Lot 1736
Set of 7 1869 Rainbow Notes - $1.00 thru $100.00. This most impressive set consists of the following notes: Fr. 18 $1.00, Choice Crisp Uncirculated; Fr. 42 $2.00 CGA graded Choice Uncirculated 63; Fr. 64 $5.00, CGA graded Gem Uncirculated 65; Fr. 96 $10.00, Crisp Uncirculated; Fr. 127 $20.00, Crisp Uncirculated; Fr. 151 $50.00, CGA graded Fine 15 Restored (the repair is in the upper right corner and is barley detectable); Fr. 168 $100.00, CGA graded Fine 15.
The Rainbow notes of 1869, marked "Treasury Notes", are actually Legal Tender issues under the congressional act of March 3, 1863. These uniquely colored notes were issued in an attempt to update the appearance of our currency in circulation at a time when dangerous counterfeits of the prior currency designs were prevalent. The newly formed Secret Service was engaged in tracking down counterfeiters and needed an inventive deterrent. The brilliant rainbow colors were difficult to duplicate, and once again the Treasury Department gained the upper hand with the appearance of these new notes.
The rarity of these notes has long been appreciated as only a handful of these 1869 issues were actually saved. As a general rule, the higher the denomination, the rarer the issue. The two keys to the set are the $50.00, of which only 49 are known (17 of which are permanently off the market), and the $100.00 note, of which only about 18 are known (half of which are also permanently off the market). This is a spectacular set that will delight the currency specialists for years to come.
Estimated Value $50,000-UP.
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