Friedberg 558 (W-2870). 1882 $50 Date Back National Bank Note. Burlington, Iowa. Merchants National Bank. Charter #1744. PCGS Currency Choice New 63. Face and Back Composite Essay Proofs.Hessler-Unlisted. India paper mounted to single heavy card. Left end, Washington crossing the Delaware River. Right end, allegory of Victory. All engraved and printed, save for the securities inscription at top below serpentine United States. Back, engraved and printed with change from the central charter number to Date Back style which is hand accomplished here. From a remarkable group that marks the transition between the 1882 Brown Backs to the 1882 Date Backs. The Date Back notes of 1882 and 1902 were created solely to reflect the changes initiated by the Aldrich-Vreeland act of May 30, 1908. In order to make it easier to fund the notes, banks were allowed to deposit good securities as well as government bonds, while earlier only U.S. government bonds were allowed. The inscription on the face was changed to "This note is secured by bonds of the United States or other securities." Part of a set in the Estate of Louis A. Coolidge sold by Heritage in 2013.From the Estate of Louis A. Coolidge, Heritage Auctions sale of January 9-14, 2013, part of lot 17306.
