PMG-certified Treasury Note from the War of 1812 Offered in Heritage Sale

An excessively rare and important Treasury Note from the War of 1812 that has been certified by Paper Money Guaranty® (PMG®) is being offered in an auction. The $100 Act of March 4th, 1814 Treasury Note will be available in Heritage Auctions’ CSNS Currency Signature Auction, with bidding expected to open by mid-April 2023.

The $100 Act of March 4th, 1814 Treasury Note graded PMG 45 Choice Extremely Fine and pedigreed to the Mike Coltrane Collection is the higher-graded of the two examples in the PMG Population Report. According to Heritage, the $100 note is the only denomination known from the Act of March 4th. This example is also one of only three complete double-signature remainders from the time period.

$100 Act of March 4th, 1814 Treasury Note graded PMG 45 Choice Extremely Fine and pedigreed to the Mike Coltrane Collection Click images to enlarge.

The US Treasury authorized five acts during the War of 1812 from 1812 to 1815. Each of these acts authorized the use of Treasury Notes to fund the war and, later, to raise revenue and re-establish the US economy. This $100 Treasury Note was a product of the Act of March 4th, 1814 meant to independently raise revenue and substitute for unsubscribed loans. According to the act, the US government would pay back the note with 5.4% interest per year (or about 1.5 cents per day on a $100 note).

This elusive rarity comes from the Mike Coltrane Collection, an incredible collection of some of the earliest known US federal notes. The Coltrane Collection includes 40 War of 1812 Treasury Notes, including 15 Proofs. The collection also boasts other great rarities in American numismatics, including a group of Demand Notes from the 1860s and a selection of National Gold Bank Notes. To explore a gallery of these notes from the Mike Coltrane Collection, click here.