United States Treasury Department - Fr. TN-14a $10 March 25, 1815 \"Act of February 24, 1815\" Double Signature Remainder. PCGS Choice About New 58PPQ. This beautiful and historic currency note is part of a fascinating series that was issued between the repudiation of the Continental Congress currency and the creation of the Act of July 17, 1861, Demand Notes to help fund the Civil War. Considered by many collectors to be our nation's first federal currency, the War of 1812 notes were necessary to fund the debt that arose from the war against Great Britain that officially ended with the signing of the Treaty of Ghent in December 1814. The \"Second War of American Independence,\" as some historians have called this conflict, was caused by an extended disagreement between the United States and Great Britain over trade tariffs and violations of American maritime rights. With the demise of the First Bank of the United States and no provision for internal revenue taxes, the Treasury was left with meager sources of revenue to prosecute the war and eventually fund its debt. In addition to the issue of federal bonds, the Treasury created these circulating notes that were convertible into 7% stock. They were issued under the Act of February 24, 1815, shortly after the signing of the Treaty of Ghent. This note was part of the $3,392,994 of small Treasury Notes under $100 that were issued, with denominations of $3, $5, $10, $20, and $50; a total face value of $25,000,000 had been authorized. The notes bore interest and technically were loans, but their size and style allowed them to circulate as currency, and they were payable for certain obligations. For decades, the War of 1812 Treasury Note issues have achieved the sustained recognition and price appreciation they deserve. A contributing factor was the disposition in 2004 of the Ford collection notes and sheets, many from the Boyd holdings or from the legendary currency collector and author Julian Blanchard, an early member of the Essay-Proof Society. The Newman Collection War of 1812 notes are significant additions to the collecting community, and this is the last available example. One of the finest known of this most frequently encountered War of 1812 type, and a perfect candidate for any American type set. Engraved and printed by Murray, Draper, Fairman & Co. on watermarked UNITED STATES bond paper with color security threads. This is the plate F example of the four notes printed on a sheet. It in banknote size and format. The upper left shows an eagle, clutching the banner showing the E PLURIBUS UNIM motto, with a large sunburst behind. Intricate end panels characteristic of the imprint display TEN DOLLARS at each end in a cartouche. Obligations are across with engraved date at top center under the title, and 7% interest specified. This is a double signature remainder, missing the third necessary to be fully issued and unknown on this type. Listed as Hessler X83C. Though TN-14a $10 notes are the most frequently encountered War of 1812 type, they are hardly common and we would estimate 30 to 40 still exist in all grades. This is a gorgeous example, virtually as made with very faint handling. The borders are superior to most we have seen, having wide, even swaths of lathe work on all sides. The two signatures are boldly penned. The paper originality and immaculate surfaces are evident. The Newman Collection duplicate, PCGS Very Fine 20 Apparent, realized $8,812.50 in the April 2015 Newman Part VI sale. This is much superior to two others we have sold in recent years: a PCGS Very Fine 35 that realized $25,850 in April 2014 and a PMG Choice Extremely Fine 45 Net (restoration) realizing $21,150 in January 2015. This example is worthy of spirited competition and the finest we have handled. A classic American currency note, projecting the emerging strength of America and the role the country would play after the Treaty of Ghent ended the War of 1812. Ex: Eric P. Newman Numismatic Education Society\n\n
From Newman VIII (Heritage Auctions, 11/2017), lot 28248, realized $24000. Image and description courtesy of Heritage Auctions, https://ha.com.
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