Only Four Reported

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Large Size Type Notes > Compound Interest Treasury Notes

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Fr. 191 $20 July 15, 1864 3 Year 6%
Grade: PCGS VF30 Apparent    

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Compound Interest Notes in the $20 denomination were printed by the Act of June 30, 1864. There were several overprint dates known including Fr. 191 (4), Fr. 191a (57) and Fr. 192 (2). The note offered here is from the collection of Dean Oakes where it has been for a very long time. It's been nine years since any of these four notes have appeared, with the last sale being a PMG 35 at $92,000 in September 2007. This note was printed by the Treasury Department and it bears the signatures of Spinner and Chittenden, Secretary and Register of the Treasury, respectively. The note has excellent paper quality and centering along with bold red serial numbers and seal. The overprint is equally well preserved. These notes carried 6% payable for 3 years and at the end of 1865 there were around 217,000,000 of which 207,000,000 were 6% obligations. It seems clear to me why these notes are so rare today as they were redeemed for interest when they could be. There is much more interesting material about these in the book 'United States Notes' by John Jay Knox, by Scribner's 1884. PCGS notes: minor restorations.

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