Fr. 197a (W-1930). 1863 $20 Interest Bearing Note. PCGS About New 50 PPQ.，This absolutely incredible $20 Interest Bearing Note is not only the single finest graded example for the catalog number or type, but is also the finest issued Interest Bearing Note to be graded by either PCGS or PMG. There are just 35 $20 Interest Bearing Notes known as a type, 25 of which are of this variety. This note exhibits stunning detail, with vignettes (described below) all needle-sharp in printed detail. The back design is quite striking as well, with obligations at center within a diamond frame and plenty of intricate lathe work. The printed inks are sharply detailed and the colors are superior. We sold a problem-free PCGS Very Fine 25 example for $61,687.50 in our August 2015 ANA auction. The present example is much finer and far more appealing. We would not be surprised to see the high end of our estimate approached or surpassed when the hammer drops on this special note.<p><p><p><strong>$20 Interest-Bearing Notes, March 3, 1863, 5% Interest, 1 Year</strong><p>Interest-Bearing Notes for certain high denominations, $50 to $5,000, were issued in 1861. It was not until the passage of the Act of March 3, 1863, that the $20 value was made. These bore interest at the rate of 5% for one year, as determined by a date overprinted in red at the lower right face of the note. These were sold at a discount to reflect the interest, and redeemed at face value upon maturity. More than 20 different starting dates have been recorded, from February 13, 1864, to May 25, 1864.<sup> </sup>As there are so many dates, numismatists have not listed them as separate varieties.<p>Depicted on the face of the $20 are a standing goddess with a wreath (<em>Victory</em>), a mortar of the type in wide use in coastal forts (<em>Mortar Firing</em>), and a portrait of Abraham Lincoln as used on certain $10 notes of the era, engraved by Frederick Girsch from a photograph by C.S. German. Shields at the lower inside left and right are respectively inscribed "GOD / AND OUR / RIGHT" and "IN GOD / IS OUR / TRUST." By this time, various experiments with a motto mentioning God had been conducted on pattern coins, culminating in "IN GOD WE TRUST" (first used in circulation on the two-cent piece of 1864). The same motifs, but with different typography, were used on the Compound Interest Treasury Notes of 1864 and 1865. <p>Some of these were printed by the National Bank Note Co. (as here), and others were printed by the National Currency Bureau before it became known as the Bureau of Engraving and Printing. All have the printed signatures of Chittenden and Spinner.，From the Joel R. Anderson Collection of United States Paper Money, Part I. Earlier from Herbert I. Melnicks sale of June 1983, lot 151; Currency Auctions of Americas sale of January 2001, lot 1381; Heritage Auctions sale of February 2005, lot 16748.<p>，
