Treasury, Fed. Reserve Notes, Gold Certs. - Lots 167-203
The Harry W. Bass, Jr. Collection - Part I
Treasury, Fed. Reserve
Notes, Gold Certs. - Lots 167-203
Treasury or Coin Notes
Among later issues of United States currency, none is more admired or more desired than the Treasury or Coin Notes, Series of 1890 and Series of 1891. These notes-similar to the Silver Certificates-related to the flood of Morgan silver dollars minted by the Treasury beginning in 1878. The idea was to create paper money to give out instead of the silver dollars, the latter not being popular anywhere except in certain mountainous areas of the American West. However, by 1890 the supplies of silver purchased under the Bland-Allison Act of February 28, 1878, were running low, and it was not certain how many more silver dollars would be minted. Hence, these particular currency notes are payable in coin, but not specifically in silver dollars. Not to worry, the Sherman Silver Purchase Act (1890) and the Trade Dollar Redemption Act (1891) made it possible to coin millions more of George T. Morgan's prodigies. Soon, Silver Certificates were made again-and in prodigious quantities.
The Treasury or Coin Notes were payable in unspecified coin, unlike the Gold or Silver Certificates which were obligated in gold coins and silver dollars, respectively. The Department of the Treasury could pay either gold or silver coins at its discretion. At this time the future supply of silver dollars was somewhat uncertain, although the Sherman Silver Purchase Act (1890) and other legislation (such as the melting of trade dollars for their bullion) eventually produced enough of the metal to coin silver dollars through 1904.
In particular within this grouping, the Series of 1890 notes, made in the intermittent denominations of $1, $2, $5, $20, $100, and $1000 are of rich beauty, especially with regard to their ornately engraved backs. The $1, $2, $5, and $20 values each have their denominations spelled out in full, as, for example, TWENTY. The $100 and $1000 notes each have the 0's in the fanciful form of delicious green "watermelons," hence "Watermelon Note" as the nickname for each. The Harry Bass Collection includes all values, $1 through the $100 "Watermelon Note."
The Series of 1891 was issued with different reverses, for reasons that no reader of the Friedberg or Hessler book will ever understand, as the gorgeous artistry is now gone. The denominations resumed the regular sequence, $1, $2, $5, $10, $20, $50, $100, $500, and $1000. The Bass Collection includes a nice selection of these notes highlighted by the rare $50, of which only a few are known to exist.
Beautiful 1890 F-347 Coin Note
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167 $1 F-347. Treasury or Coin Note. Series of 1890. Rosecrans-Huston. Serial: A23562. About Uncirculated-58 (CGA). A beautiful note with outstanding eye appeal. The paper is fresh and the printing well centered. Unfortunately, the note was lightly mounted at one time and light paper disturbances are visible at the back corners. Regardless of the problems, this is a delightful example of this very popular fancy-back type offering high aesthetic quality.
The face features the portrait of Edwin M. Stanton, Secretary of War under President Lincoln during the Civil War. He remained in this position after Lincoln's assassination under the administration of Andrew Johnson 1865-1868.
From Paramount's 1972 ANA Sale, August 1972, Lot 1107.
168 $1 F-352. Treasury or Coin Note. Series of 1891. Bruce-Roberts. Serial: B54815430. Choice Uncirculated-63 (CGA). Well centered and crisp. The paper and inks are fresh and bright, the back having a light green tint. A very attractive example featuring the redesigned back, the Treasury Department choosing to ignore the old saying, "If it ain't broke, don't fix it."
From the Robert F. Schermerhorn Collection.
Splendid 1890 F-353 $2 Coin Note
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169 $2 F-353. Treasury or Coin Note. Series of 1890. Rosecrans-Huston. Serial: A289443. About Uncirculated-58 (CGA). Very pleasing aesthetically and offering nice technical quality as well. Well centered and retaining bright colors. A beautiful example showcasing this particularly ornate design to its finest advantage. Suitable for a fine collection and sure to be a point of great pride for its next owner.
The vignette features General James McPherson, a distinguished Union Army general during the War of the Rebellion, by Charles Burt for the Bureau of Engraving and Printing.
From NASCA's Brookdale Sale, November 1979, Lot 2058.
