Hessler X99D. 1838 $100 Interest Bearing Note. PCGS Currency Very Good 10.(Friedberg and Whitman Not Listed) This incredible rarity was issued as a result of the Panic of 1837 and in accordance to an Act of Congress dated October 12, 1837. <em>It is the only issued example known from this early federal series as well as the only known federal note issued between the 1815 Treasury Notes and the Demand Notes of 1861. </em>The Treasury Notes from this act were also meant to circulate as bearer instruments like a bank note and were interest bearing, assignable notes. Classically engraved by Rawdon, Wright & Hatch, New York. Titles and obligation are seen across the face. Mercury is seated at the top center while Moneta is at left and Justice is to the right. The back is printed in red with 100 counters at the ends.<p><p>The act authorizing these notes called for an issuance of notes not to exceed $10 million and of denominations of no less than $50. The notes were to be redeemed at the U.S. Treasury one year after the date of issue and would bear interest at a rate to be determined by the Treasury but not to exceed 6% per annum. This note was issued April 16, 1838, and has an interest rate of 5% filled in at right. It clearly circulated and was redeemed as seen in the penned endorsement on the left side of the note that reads in part: "Cancelled 28th December, 1838 H.E. Benson." Additionally, there are four small punch cancellations in the Treasurers signature. Some minor repairs are mentioned by the grading service which are to be expected for a note from this time period that was printed on the same bank note paper as period state chartered banks.<p><p>Enclosed within the PCGS Currency holder with this note is a handwritten note dated 8/3/1922 from numismatist and former ANA president Farran Zerbe which reads in part, "The only original of any U.S. after 1815 series and previous to 1861 issues I know of in private ownership."<p><p>This note is still the only issued note bridging those two issues. Though there are at least three face proofs known of the type, the significance of a fully issued circulating note cannot be overstated. Certainly an argument could be made for this note to receive a Friedberg number given its status as a federally issued circulating note, a designation we expect would easily make this a six-figure piece. This is an irreplaceable treasure, a museum quality trophy piece and worth whatever bid is required to secure it.<p><p><strong>PCGS Population</strong>: 1, none finer.<em>From Charles Steigerwalt; Henry Chapman; A.A. Leve; Farran Zerbe; Stacks sale of the John J. Ford Jr. Collection, October 2004, lot 408; Heritage Auctions sale of May 2005, lot 16635.</em>
