This is an absolutely iconic and aesthetically-pleasing Compound Interest Treasury Note. This note remains historically significant as the United States Treasury Department in 1863 and 1864 released these. The CITNs could be used as face value or could accrue interest for up to three years. At that time the government was giving six percent annual interest compounded semi-annually. The value of this note if redeemed after 3 years would of been $23.88. The interest table is displayed on the back.
This note bears impeccable artistry including vignettes of Victory at the left with a mortar at center and President Lincoln on the right.
Only 25% of the CITNs from this Friedberg number have been graded higher, while the majority fall within the VF range or lower. Of course, many of these have objectionable flaws which often result in a net or apparent designation.
PCGS comments 'restorations' on the back of this note which refers to a couple professionally sealed internal splits that barely detectable upon inspection with various light sources and differing degrees of magnification. Fortunately, this minor work has improved the overall appearance and desirability of the note without detracting from its beauty in even the slightest.
As with most of the circulated (and even some of the uncirculated examples) the bronze overprint has oxidized, yet fortunately, we see no evidence of erosion.
Collectors can spend a lifetime trying to locate not only an attractive example of these iconic notes, but also an affordable one. These notes become exponentially more expensive and less available in higher grades. This example is ideal for a collector seeking a great looking note for a great value.
This note has been authenticated and certified by PCGS Currency as Very Fine 30.