Elusive 1890 F-355 $2 Coin Note
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170 $2 F-355. Treasury or Coin Note. Series of 1890. Rosecrans-Nebeker. Serial: A3813638. Extremely Fine-40 (CGA). Signs of light circulation such as a few moderate creases, nothing too distracting. Bright, well centered, and retaining significant body. The only signature combination of the series featuring the small red Treasury Seal.
From Paramount's 1972 ANA Sale, August 1972, Lot 1111.
Gem Uncirculated F-357 $2 Note
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171 $2 F-357. Treasury or Coin Note. Series of 1891. Tillman-Morgan. Serial: B11354823. Gem Uncirculated-65 (CGA). An outstanding example featuring incredible freshness and color. The serial numbers and Treasury Seal are bright red, and the back is a rich green. Much of the original deep embossing is still visible. A beautiful note, featuring the newly redesigned back.
Attractive 1890 F-359 $5 Coin Note
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172 $5 F-359. Treasury or Coin Note. Series of 1890. Rosecrans-Huston. Serial: A200080. Choice Uncirculated-63 (CGA). Reasonably well centered on the face, while the back is noticeably high. Otherwise a very attractive example with a bright green fancy back. The first of two signature combinations issued with the large brown Treasury Seal. A stern-looking portrait of General George Thomas is featured at the center, probably marking his personality well.
General Thomas served in the United States Army during three different wars. The Seminole and Mexican wars were both in his memory when the U.S. Civil War broke out in 1861. He earned the nickname "the Rock of Chickamauga" for holding his Union position during that famous 1863 clash.
From Louis S. Werner.
A Second 1890 $5
F-361
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173 $5 F-361. Treasury or Coin Note. Series of 1890. Rosecrans-Nebeker. Serial: A5460370. Choice Uncirculated-63 (CGA). A bright and attractive note retaining nice color on both sides. The face is slightly high, but all design elements are complete. The back is well centered. A second example of the fancy-back type, this featuring the scalloped, red Treasury Seal.
From Louis S. Werner.
174 $5 F-363. Treasury or Coin Note. Series of 1891. Tillman-Morgan. Serial: B11340268. Choice Uncirculated-63 (CGA). A couple of light paper wrinkles are visible in the right half of the face, but these both appear to be as made. Bright and well centered on both sides, offering nice quality for the type. Variety with the newly redesigned back.
From the Robert F. Schermerhorn Collection.
Classic Sheridan $10 F-368 Coin Note
Series of 1890
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175 $10 F-368. Treasury or Coin Note. Series of 1890. Rosecrans-Nebeker. Serial: A4483570. Crisp Uncirculated-62 (CGA). An excellent example of this popular type. The paper is very fresh and bright, retaining nice color. Very crisp through the body, while some light crinkling of the paper is noted at the extreme left end of the face, only in the margin. Considering the overall aesthetics of the note, it would be a shame to call it anything less than Choice.
The Treasury or Coin Note series was first issued in 1890, 25 years after General Lee's surrender at Appomattox Courthouse effectively ended the Civil War. The many fine portraits of military officers and statesmen on this series celebrate the Northern victory as well as the American system of government.
Philip Henry Sheridan (1831-1888), depicted on this note, was not only a Civil War hero, but also lived out the remainder of his life as a distinguished military officer.
From Louis S. Werner.
Choice $10 F-369 Coin Note
Series of 1891
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176 $10 F-369. Treasury or Coin Note. Series of 1891. Rosecrans-Nebeker. Serial: B434953. Choice Uncirculated-63 (CGA). Fresh and bright and exhibiting much of the original deep embossing. Printed somewhat off center, though all design features remain clear of the edges. A second Sheridan note, this featuring the new back design.
From the Robert F. Schermerhorn Collection.
High-Grade $20 F-374 Coin Note
Series of 1890
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177 $20 F-374. Treasury or Coin Note. Series of 1890. Rosecrans-Nebeker. Serial: A1201565. Crisp Uncirculated-62 (CGA). The face is printed somewhat low, the lower design border being just barely free of the edge. The back is also low, but with broad margins all around. A trace of a long corner fold is detected, but the extraordinary freshness and color more than make up for this. A small quantity of these notes are known to exist in this grade, probably from a small hoard. A very valuable and sought-after type.
The face features the portrait of John Marshall who served on the United States Supreme Court for over 30 years. He was appointed the fourth Chief Justice of the High Court. Previously he served as U.S. Secretary of State from 1800-1801.
From the Robert F. Schermerhorn Collection.
