Classic American Rarity Fr. 12 $20 1861 Philadelphia Demand Note VF

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Large Size Type Notes > Demand Notes

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Fr. 12 $20 1861 Philadelphia
Grade: VF    

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Twenty dollar demand notes are one of the greatest rarities of all federal types and there are several reasons for that. These were the highest denomination issued of a series that was received with reluctance. Merchants and shopkeepers tried their best to discredit them. Because these notes were not payable in gold and because their acceptance was poor they redeemed them very quickly. The issue was all printed by April 1, 1862 and by July 1, 1863 more than 56,000,000 had been redeemed of the 60,000,000 authorized and issued just a year earlier. That means only four million were outstanding 15 months after the issue was completed. The remaining notes we see today are generally in low grade and were probably most often saved as war mementos. There are six Philadelphia $20s listed in the census, including this note that was last offered as part of the Harry Bass Foundation Collection in 1999 where it realized $23,000. It has been restored beautifully leaving a note that has the appearance of a VF with excellent original signatures of Tingle and Hubbard for the treasurers. Currently there are 19 known to exist with 17 in private collections and just two in museums.

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