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首席收藏网 > 数据中心 > Stack's Bowers and Ponterio > SBP2020年3月巴尔地摩#5-Pogue集藏VI

Lot:6069 Friedberg 190b. 1864 $10 Compound Interest Treasury Note. PMG Choice Uncirculated 64.

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世界钱币

USD 80000 - 120000

SBP2020年3月巴尔地摩#5-Pogue集藏VI

2020-03-20 06:30:00

2020-03-20 09:30:00

USD 96000

SBP

成交

Friedberg 190b. 1864 $10 Compound Interest Treasury Note. PMG Choice Uncirculated 64. Only two Compound Interest Treasury Notes from all denominations and catalog numbers combined have been certified as Uncirculated. Both happen to be this variety, Fr. 190b. The Joel R. Anderson example was graded New 61 by PCGS Currency and sold for $96,000 in our March 2018 Baltimore auction. The Pogue specimen, offered here, is the finest known of this landmark rarity. Bright, broadly margined paper, vividly printed inks and ideal bronze overprints are displayed by this 1864 dated $10. The red spiked Treasury Seal at top right is boldly inked and sharply detailed. Well printed red 84800 serial numbers are featured to the lower left and upper right. The back is intricately detailed and wonderfully executed in brilliant green inks. The large format design features the portrait of Salmon P. Chase at left and an allegorical female at right representing Peace. At the center is a rather familiar eagle with spread wings motif. Though this looks very much like that later used on the 1899 Black Eagle Silver Certificates, it is in fact a different engraving with minor design differences. While around 100 examples are known of the catalog number none equal the quality of this piece.Similar to certain other currency, including the series already showcased here, Compound Interest Treasury Notes were intended to raise money to finance the Civil War. In contrast to the usual procedure of contracting with the American Bank Note Co. and the National Bank Note Co., these were printed by the National Currency Bureau in the Treasury Department Building and were made in denominations up to $1,000, with $10 being the lowest. The face has the same motifs as the $10 Interest-Bearing Notes of 1863, with Salmon P. Chase, Eagle of the Capitol, and Peace. Compound Interest Treasury Notes of the $10 denomination were issued under Acts of March 3, 1863, and June 30, 1864. Notes bore interest at the rate of 6% per year, for three years. When each note was given out it had the issue date stamped on it in red. Accordingly, these vary among notes examined today. All notes in this series were printed on four-subject plates lettered A to D, each with the same serial number. The highest issued provable print quantity can be calculated by multiplying the highest known serial by four. These are slightly larger than Legal Tender Notes and measure 3½ by 7½ inches.On the face is the imprint "COMPOUND INTEREST / TREASURY NOTE" in bronzing powder, a deterrent to counterfeiting, it was thought, but very difficult to apply. In the Treasury building a special room was set aside for this purpose. This was the first impression to be made on the sheet, although it is sometimes referred to as an "overprint." The bronzing powder, most familiarly used on Fractional Currency, tended to flake and deteriorate, with the result that many extant notes have imperfect imprints.On the back, printed in green, is a schedule of redemption, totaling $11.94 if the bill were to be held for the full three years. Bills of this type were mostly bought as investments by financiers and banking institutions, not used in general commerce by the public. As these bills did not accrue interest after the expiration date, most were redeemed at the end of three years. Interest on the bills authorized in 1863 ceased on June 10, 1867, and interest on those authorized in 1864 ceased on May 16, 1868.At the expiration of the interest period nearly all were turned in to the Treasury Department. Of the 677,940 issued for all denominations -- a truly incredible quantity -- only 2,171 remain unredeemed today. Fewer than 150 of these have been identified in numismatic hands and many are likely lost for good. Most extant examples show extensive wear, which is interesting as one would think that most such notes would have been put away and saved. <em>From F.C.C. Boyd; New Netherlands Coin Co.; Robert Friedberg; Currency Auctions of Americas sale of January 2000, lot 1721; Lyn Knights sale of June 2000, lot 303; Jay Parrinos Fixed Price List of February 2002; Lyn Knights sale of June 2002, lot 1523. </em>