| Description |
United States of America - Fr. 16c $1 1862 Legal Tender. PCGS Choice About New 58 Apparent. Their redemption in gold and their use as payment for custom duties made the Demand Notes "hard" money. The Union required funds for their war effort and fiat money was essential; that necessitated the creation of the subsequent Legal Tender notes with the clause on the back: "... Legal Tender for all debts Public and Private Except Duties on Imports and Interest in the Public Debt ..." Because of that clause, these circulated at a discount compared to hard money at the time. This is a classic $1 "greenback" with a portrait of Salmon P. Chase, their architect, at the upper left. Printed by the National Bank Note Company with exceptional security devices, from the Cyrus Durand patents, making them essentially impossible to counterfeit. In green are the die at the left and the wide green guilloche at the right end. The green circular die at bottom center had the vertically stacked "1 2 3" which would serve as an anti-raising measure. On this type, the "1" is outlined to identify the denomination. Note also, the "3" in anticipation of this denomination (of which only essays were prepared) commonly used in the Obsolete banknote-issuing era. Series 262. Plate D27. Noted with some "Minor Stains," which are confined to the edges. The green guilloche on the back is vibrant. Ex: Eric P. Newman Numismatic Education Society.
From Newman X (Heritage Auctions, November 2018), lot 20190, realized $1320. |
