Friedberg 202d (W-4400). 1861 $1,000 Interest Bearing Note. PCGS Currency Very Choice New 64. Back Proof.A sharply printed $1000 Interest Bearing Note back proof on India paper. This type is unknown in issued form and represented only by a few proofs and one specimen example (seen in this sale). Fully executed in reddish brown and vertically oriented, UNITED STATES OF AMERICA is at top. Small denomination counters are arranged in a cycloidal configuration. A signature panel is near the center with "Pay to Bearer" within. These March 2, 1861, dated notes bore 6% interest for two years. At the time of issue these were sold at a discount from face value to reflect the interest to be earned for two years. They did not circulate in commerce, but were held until maturity, then redeemed. There were 8,336 issued. All were redeemed by 1869. This indicates a restricted sale to just a few buyers. Otherwise, some surely would have been lost or stolen. This back proof displays vivid inks and bright, clean paper.<strong>PCGS Population: </strong>1, none finer.<em>From Heritage Auctions sale of January 2006, lot 17118.</em>