Rare $50 F-376 Coin Note
Series of 1891
Only 20 Known
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178 $50 F-376. Treasury or Coin Note. Series of 1891. Rosecrans-Nebeker. Serial: B79901. Choice Uncirculated-63 (CGA). Bright, crisp and probably worthy of the Gem category if not for a tiny corner crease. Well centered, though slightly off on the back. Exhibits bold colors on both sides, as well as some traces of the original deep embossing. The highest serial number reported of the 20 known specimens.
The Friedberg reference indicates that only 25 notes remain outstanding on U.S. Treasury books, thus it is possible that it will be a long time before any others come to light, if ever. One of the finest examples available although a few Uncirculated low serial number specimens are noted in the census. Three of these notes however are permanently impounded in museums. Rarely available and certain to attract much bidding interest. The new owner will be delighted with this prize.
The portrait of William H. Seward is featured on the face. Seward was the negotiator instrumental in the purchase of Alaska from Russia. He served as the U.S. Secretary of State from 1860-1869.
From the Robert F. Schermerhorn Collection.
High-Grade $100 F-377 Coin Note
The "Watermelon Note"
One of 33 Known
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179 $100 F-377. Treasury or Coin Note. Series of 1890. Rosecrans-Huston. Serial: A116953. Extremely Fine-45 (CGA). Just faint traces of folding keep this note from a higher grade. Some light discoloration is noted on the back from light handling over the years. Well centered and offering nice quality. Only 33 examples are known to have survived. The only signature combination of the famous "Watermelon" note, a title earned by the shape of the 0's on the back.
The "Watermelon" title has earned increased fame from the recent sale, by Lyn Knight, of the "Grand Watermelon" $1000 Treasury Note for a record-breaking price. It is clear from auction results of the past few years that the currency market is highly enthusiastic, bringing to the auction block many fine notes that have been off the market for many years.
The vignette is that of David Glasgow Farragut (as of 1814, when he changed his name from James Glasgow Farragut). Farragut began his naval career as a midshipman in 1810. He served in the War of 1812, the Mexican War, and continued in routine naval service for many years. During the Civil War his many military successes earned him great respect. Congress created the rank of vice admiral especially for him in 1864. In 1866 he became the first admiral in the U.S. Navy.
From the Robert F. Schermerhorn Collection.
Federal Reserve Notes
The currency grouped under the above heading includes Federal Reserve Bank Notes of the series of 1915 and (in particular) 1918, as well as the somewhat similarly named Federal Reserve Notes (denominations from $5 to $100 being the series of 1914). The face designs differ between the two issues, while the back designs are similar.
There were and are 12 Federal Reserve Banks, located in Boston, New York City, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.
While the $1 notes of 1918 were issued by all 12 banks, and within those banks there are various signature combinations, for other denominations the issuance was irregular. This created the "rarity of rarities" in the series, the famous $50 Series of 1918 Federal Reserve Bank Note issued at St. Louis, but nowhere else, with only 4,000 being printed. Thus, it stands alone in the series. Interestingly, the Treasury Department reports indicate that only 33 notes are outstanding; however, close to 50 different notes are known to exist, as identified by their serial numbers! As noted here and there among our descriptions in the present text, the Treasury reports of the numbers of notes outstanding, although they have the ring of precision, are simply ballpark guesses, and in this instance a foul. In any event, the Treasury numbers are useful in a relative sense and are often quoted in catalogues, including by us.
Within the context of the series, the St. Louis $50 note stands tall and proud as a great classic and as the highlight of the representative group of Federal Reserve currency in the Bass Collection.
180 $1 F-737. Federal Reserve Bank Note. Series of 1918. Kansas City. Teehee-Burke. Serial: J7902048A. Choice Uncirculated-64 (CGA). Superb quality with nice margins and a bright appearance overall. A delightful example from the Federal Reserve Bank of Kansas City. The distinctive back design features the large American bald eagle with wings spread.
From the Robert F. Schermerhorn Collection.
181 $2 F-749. Federal Reserve Bank Note. Series of 1918. Boston. Elliott-Burke. Serial: A11687914A. Choice Uncirculated-63 (CGA). Margins are somewhat uneven, the note having been printed rather crooked. The ink colors remain bright and the paper crisp. Some ripples are noted in the paper, most visible on the back. These probably stem from some dampness. Still a very attractive example of the popular "Battleship note," so termed from the World War I era dreadnought found on the back. Issued by the Federal Reserve Bank of Boston.
