Fr. 165a (W-3432). 1862 $100 Legal Tender Note. PCGS Very Fine 35.

Fr. 165a (W-3432). 1862 $100 Legal Tender Note. PCGS Very Fine 35.，One of the most iconic American type notes, a representative of the first federally issued note of the $100 denomination. These "Spread Eagle" $100 Legal Tender Notes are collector favorites and the design type is ranked #8 in <em>100 Greatest American Currency Notes</em> by Q. David Bowers and David M. Sundman. The powerful depiction of an eagle perched on a rock with wings spread was originally engraved by Joseph P. Ourdan and is among the most striking vignettes on all of American currency. Presently just 54 examples of the general type are recorded in the Gengerke census for all varieties combined. There are 11 serial numbers recorded for the Fr. 165a (W-3432), with most in grades of Very Good to Fine. The Anderson example is the second finest graded for the variety, surpassed only by a PCGS Extremely Fine 40 graded note found in the population report.<p>The paper on the presently offered note is bright and displays only light circulation. Sharply printed inks and bold green color add to the appeal. A few small pinholes are seen near the bottom center but do not distract from the overall aesthetics of the note. The intricate back design involves all but the margins, with the First Obligation language seen at center. A heavily restored Very Fine example realized $69,000 in a September 2011 auction. The presently offered note is far nicer and should attract strong bids when it crosses the auction block.<p><strong>$100 Legal Tender Notes, Series of 1862, First Obligation</strong><p><p>As mentioned above, this is one of the all-time favorites among federal notes of the early era, and it is perhaps the most compelling motif on any currency of the era, including on bills of state chartered banks. Ourdans work was registered this year by the National Currency Bureau, with a microprint (partially visible) attesting to this. The face, back, and tint plates for the $100 Series of 1862 and 1863 Legal Tender Notes were engraved by the National Bank Note Company. The American and National Bank Note companies shared the printing of both obligation notes.Treasury signatures of Chittenden and Spinner were printed on the face by using a separate plate and a special ink.<p>The imprint "NATIONAL BANK NOTE COMPANY" at the top border and the 1860 patent date for the cycloidal configuration technique shares the same line (similar imprints appear on the back). Three ornate petaled kaleidograph counters are on the face, two in black and one in green. The word "SERIES" did not appear on the first run, notes from which had the ABNCo monogram. SERIES 2 (as here) and later notes were so numbered and did not have the monogram. A red serial number is at the lower right with the word "NUMBER" curved above it. All bear the address of the Treasury Department in Washington, DC. All have a small red Treasury Seal.<p>The First Obligation imprint is on the back: "This note is a Legal Tender for all debts public and private, except for duties on imports and interest on the public debt, and is exchangeable for U.S. six percent twenty years bonds redeemable at the pleasure of the U. States after five years." These bonds were sold by banks and brokers and were heavily advertised in their time.<p>We estimate the print run as 35,000. When the <em>Whitman Encyclopedia of United States Paper Money </em>was compiled about a decade ago, I and consultants estimated the population to be 12 to 14, a figure that is still useful today in 2018, as 11 have been specifically listed in the census. The highest recorded grade was Fine-15!<p>F-165a (W-3432) has Chittenden-Spinner signatures. Printed on the plate<em>: </em>Act of Feby 25th 1862 / March 10, 1862. ABNCo. Monogram used on the preceding variety is omitted here. The Treasury Seal is <em>without </em>inner border of radial parallel lines. Series 2.<p>，From the Joel R. Anderson Collection of United States Paper Money, Part I. Earlier from William P. Donlons sale of June 1975, lot 143; Stacks March 1989 sale, lot 434; Stacks July 1993 sale, lot 190; Spink Americas sale of May 1995, lot 250; Currency Auctions of Americas sale of January 2000, lot 1718; Lyn Knights sale of August 2005, lot 1227.<p>，