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*HIGHLIGHT OF ENTIRTE AUCTION* PMG 1861 $10 Demand Note Fr-6 New York, NY Graded f15 By PMG (fc)
Currency:USD
Category:Coins & Paper Money
Start Price:25.00 USD
Estimated At:7,500.00 - 15,000.00 USD
SOLD
5,250.00USDto floor+ buyer's premium
This item SOLD at 2021 Aug 04 @ 23:36UTC-04:00 : AST/EDT
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***Auction Highlight*** PMG 1861 $10 Demand Note Fr-6 New York, NY Graded f15 By PMG. In 1861, under the direction of Secretary of the Treasury Salmon P. Chase, the federal government issued the first paper money of the United States, the Demand Notes, in order to meet the expenses of the Civil War. He said, "I was compelled to use some expedients for payment of the Army & Navy, or see the defeat of all our efforts to save the integrity of the Republic." (The Salmon P. Chase Papers, Kent State University Press, 1889). The acts of July 7, 1861 and August 5, 1861, authorized an emission of $60,000,000 of notes; they were not legal tender and were not interest-bearing. The notes were printed in $5, $10, and $20 denominations from five Assistant Treasurer locations: New York, Philadelphia, Boston, Cincinnati, and St. Louis. Although the notes have the "on demand ... Promise to pay to the Bearer," the obligation does not specify payment in gold. However, Chase's circular sent to the Assistant Treasurers regarding the aforementioned acts stated:These notes are intended to furnish a current medium of payment, exchange, and remittance, being at all times convertible into coin at the option of the holder, at the place where made payable, and everywhere receivable for public dues. They must be always equivalent to gold, and often and for many purposes more convenient and valuable.But the Treasury was low on gold supplies, and Lieutenant-General Scott on September 8, 1861, announced that the current method of paying the troops "in coin" would be partially supplanted by the Demand Notes, which were "as good as gold at all banks and government offices throughout the United States." In addition to paying the troops, these notes were also used to pay the salaries of some government employees. As gold supplies further dwindled, Chase ordered the specie payments suspended, and on December 28, 1861, it was no longer possible for note-holders to receive gold on demand, making the notes unpopular with most of the public, but not with the importers.The Treasury needed to continue issuing notes, but without the promise of payment in gold or acceptance as the equivalent of gold. In 1862, the Legal Tender Notes were introduced. They quickly depreciated versus gold (in 1864, it would take more than $2.50 of those notes to purchase $1 in gold). That meant that Demand Notes, which were on par with gold, were much more valuable than the Legal Tender Notes, particularly to importers who used them for customs duties requiring payment in gold.Only $53,000 of the issued $60,000,000 (less than one percent of the total issued) in Demand Notes are still outstanding, with the majority redeemed or destroyed during the war.All $10 Demand Notes are much scarcer than their related $5 examples. The well-executed American Bank Note Company face plate features Frederick Girsch's engraving of Abraham Lincoln at the left. The eagle vignette, E Pluribus Unum, that originally appeared on Obsolete bank notes, was engraved by Toppan, Carpenter, and Company. Art is symbolized by the right end allegorical female. In rich green on the face are the guilloche at bottom center and the "10" counters flanking the eagle. The exceptionally intricate green back displays different patterns and denomination protection devices used to prevent note note-raising. Finest Known is a vf35
Auction Location:
148 Route 73, Suite 3-284, Voorhees, New Jersey, 08043, United States
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Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
21% |
Additional Fees:
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