Fr. 42. 1869 $2 Legal Tender Note. PCGS Very Choice New 64 PPQ.，This would be a fine mate to the "Rainbow" ace offered a few lots back, in the same numerical grade. The paper has mellowed just slightly but the ink tones have remained quite strong and the rainbow effect is still clearly evident. Complete margins on both sides are of comfortable width. This is the only note known from the original four-subject sheet, making its survival in such nice condition even more remarkable as it is unlikely that it was ever held as part of a high-grade uncirculated hoard. It was but a simple twist of fate that this one survived. While a few notes are graded higher, Gems are quite scarce, and the cost of acquiring them can be prohibitive. A case in point, a Gem Uncirculated 68 PPQ example sold for nearly $80,000 in 2013. Notes in the grade offered here are also quite scarce, but they offer nearly as much eye appeal and quality overall and, at the high end, represent excellent value for the type. <p><p>This issue marks Thomas Jeffersons debut on the $2 note, and his portrait has remained on that denomination ever since. The portrait seen here was engraved by Charles Burt, likely after an oil painting by Gilbert Stuart. The face plate for this issue bears the imprint of National Bank Note Company beneath the serial number at the lower left. The back plate bears the imprint of American Bank Note Company. Interestingly, the face also bears the imprint of the Treasury, "Engraved & Printed at the Treasury Department." <p><p>Charles Burt worked for several engraving firms in his career and also directly for the BEP, but National Bank Note Company was not among them. This yields a clue to deciphering these seemingly contradictory imprints. Preparation of the plates is a multi-step process with the final plate being the sum of its individually engraved parts. What the writer suspects is that, relative to the face plate, the security engraving and microprinting were engraved and transferred to roller dies by National Bank Note Company and the portrait was contracted directly with Burt by the BEP. The plates were then prepared at the BEP, where the individual elements were impressed into the final plates. By having multiple entities involved in the development of the various security elements, there was undoubtedly an increased degree of security against counterfeiting, as only the BEP would have control of all pieces necessary to create complete plates. <p>，From the A.J. Vanderbilt Collection. Earlier from the Watermelon Collection, Kagins, via Stacks Bowers, December 2012.，
