$100 Compound Interest Treasury Note

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Large Size Type Notes > Compound Interest Treasury Notes

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Fr. 193 $100 1863
Grade: VF +    

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This is one of only two compound interest treasury notes known bearing the Act date of 1863. Both of these earlier examples are genuine, compared to the 1864 dates in which it appears that six are not genuine. Only six to eight genuine notes are in private hands. These are great rarities and should be treated as such. The compound interest hundred is a beautiful design that was issued under the Act of March 3, 1863 which allowed for these to carry a 6% yield three years after the date of issue. This was the mechanism, among others, to finance the War Between the States. Because these drew interest they were recorded upon redemption, and Gene Hessler show 316 outstanding, no doubt 100 years ago. This note carries the earliest Act date and only 8% of the total issue had this date. Today we only have records of two surviving examples. A true numismatic treasury that directly helped fund the Civil War. The condition is very bright and the edges and centering are excellent. There is some weakness in the overprinted area. A virtually undetectable, professional restoration has been done in the overprint. The work is basically unnoticeable. It had the typical problem that accompanies that series; the overprint ink was too heavy or acidic and ate through the paper. When previously catalogued it was called Fine for wear. I assume that it was downgraded before the restoration. Look for yourself, it is a beauty. Chances to obtain a $100 compound interest note are very limited.

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