This listing is for the photographed 1862 20 Dollar Counterfeit Demand Note. These notes were issued as a result of the National Bank Act of 1862, making them the first national issue of a $20 note and extremely rare. The center vignette depicts an allegorical Liberty holding a sword and shield. This note has a type 2 treasury seal, having a spoked background instead of solid. Fr. 124b (Friedberg Number 124b).
Many indicators suggest that this note was printed as a contemporary counterfeit when the notes were first issued. Here is a list of those indicators;
- Serial number font is less ornamented and straighter than other confirmed notes
- Series number above vignette's head is too small and too far left
- Significantly darker green and red ink colors compared to other notes in the same condition
- The vignette is printed with thicker lines than authentic notes, meaning it was likely printed using a lithographic technique instead of the advanced intaglio technique used by government issuers
- "American Bank Note Co. New York" printed in the lower center border is uneven
- Authenticated notes have a green patent date vertically printed to the left of "Washington" and the block number, this one does not
These notes are extremely rare, making this an excellent find. Even counterfeits such as this one are a rare find, making them extremely valuable as well. This note is in good condition, with a torn bottom left corner. Better conditions of authentic issues of this note are rarely circulated and extremely valuable.
In 1862 the U.S. Congress enacted the National Bank Act, which nationalized the paper money issued in the United States. This brought an end to the "Free Banking Era" that had occurred for the majority of the 19th century, in which private banks and individual states would print their own currency. Today, the first issues of national currency are called "Greenbacks," as the reverse of the notes were ornamented with a green design.
Very rare and fascinating historical note, a must have for any collection!
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Extremely Rare 1862 20 Dollar Demand Note - Contemporary Counterfeit - 1862 Twenty Dollars Rare Counterfeit Note, Civil War Era - Fr.124b