Fr. 212d-I. 1865 $50 Interest Bearing Note. PMG Very Fine 20 Net. Restoration. A fierce eagle is perched on a rock with wings spread at the center of this rare Interest Bearing Note. Large 50 die counters flank the central vignette at left and right. Green border and security prints are seen with "INTEREST ONE CENT PER DAY" at top center. Red serial numbers are found to the lower left and upper right of center and a red spiked Treasury Seal is at right. At left is the phrase "The Government reserves the right of paying in COIN, the interest on this Note at the rate of six per cent. per annum." Printed signatures of Colby and Spinner appear in the bottom corners.<p><p>Even circulation is observed, and brilliant color is retained in the border, security and overprints. The census for this catalog number is recorded at seven pieces with two residing in the Smithsonian. The present piece last traded publicly for $80,500 in a March 2007 auction.<p><p><strong>$50 Interest Bearing Notes, July 15, 1865, 7.3% Interest, 3 Years</strong><p><p>All notes were convertible into 20 year bonds, per a notice on the back, with interest payable in coin. The date is either June 15, 1868 or, as in the note above, July 15, 1865, and is printed above Spinners signature. The backs of the July 15, 1865, notes have the denomination in large bronze numerals on the back of the note. PMG comments "Restoration."