We are pleased to present an 1869 $20 Legal Tender Note, Fr. 127 graded PMG Gem Uncirculated 66 EPQ* in our August 2024 auction. Notes of this caliber make their presence known at auction very rarely, if the past is any indication. While a trio of finer examples are recorded by PMG, this is the first PMG graded Gem Uncirculated 66 EPQ 1869 $20 “Rainbow” Legal Tender Note to cross the auction block since February 2012.
This note is nothing short of remarkable with regard to its aesthetic and technical components which seemingly work in concert with each other. The security paper provided by the Wilcox Company (distinguishable by the blue stain and the abundance of silk fibers), the rich pinkish-red Treasury Seal seen left of the centermost denomination counter and the numerous floral and geometric adornments spread across the face combine to make clear why these notes have long been popular with collectors.
The vivid pinkish-red shade featured prominently on the face, the subtleness of the blue tint, and the multitude of green hues comprising the back design all add to the appeal of this note, which through sheer happenstance managed to avoid circulation along with a small handful of peers.
For such an exceptional item, the chance to bid might prove to be an opportunity unlikely to be repeated for years. The distinction of PMG’s Star Designation, which is scarcely applied even for comparable notes, speaks to the quality that gives this example exceptional eye appeal for the assigned grade. It is a treasure sure to attract attention from the most accomplished collectors, only one of whom will be its proud owner when the competitive bidding ends.
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