From the Robert F. Schermerhorn Collection.
182 $5 F-785. Federal Reserve Bank Note. Series of 1918. Cleveland. Teehee-Burke. Serial: D161A. Gem Uncirculated-65 (CGA). Excellent quality, the paper remains fresh and bright. Vivid blue serial numbers and Treasury Seal add to the aesthetic appeal. From the Federal Reserve Bank of Cleveland. Two wrinkles are noted at the right end of the face. A relatively low serial number adds interest.
The back design of this note features the vignettes of Columbus in sight of land, and at right, the landing of the Pilgrims, two scenes which embody the beginnings of European influence on the Western Hemisphere, as well as greater understanding of world geography.
From the Robert F. Schermerhorn Collection.
183 $10 F-817. Federal Reserve Bank Note. Series of 1915. Kansas City. Teehee-Burke. Serial: J129419A. Crisp Uncirculated-62 (CGA). A well-centered example on both sides. Some rippling is evident in the paper as is some aging. A worthwhile example from the Federal Reserve Bank of Kansas City.
From the Robert F. Schermerhorn Collection.
184 $10 F-819. Federal Reserve Bank Note. Series of 1915. Dallas. Teehee-Burke. Serial: K95937A. Very Fine-20 (CGA). An attractive note for the grade assigned. Some creasing and other minor signs of handling are noted. A single pinhole is visible in the lower center of the face. From the Federal Reserve Bank of Dallas, Texas, with bank signatures of Hoopes and Van Zandt as secretary and governor. In the context of the Schermerhorn and Bass collections, a "local" note!
From the Robert F. Schermerhorn Collection.
F-823 $20 Federal Reserve Bank Note
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185 $20 F-823. Federal Reserve Bank Note. Series of 1918. Atlanta. Elliott-Burke. Series: F70309A. About Uncirculated-50 (CGA). A pleasing aspect overall, though some light aging has occurred. A single vertical crease is visible at the center of the note as is a natural paper wrinkle at the right end of the face, the latter as made. A single foxing spot is noted just above Grover Cleveland's portrait. Decent centering on both sides. From the Federal Reserve Bank of Atlanta.
From the Robert F. Schermerhorn Collection.
Famous St. Louis $50 F-831 Note
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186 $50 F-831. Federal Reserve Bank Note. Series of 1918. St. Louis. Teehee-Burke. Serial: H899A. About Uncirculated-50 (CGA). Some trivial signs of handling include a couple of light folds and some minor smudging on the right end of the face, otherwise bright and quite attractive. From the only Federal Reserve Bank to issue the $50 denomination. The scarcest issue among Federal Reserve Bank Notes, this denomination issued only by the Bank in St. Louis, Missouri.
The famous St. Louis $50 Note: More than any other single note in the Federal Reserve series, the $50 St. Louis has been the object of discussion, admiration, and study. Several listings of known serial numbers have been published, accounting for about 50 different specimens.
A paean to this note, "One U.S. $50 Note of Amazing Rarity," by William A. Philpott, Jr., was published in The Numismatist, April 1969. Poignantly, Philpott recited that 4,000 had been printed, but that "the most recent count, reported by the Redemption Department, U.S. Treasury, March 1, 1968, shows that these notes, actually redeemed, total $198,350, or 3,697 of the 4,000. This leaves $1,650…and 33 notes outstanding."
Philpott was snookered by the Treasury practice of estimating redemptions, rather than actually counting them. No matter, the note was and is rare. He went on to relate that in the years from 1918 to 1968, such notes had appeared at auction only three times: The Grinnell Sale, the 1968 Kosoff ANA Sale, and the Kagin sale of January 10, 1969. Again, while these figures are interesting, mainly they reflect that there was little interest in large-size currency, especially of large denominations, in the dealer and auction community up to that point in time. The real genesis of activity can be said to date from Friedberg's 1953 book, followed in the 1960s by the formation of the Society of Paper Money Collectors, by then a welcome host of enthusiastic researchers, dealers, and auctioneers. By 1968, the field was just getting underway.
