Fr. 203 (W-2660). 1863 $50 Interest Bearing Note. PCGS Very Fine 30.

Fr. 203 (W-2660). 1863 $50 Interest Bearing Note. PCGS Very Fine 30.，Another incredible prize for the type collector or variety specialist. Just seven $50 Interest Bearing Notes are known to survive and one of these resides in the National Numismatic Collection at the Smithsonian Institution, leaving just six collectible examples. The presently offered note is likely the finest representative of this variety, as it is the highest graded example to be certified by either PCGS or PMG. Again, the possibility of a once-in-a-lifetime opportunity is raised.<p>The larger format of this note in comparison to regular issues allows for a prominent back design. Quite large "50" counters are seen at left and right of the central obligation, set against a nearly fully printed geometric lathe back drop. The design elements are all exceptionally detailed while the green and red inks retain bold color. The paper is very sound and free of any restoration, as is so often seen on this series. In fact the last example of the type that we offered was a PCGS Very Fine 30 Apparent note with "Restorations" noted by the grading service, It realized $88,125 in our August 2012 ANA auction. This example offers originality that the prior note did not and should certainly realize a loftier sum. It also comes with a provenance to two of the great currency collections of the last century, those of Robert Schermerhorn and Harry W. Bass, Jr.<p><p><p><strong>$50 Interest-Bearing Notes, March 3, 1863, 5% Interest, 2 Years</strong><p>To the left of the face is a seated woman, a vignette by John W. Casilear titled <em>Caduceus,</em> referring to a wing&egrave;d staff with two intertwined snakes, a popular motif of the era (not particularly associated with medicine, as it is today). At the center is <em>Justice with Shield</em>, also known simply as <em>Justice</em>, engraved by Charles Burt. To the right is <em>Loyalty</em>, as used on the March 3, 1863, 5% Interest, 1 Year notes described above. Near the top border left of center is "AMERICAN BANK NOTE COMPANY, NEW YORK."<p>Some were issued with three coupons attached vertically to the right side and have interest payable semi-annually, while others were issued without coupons and were payable at maturity, as here. The latter were sold at a discount from face value at the time they were issued, with the bearer earning interest by obtaining full face value upon expiration of the term. Various red overprint dates were added to signify the starting time for interest calculation. Presumably, most if not all were spaced one week apart.<p>For this variety 136,000 were printed. Known dates include April 1 and April 22, 1864.，From the Joel R. Anderson Collection of United States Paper Money, Part I. Earlier from Robert F. Schermerhorn; Harry Bass Research Foundation; Bowers and Merenas sale of May 1999, lot 105; Lyn Knights sale of June 2000, lot 31; Lyn Knights sale of October 2005, lot 53.<p>，