Fr. 204 (W-3265). Act of March 3, 1863. $100 5% Two Year Note. Hessler X138C. Face Essay Proof. PCGS Currency About New 50.Often the most important Federal Proofs are the type where no issued note is recorded or all the issued notes are redeemed. Although there a few known of this proof type, they have maintained their appeal with collectors for many decades and are integral to well balanced, advanced large size type sets. The unique in private hands issued Fr. 204 realized $299,000 in 2005. These 5% notes differed from the One Year Notes earlier as they used interest coupons at the right side for semi-annual payments. There were three coupons printed with the note. The final interest was paid when the principal note was returned for redemption. Proof of the black portions on slightly thicker (bond) proofing paper. Dual imprints of the American Bank Note Co. New-York and National Bank Note Company. A great Civil War layout with Farmer and Mechanic at the left. At the right, "In the Turret" with a larger than man-size cannon being loaded. Treasury Building at the top is from a National Bank Note Co. die and appears on The Treasury Bank, Illinois titles obsolete notes. December 1, 1863 engraved date with engraved signatures. Hessler Proofs 1143 (p. 80). Plate A. Our Stacks 2000 Americana Sale had an amazing quartet of these, all four plate positions from A-D, from the Schermerhorn-Ford Collection proofs. They all found willing buyers. This was cataloged and sold again in 2008 by Smythe. It is sharply printed and has two light folds only and no faults. The high auction record is the most recent, $47,000 in the January 2017 FUN auction. Two years earlier Heritage Auctions sold an example with six obtrusive punch hole cancels for over $41,000. This beauty has a great pedigree, lovely quality, and has been in only two prior auctions. <p>From the John E. Herzog Collection; New York City Spring Auction #278 (R. M. Smythe & Co., March 20, 2008, lot 301). Stacks 2000 Americana Sale, January 12-13, 2000, Lot 1032); John J. Ford, Jr.; Robert Schermerhorn.
