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Fr. 16a $1 1862 Legal Tender PMG Extremely Fine 40. ...

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Price:   
Grade: 40
Quantity: 1
Last Update: 6/3/2021
Dealer:  (Terms) Heritage Auctions (HA.com)
Fr. 16a $1 1862 Legal Tender PMG Extremely Fine 40. A crisp and colorful Series 215 Act of July 1, 1862, Legal Tender $1 note featuring Secretary of the Treasury Salmon P. Chase. In order to thwart counterfeiters, the National Bank Note Company intricately engraved the face plate and made use of many of Cyrus Durand's patent devices. National Bank Note obtained several prestigious and lucrative government contracts for security printing prior to the formation of the Bureau of Engraving and Printing. Curiously, this firm also engraved and printed the first Confederate States series notes in 1861. The green guilloche is intriguing as there is a solid row of black printed dies underneath denoting the $1 denomination; this device, created to deter denomination raising, was initially patented by Durand for use on Obsolete banknotes of the period. Another inventive method to prevent raising was applied in the circular device at bottom center where "1" at the top is surrounded by a white circle to specify the denomination. The "3" seen on the same vertical row indicates a contemplated $3 note, a common denomination used by private banks at the time in commerce. PMG notes some "Splits," but three margins are ample. HID08101242017

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