Exquisite Fr. 190b $10 Compound Interest Note Finest Known

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Large Size Type Notes > Compound Interest Treasury Notes

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Fr. 190b $10 1864
Grade: Gem CU    

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As long as I have been in the currency business, over 40 years at this point, collectors have tried to dismiss the so-called 'middle of the book' notes, a reference to their position in the Friedberg catalog rather than the time of issuance, as not being Legal Tender and acting as cash. It is high time we dispel that rumor once and for all. These notes were to be issued in denominations not less than $10 and interest not exceeding 7.3% per annum with interest paid semi-annually, principle and interest payable in lawful money. The notes were to be Legal Tender at face value. There was $266,595,440 of these Compound Interest Notes issued and the size was 3-1/2" by 7-1/2". Secretary Fessenden, in his report of December 6, 1864, states the non-interest bearing, except Nationals and Fractionals, is limited to $400,000,000 subject to a $50,000,000 temporary deposit increase. This note has been previously described as, "No other uncirculated example of any Compound Interest Treasury Note has ever reached the market. The census of Fr. 190b lists over 80 notes. This is one reported uncirculated example listed without history or pedigree and that note is quite near this in serial number. This piece, which has surfaced to the paper money collecting fraternity for the first time, has broad, even margins, reflective bright bronze, excellent centering of both sides and razor sharp perfect printing of all of its elements. The seal and date overprints are bright red and the serial numbers are their original deep, reddish orange. The existence of a Compound Interest Treasury Note in this condition was not evern rumored until this incredible piece turned up. In fact, of the nearly 200 Compound Interest Treasury Notes of all dates and denominations, there is only one uncirculated example and two AUs, which are in the ANA Museum. Every serious collector of US currency will desire this note as no one owns anything near it for grade. The Green Sheet lists no values above the XF grade for this type and any estimate is purely guess work." Design 35. This note was graded on more than one occasion before being graded by CGA. It has since been removed from the CGA holder but the label is included in the lot.

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