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Landmark 1863 $100 Interest Bearing Note One of Only Three Known!

By Stack's Bowers Galleries

Author: Stack's Bowers Galleries / Thursday, January 24, 2019 / Categories: Highlights from the Joel R. Anderson Collection

Enthusiasm and excitement continues to build as Part 4 of the Joel R. Anderson Collection approaches on Thursday evening, February 28. The venue will be the popular Whitman Coin & Collectibles Expo in Baltimore. You are cordially invited to attend this dynamic show and view the Anderson notes in person as well as see the many other coins, tokens, medals, and paper money in our multiple auction sales. You are invited to attend the sale as it takes place, as a bidder or as an observer to see numismatic history as it is being made. Alternatively, you can view the notes on our Internet site and participate in the sale in real time as a bidder.

The Anderson Collection by definition includes notes from affordable and available to great rarities—among the last being unique and, often, the finest known. As Joel R. Anderson spent many years forming this extraordinary collection of large-size federal currency by design types and denominations, by definition it includes some issues that are not rare. However, even those are in ultra grades—among the finest known.

This week we showcase a great rarity—as per our catalog description below. As a class, Interest-Bearing Notes—never mind the rare $100 denomination—are so elusive that if you attend a major coin convention you might not see even a single one among notes for sale!


Extraordinary 1863 $100 Interest Bearing Note

One of Three Known

Lot 4019. Friedberg 199 (Whitman-3245). 1863 $100 Interest Bearing Note. PCGS Currency Very Fine 30.

This is the second of two Fr. 199 (W-3245) notes featured in the Joel R. Anderson Collection. The design type depicts Washington standing at center with allegorical depictions of The Guardian at left and Justice at right. Large green C counters flank Washington at left and right while a large green security panel is centered below the central vignette. A large red spiked Treasury Seal is found at top right along with a February 17, 1864 issue date. The green printed back is intricately detailed with 100 counters to left and right, and the obligation found within a round frame at center.

There are three examples known of this catalog number. In March 2018 we sold serial number 17148, also from the Joel R. Anderson Collection and graded Very Fine 30 by PCGS Currency, for $240,000. That example had minor edge restorations mentioned by the grading service. The presently offered note, with serial number 834, is free of any repairs or other impairments. It is well margined on wholesome, evenly circulated paper. This note and the prior Anderson example are the only two Fr. 199s (W-3245s) that have ever been offered at public auction. How amazing this is! How indicative it is of the content of the Anderson Collection! The third recorded note has never entered the marketplace to our knowledge and was only reported by one dealer 25 years ago. The currently offered note has passed through the notable collections of Robert Schermerhorn and Harry Bass. This is an outstanding rarity and it may be years before collectors get another chance to secure this design type.

PCGS Population: 1, none finer.

From Robert F. Schermerhorn; Harry Bass Research Foundation; Bowers and Merena’s sale of May 1999, lot 104; Lyn Knight’s sale of June 2000. lot 309; Heritage/CAA’s sale of May 2005, lot 16685.

Est. $100,000-$150,000