to match, this note presents more than just an opportunity to represent a rare Friedberg Number, but one that quite possibly traces an unusual history when compared to its fellow survivors that awaits further research. PMG comments Punch Hole Cancelled, Restoration.
