United States of America. Act of October 12, 1837. $100 Variable Interest One Year Note. Hessler X99C. Face Proof. Very Fine.The Treasury Notes from this act were also meant to circulate as bearer instruments like a banknote and were interest bearing, assignable notes. The Ford VI sale contained such an example that clearly circulated. Offered here is a very rare and well crafted face Proof on India paper, die sunk on its original card, but with its wide borders trimmed down to the framelines later. 22.0cm by 10.5cm. Plate C. Classically engraved by Rawdon, Wright & Hatch, New York. Titles and obligation across, blank space for interest rate near bottom. Mercury seated at the top center. Left, Moneta (sometimes considered "Wealth" and Griffin). Right end, Justice. Previously considered Rarity 8 in Hessler at publication in 1988, but the census of known examples is higher now; nearly all the few known are Proofs or Specimens. When last sold in 1993, this was considered unique by Smythes catalogers. All three plate positions are known: A, B, and C as Proofs. Those mentioned surfaced from an archive several years ago and were all auctioned for well over $10,000 each; one for well over $20,000. In June 1993, this example realized $4,510. Some minor faults in the India paper at the far left end. Penned "7" in the date space. Still very attractive. Not often encountered and an important Proof from this enactment that exhibits beautifully rendered Rawdon, Wright & Hatch style.From the John E. Herzog Collection; the 1993 Memphis International Sale #118 (R.M. Smythe & Co., June 18-19, 1993, lot 1106); originally from Alexander Vattemare Presentation Albums Sale Part One (Robson Lowe/Christies, April 1, 1982, lot 681).