Fr. 8 (W-1213). 1861 $10 Demand Note. Boston. PCGS Very Fine 30.，The term "Green Back" originated with the introduction of the Demand Note series in 1861. These high quality banknotes were the first federally issued notes since the Continental Currency issues of the late 18th century. The American Bank Note Company produced the notes using engraved steel plates and processes developed over decades of producing banknotes for state chartered banks. This $10 features a portrait of Lincoln at left while a patriotic eagle vignette is found at center. To the right is a vignette of a goddess standing with an easel variously labeled <em>Art</em><em> </em>or <em>Painting</em>. The ornate green printed back involves all but the margins with various denomination counters and a die counter X patterned background. 10 X 10 is seen in bold type with UNITED STATES OF AMERICA in a panel overlapping. This catalog number was payable at the Assistant U.S. Treasurer Office in Boston. The inks are sharply printed and there is ideal color, with just moderate circulation observed. The penned issuing signatures are neat and well inked while the back print remains very bold. This is a far above average example of this challenging and important type.<p><p><strong>Details of Demand Notes</strong><p><p>The Act of July 17, 1861, amended on August 5, authorized a new $250 million loan, comprising mostly Interest-Bearing Notes and bonds, but also including $50 million in currency to be known as Demand Notes, a new series.<p>In contrast to Interest-Bearing Notes, Demand Notes were made in lower denominations for widespread popular distribution. As these bore no interest they were in effect a free loan to the government. The $5, $10 (as here), and $20 (see next lot) values gave them wide appeal.<p>Plates were engraved and notes were printed by the American Bank Note Company in New York City under a contract signed on July 25, 1861. The Act of August 5, 1861, added details, including convertibility, if desired by the holder, of the Demand Notes into long-term bonds paying 6% annual interest.<p>The backs of Demand Notes were printed in green ink, quickly giving rise to the term <em>greenback,</em> although this was more widely applied to the later Legal Tender Notes issued in far greater quantities. Today in popular parlance, green is the "color of money." The Demand Notes do <em>not </em>bear the Treasury Seal, as there was no requirement for this in the amended legislation of August 5, 1861.<p>The first Demand Notes were paid out in August 1861 and used to pay government salaries in Washington. Soon thereafter, notes were given to Union soldiers, defense contractors, and others to whom the government was obligated. This form of payment was not welcomed by the recipients, who preferred "hard money" in the form of coins. <p><p>，From the Joel R. Anderson Collection of United States Paper Money, Part I.，
