Fr. 212. (W-2680) 1864 $50 Interest Bearing Note. PCGS Fine 15.

Fr. 212. (W-2680) 1864 $50 Interest Bearing Note. PCGS Fine 15.，The Gengerke census lists just six examples of this 1864 $50 Interest Bearing Note, one of which resides in the National Numismatic Collection in the Smithsonian Institution, leaving just five notes available to collectors. These notes bore interest at a rate of one cent per day. The offered example has an issue date of August 15, 1864, and was made payable to Mrs. Charlotte Wales. This note retains two interest coupons at the right edge. The grading service mentions "repaired splits" on the back of the holder. This is the first Fr. 212 to be offered publicly in more than 10 years and the first offering of this note since 2005.<p><p><p><strong>$50 Interest-Bearing Notes, June 30, 1864, 7.3% Interest, 3 Years</strong><p>At the center of the face is a perched eagle, the same as later used on the Series of 1869 $10 "Jackass Note" and its successors. This eagle, when inverted, has the appearance of that animal. Issued with attached coupons. "INTEREST ONE CENT PER DAY" above eagle, easy enough for a holder of the note to comprehend. "TREASURY DEPARTMENT" imprint above bottom border with coupon information below. The date, August 15th 1864, is printed above Spinners name at the lower right.<p>The redemption provision on the back allows the holder to receive at his or her option payment in 20-year bonds with interest payable in coin, after August 15, 1867. The Treasury anticipated that gold and silver coins, trading at a sharp premium when this note was issued, would be easily available at par by summer 1867. Reality proved otherwise. Silver coins did not achieve parity with paper until April 20, 1876, and gold not until December 17, 1879. Accordingly, to honor earlier interest payments the Treasury had to pay an unexpected premium.<p>Of this variety 363,952 were printed. Similar to other interest-bearing currency these were not circulated generally but were kept as investments, with the number of different buyers being small. In certain advertisements and records they were called bonds.，From the Joel R. Anderson Collection of United States Paper Money, Part I. Earlier from Currency Auctions of Americas January 2001 sale, lot 1382; Heritage Auctions February 2005 sale, lot 16760.，