Newport Ridge Collection - Large Ones
1862 $1 Legal Tender Fr. 16-17b

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Note Details

Set Details
Note Description: Legal Tender
$1 1862 Large Size
Grade: AU 58 EPQ
Country: US
Note Number: 16
Seal Type: Small Red - Type 2
Signatures/
Vignettes:		 Chittenden
Spinner
Certification #: 5000416-007  
Owner: GSA_Gem_Quest
Sets Competing: Newport Ridge Collection - Large Ones  Score: 2389
Date Added: 2/27/2010
Research: See PMG's Census Report for this Note

Owner's Description

Legal Tender Notes were first issued in 1862, in order to help the Union finance the Civil War. Gold and silver coins were disappearing from circulation, and a new and different monetary medium was needed. They were not exchangeable for silver or gold coin, so some merchants were reluctant to accept them at face value. Even the Philadelphia mint would not accept legal tender notes in payment at par for the proof coins it struck for collectors. To buy these coins, collectors had to submit other silver and gold coins in payment.

This note is graded AU 58 with exceptional paper quality. Though not one of my personal favorites, it was rated Number 31 of the "100 Greatest American Currency Notes" as described in the Bowers book by the same name. It is Fr #16, has the low serial number #244, and was acquired at the Heritage FUN auction in January 2010.

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