Friedberg 212 (W-2680). 1864 $50 Interest Bearing Note. PCGS Currency Very Fine 20.This note was issued under an Act of Congress dated March 3, 1865, and bore interest at a rate of 7.3% per annum payable three years after the issue date. The type has a green border and security prints. The eagle vignette at center is a larger version of the eagle seen on $10 Legal Tender Notes, commonly referred to as "Jackass Notes," as the vignette resembles a donkey when viewed inverted. A red spiked Treasury Seal is at right while engraved signatures of Colby and Spinner are seen at bottom left and right. Red printed serial numbers are at lower left and upper right of center. The ornate back is in green with a vertically oriented clause at center stating the note could be converted into bonds after five years. Large 50 counters are to the left and right. These notes were originally issued with five coupons attached at right, though none remain on this example.pJust seven examples of the catalog number are recorded in the census, one of which resides in the National Numismatic Collection at the Smithsonian Institution. The present note has been in two of the most legendary United States currency collections of all time. It first was part of the Albert A. Grinnell Collection and now carries the pedigree of the Joel R. Anderson Collection. The note displays bold color and sharply detailed design elements. The paper faces up well but has seen some expert restoration with the grading service commenting "Restored Splits" on the back of the holder. All $50 Interest Bearing Notes are rare as a type and this is an important opportunity to secure one.strongAlbert A. Grinnell/strongpThe collecting of paper money had a great change in 1953 when Robert Friedbergs book, Paper Money of the United States was published. In this book, the author divided paper money into categories such as Legal Tender Notes, National Bank Notes, Fractional Currency, and others and arranged the issues in chronological order, assigning number to each issue. These became standard and remain so today. Thousands of numismatists began collecting federal currency. ppPrior to that the specialty was a relatively small niche. It is ironic but true to state that in earlier times Fractional Currency, Continental and colonial paper money, and even Confederate notes attracted more enthusiasts. So far as can be determined, hardly anyone pursued National Bank notes, Gold Certificates, and certain other issues.ppThe major exception to the rule was Albert A. Grinnell of Detroit, a principal in Grinnell Brothers, incorporated in 1912. The company was in the right place at the right time, and in the next quarter century operated a chain of music stores in the Midwest selling player and regular pianos, musical instruments, phonographs, sheet music, and other items. In time he became wealthy. A dedicated specialist, he avidly sought single notes and sheets.ppThe August 1929 issue of emThe Numismatist /emincluded this "how to pick them out" commentary for the annual convention ANA convention: "If you see a pleasant faced, elderly man eagerly examining the exhibits of United States paper money for notes not in his collection and not finding any, you will know he is A.A. Grinnell, of Detroit." ppA decade later in the 1937 issue he presented an article, "United States Paper Money From A Collectors Viewpoint." Collecting the same was interesting for three reasons, the author related: Beauty and character of engraving, variety of specimens issued, and historical and educational value. Grinnell went on to give an overview of different series, such as Coin Notes, Gold Certificates, Silver Certificates, National Bank Notes, and others. ppHis collection of paper money was sold in a series of auctions in Syracuse, New York by Barney Bluestone-seven sales from November 25, 1944 to March 8, 1947. Only six or seven collectors attended each sale, recalled Bill Donlon, who was one of the bidders.ppSix years later came the Friedberg book, changing the world of federal currency.pppFrom Barney Bluestones sale of the Albert A. Grinnell Collection, November 1944, lot 230; Rarcoas sale of August 1970, lot 1707; Kagins sale of August 1977, lot 3497; Currency Auctions of Americas sale of January 2000, lot 1723; CAA/Heritages sale of May 2002, lot 2505; Lyn Knights sale of June 2006, lot 126.
