Fr. 11 (W-1907). 1861 $20 Demand Note. New York. PCGS Very Fine 25.

Fr. 11 (W-1907). 1861 $20 Demand Note. New York. PCGS Very Fine 25.，Only eight examples of this important note have been recorded in the census and most are in the Very Good to Fine range. The Anderson Collection example is certified as Very Fine 25 and is exceeded by only a single note, an PCGS Very Fine 30 example that has been off the market for more than a quarter century (otherwise it would probably be in this collection!).<p>The offered note is a solid Very Fine, perhaps conservatively so. It displays only moderate evidence of circulation and has excellent eye appeal. The printed details are boldly inked, and there is sharp detail on the vignette of Liberty, bearing her sword and shield at center. The green tints display strong color while the issuing signatures of the Treasury officials are neatly penned. Incredible detail is seen in the ornately printed green back design. There is minor edge restoration at the top margin, not affecting the printed areas of the note. The eye appeal is superb. <p>Considering <em>all varieties</em> of the 1861 $20 Demand Note there are only 13 notes recorded in the census. As such any $20 Demand Note is a prize, and most collections will never include one.More on 1861 Demand Notes <p>The Demand Notes were payable in gold at five different federal depositories, known as Sub-Treasuries, located in New York City, Philadelphia, Boston, Cincinnati, and St. Louis. The New York office under the authority of Assistant Treasurer John J. Cisco was by far the most important. The life of Cisco, who became wealthy (the city of Cisco, Texas bears his name), is a fascinating account in its own right.<p>The earliest bills were personally signed in ink by L(ucius) E. Chittenden, Register of the Treasury, and F(rancis) E(lias) Spinner, Treasurer. None of these are known to numismatists today. Soon a corps of 70 clerks was on hand to add their own names and the notation "for the" Treasury officers. Later issues, constituting the majority, had "for the" printed by the plate, but still were signed by clerks. As no recipients of the bills had any idea who these people were or what their signatures should look like, they had no security value.<p>In different parts of the country, many banks, merchants, and others refused at first to receive them at all. The situation was ameliorated when the Treasury Department sent letters to the various federal depositories authorizing them to pay out gold coins at face value on demand. This soon established public confidence, and Demand Notes were received everywhere.<p>Demand Notes were not paid out by the Treasury after December 28, 1861, a temporary halt, as the supply of gold had reached alarmingly low levels. By then, $33,460,000 in Demand Notes had been paid out. This issue was supplemented on February 12, 1862, by an additional $10,000,000 in Demand Notes redeemable in gold. By early March the entire authorized $60,000,000 amount had been printed and issued. The price of gold coins rose in the marketplace, and notes of state chartered banks traded at discounts in proportion. In March 1862 Legal Tender Notes were authorized in large quantity, in values from $1 to $1000. These were exchangeable at par only for other paper bills. The era of gold coins in circulation had ended, a situation that would remain until 1878. By July 1, 1880, all but $60,535 of the Demand Notes had been redeemed.<p>Today, Demand Notes are highly prized by numismatists. Most show extensive wear. The Anderson Collection examples are remarkable exceptions.<p><p>，From the Joel R. Anderson Collection of United States Paper Money, Part I. Earlier from Currency Auctions of Americas sale of May 1997, lot 1568; Lyn Knights sale of June 2004, lot 1189.，