1862 $1 Large Size United States Note // FR16 Series 174-234 // Chittenden-Spinner // PMG Certified VF25

United States Notes, also known as Legal Tender Notes, were a form of U.S. paper money issued from 1862 to 1971. Having been produced for 109 years, they were the longest running form of paper money in U.S. history. They were authorized as a form of fiat currency by the first Legal Tender Act. United States Notes acquired the name Legal Tender Notes due to the obligation that appeared on the reverse of the notes during the 1860s, which read: “This Note is a Legal Tender for All Debts Public and Private Except Duties On Imports And Interest On The Public Debt; And Is Redeemable In Payment Of All Loans Made To The United States.”

Legal tender notes were originally placed in circulation by the U.S. Treasury to pay expenses incurred by the Union during the Civil War. During the next century, the legislation governing these notes was modified many times and numerous versions were issued by the Treasury. Prior to 1929, United States Notes were issued in a large-size format, measuring 7.4 x 3.1 inches. Given this large size, they were later referred to as “horse blankets.”

Starting in 1929, the size of U.S. currency was reduced to its present dimensions, and the United States Notes appeared more similar to recent Federal Reserve Notes, with the distinction of having Treasury seals and serial numbers that were red instead of green. Although all United States Notes remain valid currency to this day, they are virtually non-existent in circulation and command significant collectible premiums. Offered here is an 1862 $1 United States Note, which represents the first issue of U.S. notes and one of the first pieces of federally-issued U.S. paper money as we know it. It features the portrait of Salmon P. Chase, who served as the contemporary Secretary of the Treasury under Abraham Lincoln from 1861 to 1864 and later as Chief Justice of the Supreme Court from 1864 to 1873. You will receive the unique notes shown in the photos, accompanied by a certificate of authenticity.