Published: January 21, 2020
ORLANDO, FLA. — A Fr. 193 $100 1863 Compound Interest Treasury Note (PMG Very Fine 30 EPQ) sold for $228,000 to claim top-lot honors in the 2020 Florida United Numismatists (FUN) auction conducted by Heritage Auctions, January 8-14. These Civil War-era compound interest treasury notes were authorized under the Acts of March 3, 1863, and June 30, 1864. These acts authorized the Treasury Department to issue notes which, for a period of three years, bore interest at a rate of six percent, compounded twice per year. Notes were issued in denominations of $20, $50, $100, $500 and $1000, with examples of two highest denominations remaining unknown today, making $100 like this one the highest denomination known to remain in existence. Just over 500,000 of the $100 denomination were issued, but because of the precarious state of the federal government’s finances and the limited window for the promised interest payments, nearly all were quickly redeemed. The treasury estimated in 1944 that only 300 such notes remained, a total that has dwindled today to just 15 covering all three Friedberg numbers for the denomination. This example, from the Coral Gables Collection, Part II, is one of only two Fr. 193s extant, and by far the better of the pair, as the only other example in the census is not only lower grade but has been professionally restored as well. For further information, www.ha.com or 877-437-4824.
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