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Large Size Type Notes > Interest Bearing Notes

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Fr. 197a $20 April 5, 1864 5%
Grade: PCGS VF30 Apparent    

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This lovely Interest Bearing Note was printed by the Treasury Department, not the American Bank Note Company. It carries the date of April 5, 1864 to the right of the cannon and has the Treasury signatures of Spinner and Chittenden, Secretary and Register of the Treasury, respectively. This piece, the Krause-Lembke illustration note, has been off the market since it last appeared in a 1975 Dean Oakes fixed price list. In the 1997 US Paper Money records, completed by Martin Gengerke, there were 22 serial numbers reported with at least 2 in permanent collections. Only 3 of those 22 were listed as high a grade as XF. In 1997 there were only 2 notes known with the April 5, 1864 date and virtually 20 years later Track & Price shows 25, so only three notes have been added during that time span. The only other note with the Treasury emission was sold in 2011 at $60,375 and was graded either VF 30 or Apparent 20. This example is quite nice and desirable and any issues require careful study to see, let alone study. During the last 20 years I have only handled 3 examples of this type and this is far and away the finest of those. The note has great paper quality, excellent centering and bold vivid inking of the overprints. PCGS notes: minor restorations.

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