1861年5美元纸钞 PMG Gem Unc 65 EPQ
Fr. 2. 1861 $5 Demand Note. Philadelphia. No.17369. Series 7, Plate A. PMG Gem Uncirculated 65 EPQ.，This is an exceptionally lovely note for <em>any </em>large-size type, but as a Demand Note, it is arguably among the most important survivors in all federal currency.
Though the original issue of Demand Notes was rather substantial, their tenure as the lone federal paper currency was very short. A more detailed history is given below, but within two years of their debut, nearly 95% of all Demand Notes had been redeemed. As a result, Demand Notes are very scarce today with the vast majority being $5 notes. All were printed on relatively thin paper that was more fragile than should have been used for circulating currency. As a result, the notes did not wear well. Because they could be exchanged at par for gold coins, those that remained in circulation traded for a premium over other federal currency issues that appeared in 1862, and they were readily accepted. Still, most were redeemed. Today the census of known Demand Notes amounts to just $4,000 in face value. There are 394 $5 notes, 157 $10 notes, and just 23 $20 notes accounted for.
At the time, redeeming all the Demand Notes for the gold they represented would have made the most economic sense. This clearly didnt happen. We must assume today that the few survivors were simply forgotten, temporarily lost, or saved as curiosities by those who could afford to do so. Whatever the reason this note was saved, it was clearly well cared for by all who have handled it since the day it was issued.<p><p>The aesthetic quality of this note would be hard to overstate. The white paper is bright and fresh with no discolorations, handling smudges or foxing spots. The inks are bright and vivid on both sides, with the ornate back being particularly striking, qualifying as an ideal representative of the first "greenback" type. Indeed, PMG has noted on the holder that the note has exceptional color and embossing in addition to the EPQ designation. The face margins are complete, although tight as is typical due to the narrow spaces between notes on the sheet. In no place is the border design compromised. On the back, the margins are broad and even. The corner points are sharp and the fine, penned signatures of those authorized to sign for the Register and Treasurer are clear, with no ink burn or associated defects of any kind.
Not only is this note the only Demand Note of any denomination ever graded Gem Uncirculated by PMG or PCGS, it is the only one to have been considered Uncirculated. It is the finest representative of the first federal currency type and as such it is a trophy of museum quality. It has been more than a quarter-century since this note was last offered for sale, and is being presented here for the first time to the current generation of collectors. It is the highlight of the Vanderbilt Collection and a fitting beginning to this superb quality collection. It will be a centerpiece in any collection that includes it.<p><p><p>DEMAND NOTES<p>During the Civil War, the incredible costs associated with the conflict made it impossible for the floating supply of gold and silver coins to sustain the demands of the military and commerce. As Demand Notes entered circulation, "hard money" -- gold and silver -- was perceived to be more valuable in comparison to paper money and people tended to hold it and spend the new notes where possible (though they were not always readily accepted). In December 1861, the federal government and banks in New York City stopped paying out gold coins, after which such coins traded at a premium over paper money equivalents. In the spring of 1862, payment of silver coins was suspended as well, leaving very little coin in active circulation. The small denomination copper coins that remained were not sufficient to conduct basic necessary transactions and soon, even these began to disappear from commercial channels.
Out of pure need, an array of coinage substitutes appeared and began to circulate. This included encased postage stamps, printed cardboard tickets, postage stamp envelopes, and small cent-sized copper tokens that often loosely copied federal styles, but later expanded vastly in design to advertise thousands of businesses and celebrate political themes. On July 17, 1862, ordinary postage stamps were made legal tender for certain debts. Soon the federal government issued Postage Currency and Fractional Currency notes to help with the commerce problem. These were valuable solutions for small transactions, but it fell largely to the Demand Notes to cover more substantial commercial needs.
The Act of July 17, 1861, authorized the first Demand Notes, with succeeding actions that expanded the issuance; the $5 notes were not authorized until August 5, 1861. In total, $60 million in Demand Notes were authorized, issued in three denominations, $5, $10 and $20. By far the largest issue was the $5 denomination, with a total of 4,360,000 believed printed, payable at five different federal depositories at Boston, Cincinnati, New York City, Philadelphia and St. Louis. The present note is on the Philadelphia depository, and is one of 1,400,000 reported printed. The first notes were paid out in August 1861, and used to pay government salaries in Washington, and shortly thereafter, to pay contractors and others to whom the government owed debt. At first merchants were skeptical, but the government made the notes redeemable in gold, upon request, and after this the notes were better accepted.
Because the Demand Notes were redeemable in gold, they became prized once this fact became widely known. In 1862, the government released the new Legal Tender issues that were not redeemable at par in silver or gold. As such, it was in their best interests to have as many Demand Notes replaced by the new Legal Tender notes as quickly as possible with the result that just a couple of years after they were issued, Demand Notes were already becoming rare. It was reported on July 1, 1862, that $53,040,000 in Demand Notes were outstanding. One year later that figure was drastically different, with just $3,351,019 reported. Three years later, just 1% of the original issue remained outstanding and the figure continued to drop every year. <p>，From the A.J. Vanderbilt Collection. Earlier from NASCAs Brookdale Sale, November 1979, lot 1414; Kagins December 1979 Coin World advertisement; Heritages sale of June 1987, lot 4029; Stacks sale of January 1990, lot 1044.，