Anticipating by decades what the present writer (QDB) has related in the introduction to the Bass Collection currency, Philpott went on to say:
"Many widely known and reputable dealers, such as George Blake, John Zug, Wayte Raymond, B.G. Johnson [who worked with the Virgil Brand and Col. E.H.R. Green estates], the Chapmans of Philadelphia, Farran Zerbe, et al., never owned or sold one.…"
Of course, this may have been true (but we wouldn't want to bet on Johnson), but this was more because of the lack of interest in and awareness of such notes. The field had not yet become commercially viable, and there was no framework or foundation combining active dealers, active auctioneers, easily available reference books, and special interest societies or groups. All of these things are needed to create a dynamic market within any area.
The Philpott listing is interesting, cites the serial numbers and owners of 24 different notes, and concludes that there may be a total of 28 known. "This leaves five to make up the Treasury Department's outstanding, and these five can be safely considered lost or destroyed."
From the Robert F. Schermerhorn Collection.
187 Trio of large-size Federal Reserve Notes representing three different denominations. Series of 1914. Blue Seal: I $5 F-850. New York. Burke-Houston. Serial: B14351752B. About Uncirculated-58 (CGA) I $10 F-947. Dallas. White-Mellon. Serial: K10355533A. Choice Uncirculated-63 (CGA) I $20 F-991. Chicago. Type-b. White-Mellon. Serial: G45503577A. About Uncirculated-55 (CGA). Traces of two light folds at the center. An attractive threesome. (Total: 3 pieces)
From the Robert F. Schermerhorn Collection.
188 $10 F-893. Type-a. Federal Reserve Note. Series of 1914. New York. Red seal. Burke-McAdoo. Serial: B522671A. About Uncirculated-58 (CGA). Bright and pleasing with full, even margins all around. Some light rippling is evident in the paper. A nice quality red seal.
From the Robert F. Schermerhorn Collection.
189 $20 F-958. Type-a. Federal Reserve Note. Series of 1914. Chicago. Red seal. Burke-McAdoo. Serial: G356282A. Choice Uncirculated-63 (CGA). A delightful example with nice margins and bold color. Some light rippling is noted in the lower margin.
The back design of this note features vignettes celebrating advances in transportation. To the left, the locomotive, the airplane, and the automobile are all present. To the right an ocean liner and a smaller tugboat advance out of New York Harbor; the Statue of Liberty appears in the background.
From the Robert F. Schermerhorn Collection.
190 $50 F-1014. Type-a. Federal Reserve Note. Series of 1914. Philadelphia. Blue seal. Burke-Glass. Serial: C1668A. Extremely Fine-40. Pressed (CGA). Traces of circulation are evident including light creases, and some discoloration on the back. The note shows evidence of having been pressed in an attempt to improve the appearance. The paper is somewhat aged but the Treasury Seal and serial numbers remain bright.
From the Robert F. Schermerhorn Collection.
191 $50 F-1046. Federal Reserve Note. Series of 1914. Atlanta. Burke-Houston. Serial: F694936A. Choice Uncirculated-63 (CGA). Bright and attractive with good color and margins on both sides. A desirable denomination in this series.
From the Robert F. Schermerhorn Collection.
192 $100 F-1082. Type-a. Federal Reserve Note. Series of 1914. Dallas. Red seal. Burke-McAdoo. Serial: K7786A. Extremely Fine-45 (CGA). There are light creases and the paper is slightly aged. The note is pleasing overall, with good margins.
From the Robert F. Schermerhorn Collection.
193 $100 F-1124. Federal Reserve Note. Series of 1914. Blue seal. Dallas. Burke-McAdoo. Serial: K76104A. Extremely Fine-40 (CGA). One vertical crease is visible at the center, but only really noticeable on the back. The face remains bright and attractive. One of two signature combinations issued from the Federal Reserve Bank in Dallas, Texas.
From the Robert F. Schermerhorn Collection.
Gold Certificates
Gold Certificates were issued beginning in the 1860s, with early issues being of high denominations and virtually unknown today. Issues of later series, from 1882 onward, are collectible among the smaller denominations and are elusive or rare among the higher values.
The Gold Certificates in the Bass Collection include several prime rarities among which will be found a $20, Series of 1882, F-1176; and a highly important $100, Series of 1882, F-1205.
194 $10 F-1173. Gold Certificate. Series of 1922. Speelman-White. Serial: K12470064. Choice Uncirculated-64 (CGA). Bright and fresh, just a shade from Gem. Vivid orange serial numbers, Treasury Seal, and back printing. Some light rippling is visible but minor. From the final series of large-size Gold Certificates.
