Stack’s Bowers Galleries’ upcoming official currency auction of the Whitman Coin & Collectibles Winter Expo will feature an extremely rare 1864 $500 Interest-Bearing Note. The note, dated August 15, 1864, is unique for the catalog number, both in government institutions and in private hands. Interest-Bearing notes of denominations from $50 to $5,000 were printed as early as 1861. The $500 Interest Bearing Treasury notes bore interest at the rate of 7.3% per year, for three years, and were a result of financial instability in the country caused by the Civil War. The design features Alexander Hamilton at center, and a standing figure of Washington at the lower right. Signatures of Colby and Spinner and the Treasury serial numbers are printed in red.
The $500 note was authorized by the Act of June 30,1864, which allowed owners to transfer these bonds to other individuals. The light pink stamp on the reverse reads “…Of the Treasury For Redemption Vermilye & Co.” We cannot quite make out the top line, however. Vermilye were primarily bankers, brokers, and dealers in government loans, stocks and bonds. While we do not know the original payee, we do know because of this stamp, the note was transferred to another owner at one time. Read More
View and bid on all lots in the November 2015 Baltimore Auction online at StacksBowers.com
By Brad Ciociola, Currency Specialist