$2 1953 RED SEALS 100 PC LOT UNSEARCHED VF to CU

Pricing & History

Sold for
Start Free Trial or Sign In to see what it's worth.
Sold Date
Source eBay

Make time stand still with an ultra rarity grouping that dazzles the imagination and can make a collectors heart race. A problem free group with many high grade notes included. Most are eye appealing peachy fresh notes. All 100 notes sold as a lot for one money. A United States Note , also known as a Legal Tender Note, is a type of United States paper money that was issued from 1862 to 1971. Having been current for over 100 years, they were issued for longer than any other form of United States paper money. They were known popularly as "greenbacks" in their day, a name inherited from the Demand Notes that they replaced in 1862. They were called United States Notes by the First Legal Tender Act, which authorized them as a form of fiat currency , but because their value derives from their status as legal tender they bear the inscription "This Note is a Legal Tender" and are often called Legal Tender Notes. They were originally issued directly into circulation by the Treasury to pay expenses incurred by the Union during the American Civil War . Over the next century, the legislation governing these notes was modified many times and numerous emissions were undertaken by the Treasury. United States Notes that were issued in the large-size format prior to 1929 differ dramatically in appearance when compared to modern American currency, but those issued in the small-size format starting in 1929 are very similar to the current Federal Reserve Notes with a marked distinction of having a red Treasury seal in place of a green one. Issuance of United States Notes ended in January 1971. However, existing United States Notes are still valid currency in the United States today, though they are rarely seen in circulation. Demand Notes During 1861, the opening year of the American Civil War, the expenses incurred by the Union Government far outstripped its limited revenues from taxation, and borrowing was the main vehicle for financing the war. The Act of July 17, 1861 [1 ] authorized Secretary of the Treasury Chase to raise money via the issuance of $50,000,000 in Treasury Notes payable on demand. [2 ] These Demand Notes were paid out to creditors directly and used to meet the payroll of soldiers in the field. While issued within the legal framework of Treasury Note Debt, the Demand Notes were intended to circulate as currency and were of the same size, and in appearance closely resembled banknotes. [3 ] In December 1861 economic conditions deteriorated and a suspension of specie payment led the government to cease redeeming the Demand Notes in coin. Comparison of a $5 Demand Note (upper image) and an 1862 issue $5 United States Note (lower image). N.B. the removal of the words "On Demand" and the addition of the U.S. Treasury Seal The Legal Tender Acts The beginning of 1862 found the Union unable to redeem its Demand Notes, which it was using to pay its soldiers, and the value of the notes began to deteriorate. This immediate threat spurred Congress to action. The Constitution did not grant the federal government the power to issue a paper currency, but on February 25, 1862 President Lincoln signed the First Legal Tender Act [4 ] which authorized the issuance of United States Notes as a Legal Tender . Initially, the emission was limited to $150,000,000 total face value between the new Legal Tender Notes and the existing Demand Notes. The Act also called for the new notes to be used to replace the Demand Notes as soon as practical. The Demand Notes had been issued in denominations of $5 , $10 and $20 and these were replaced by United States Notes nearly identical in appearance on the obverse. In addition, notes of entirely new design were introduced in denominations of $50 , $100 , $500 and $1000 . The Demand Notes' printed promise of payment "On Demand" was removed and the statement "This Note is a Legal Tender" was added. Legal tender status guaranteed that creditors would have to accept the notes despite the fact that they were not backed by gold, bank deposits, or government reserv... read more

Items in the Price Guide are obtained exclusively from licensors and partners solely for our members’ research needs.

Flag item for content or copyright

If this item contains incorrect or inappropriate information please contact us here to flag it for review.

If you are the originator/copyright holder of this photo/item and would prefer it be excluded from our community, contact us here for removal.