The portrait on the face of this note is that of Michael Hillegas, the first Treasurer of the United States. He held this office from 1775 to 1789. Previous to this appointment, he was a successful merchant who had found great financial fortune in sugar refining and the manufacture of iron.
Rare $20 F-1176 Gold Certificate
Series of 1882
With Brown Seal
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195 $20 F-1176. Gold Certificate. Series of 1882. Bruce-Wyman. Serial: A523328. Crisp Uncirculated-62 (CGA). Reasonably well centered with complete margins all around. A beautiful example with full body and excellent color on both sides. The back is very deep orange; backs of Gold Certificates are often found faded, rendering them far less attractive. This note with the brown Treasury Seal is one of the scarcer types of the series of 1882. Just 17 examples are known to survive and this is one of the finest. Certain to attract heated bidding competition as these rarely appear at public auction.
The portrait featured on the face is that of President James A. Garfield. Garfield had fought in the Civil War, most notably at the battles of Chickamauga and Shiloh. He later entered the U.S. House of Representatives, serving 17 years, four of them as Republican leader. In 1880, he was elected to the presidency, but was shot in an assassination attempt on July 2, 1881. Garfield died two months later.
From Morey Perlmutter.
196 $20 F-1185. Gold Certificate. Series of 1906. Parker-Burke. Serial: H10047765. Choice Uncirculated-64 (CGA). A pleasing note with decent centering and nice color. One faint stain is noted at the upper right corner of the face, most noticeable on the back. The back is a vivid orange, and some of the original deep embossing is still visible.
From Abe Kosoff.
197 $20 F-1187. Gold Certificate. Series of 1922. Speelman-White. Serial: K46635584. Choice Uncirculated-64 (CGA). Delightfully fresh appearance, bold and well centered. The back is just slightly shifted to the right. Light ripples are noted in the paper.
From Lester Merkin's sale of October 1972, Lot 318.
1922 $50 F-1200 Gold Certificate
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198 $50 F-1200. Gold Certificate. Series of 1922. Speelman-White. Serial: B5555555. Choice Uncirculated-64 (CGA). Marginally off center, but fresh and retaining bright gold colors, the back being especially vivid. A desirable repeating serial number adds another point of interest.
From Lester Merkin's sale of October 1972, Lot 319.
Extremely Rare $100 F-1205 Gold Certificate
Series of 1882
With Large Brown Seal
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199 $100 F-1205. Gold Certificate. Series of 1882. Rosecrans-Huston. Serial: C62962. Very Fine-35 (CGA). A few creases through the body of the note commensurate with the grade. The note remains bright and retains nice body. Decently centered on both sides. The variety bearing the large brown Treasury Seal. This type is listed as extremely rare in the Friedberg reference, with no values given in any grade. Updated census information indicates the existence of just seven examples, this being the finest graded by a slight margin. Rarely offered and suitable for a fine collection.
From RARCOA.
Gem $100 F-1215 Gold Certificate
Series of 1922
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200 $100 F-1215. Gold Certificate. Series of 1922. Speelman-White. Serial: N1552703. Choice Uncirculated-64 (CGA). Fresh and bright. A beautiful example boasting excellent color and aesthetic appeal. The most available of the $100 large-size Gold Certificates, though relatively scarce and highly desirable in this high state of preservation.
From Lester Merkin's sale of October 1972, Lot 320.
1862 Financial Documents
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201 $10,000 H-X134E. Temporary Loan of 1862. Treasury Certificate of Deposit. 30 day, 5% interest certificate. Payable in St. Louis. Serial: 1158. Very Good. A remainder note, not filled in. Worn extensively by some means (clearly not circulation), but remaining almost totally intact. Two or three breaks in the paper are noted where particularly heavy creases intersect. The note seems to have been well centered, but unfortunately the left end, relative to the face, has been erratically trimmed and is cut heavily into the design border. Lightly soiled, as expected in this state of preservation, and overall still attractive for the grade. Printed in green and black on white paper. Overprinting in red appears vertically at the left end, and reads as follows:
"This Certificate is payable on demand after thirty days, in Legal Tender Notes, anything therein expressed to the contrary notwithstanding."
Exceedingly rare, but not well known as it is not listed in standard currency references.
These certificates were authorized by the Act of February 25, 1862. The issue was not to exceed a total of $25,000,000, and denominations ranged from $100 to $10,000. Varieties were made payable in Baltimore, Boston, Cincinnati, New York, and Philadelphia as well as St. Louis. The vignette of the Civil War soldier in Zouave dress was designed by F.O.C. Darley; the engraving was executed by Joseph Ives Pease.
202 $10,000 H-X134E. Duplicate. Temporary Loan of 1862. Treasury Certificate of Deposit. 30 day, 5% interest certificate. Payable in St. Louis. Serial: 1217. About Good. A remainder note, not filled in. Very well used, or rather mishandled, as the note was not issued. Heavily soiled with numerous heavy creases. There are holes at some of the weaker points, a small piece torn from the lower design border, and the lower right corner of the face is widely missing. Two hinges are noted on the back, these were probably for mounting rather than repair. (Total: 1 certificate; 1 article)
The lot also includes an interesting article relating to this note, cut from the February 1911 issue of The Numismatist. It is reproduced here as follows:
AN OLD TREASURY DOCUMENT TURNS UP
An old piece of paper, dirty, torn and showing much wear, has recently come to light. Unknown to many of the past generation and totally so to the present, it bears mute evidence of one of the means employed to secure funds when this nation was in the throes of a mighty civil war.
This paper is no less than a blank certificate from the United States for $10,000 for a temporary loan. An Act of Congress dated Feb. 25, 1862. Authorized what was known as the Temporary Loan of 1862. The length of the loan was for not less than 30 days, and was redeemable after 10 days notice, with interest at 5 per cent. Per annum. The amount authorized was $150,000,000, but subsequent acts permitted an increased issue which totaled $716,099,247.16; the highest amount outstanding at any time was $149,500,000, on June 12, 1866. According to last report, all but $2,850 has been redeemed.
Where this certificate has been for nearly 50 years is not known, nor does it matter, because its value consists principally in its historical associations. It now safely rests in the collection of a prominent and well-known collector. A brief description of it may be of interest to our readers.
Its approximate measurements are three and three quarter inches by eight and one quarter inches. In the upper center is an eagle of the same design as found on the six per cent bonds of 1861. At the lower left corner stands a soldier with fixed bayonet ready to repel attack. The large numerals 10,000 in green are on both ends.
It is dated from the office of the Assistant Treasurer of the United States, St. Louis, and reads as follows:
"I certify that. . . . . . . . . . . . . . . . . . .has this day deposited for at least thirty days to the credit of the Treasurer of the United States Ten Thousand Dollars for which interest at the rate of . . . . . Per centum per annum will be paid to the order of any Bank, member of the St. Louis Clearing House Association holding the same, together with the principal in lawful money, after ten days notice, upon the surrender of this Certificate."
"(Signed by) . . . . . . . . . . . . . . . . . . . . . .Assistant Treasurer."
Printed across its face in red, is the following:
"This certificate is payable on demand after thirty days, in Legal Tender Notes, anything therein expressed to the contrary not withstanding."
The reverse, which is covered by fine horizontal lines, is arranged for endorsements and date of final payment.
Altogether this document is very interesting to students of United States securities, reminding them of the many expedients adopted to secure funds at a trying time in our national history.
203 Blank ($3,000) H-X134F. Temporary Loan of 1862. Duplicate. Treasury Certificate of Deposit. 30-day, 5% interest certificate. Payable in Philadelphia. Serial: 19679. Extremely Fine. Two vertical creases and one small corner pinhole are noted. The note retains most of its original crispness and would be called Choice EF, but for traces of mounts which remain at the top two corners on the back. Printed on white paper in green ink, with red overprinting noting Philadelphia as the payable location, the status DUPLICATE, and instructions for handling the Duplicate found in five lines at the left end of the face. This reads as follows:
"This duplicate to be transmitted on receipt by depositor to the Secretary of the Treasury; in default of which the original will not be received as evidence of deposit without additional proof."
The serial number also appears in red ink. The note is a blank form for use when amounts did not fit one of the standard forms in denominations of $100, $500, $1,000, $5,000, or $10,000. This example is filled in for $3,000, and is the Duplicate which corresponds to the Original illustrated in the Hessler reference, An Illustrated History of U.S. Loans. A rarely offered fiscal instrument of exceptional quality.
From the Robert F. Schermerhorn Collection.
