1861 $10 Demand Note Face and Back Proofs PCGS Choice AU 58; Choice XF 45 Rarity

Description

This exceptional pair represents one of only five known face proofs and two known back proofs of the Philadelphia-payable 1861 $10 Demand Note, cataloged as Fr. 7 / Hessler 463C. Together they preserve, in nearly original archival form, one of the earliest “greenback” designs issued during the financial emergency at the outset of the American Civil War.

Printed by the American Bank Note Company on thin India paper and mounted to cardstock, these are official ABNCo face and back proof impressions of the $10 Demand Note. Both pieces are punch-cancelled in the typical archival style. The face proof is certified PCGS Banknote Choice AU 58, while the back proof is certified PCGS Banknote Choice XF 45 Details, providing trusted third-party confirmation of authenticity and originality.

Face Proof Design

The face proof showcases a powerful, finely engraved layout. At left is a detailed portrait of a 19th-century American statesman in an ornate frame, paired at right with an allegorical standing female figure representing Liberty or America. At the top center, a spread-wing eagle clutches a shield and arrows, hovering above a bold green underprint enclosing the denomination “10.”

The title “UNITED STATES” dominates the center in large letters, with “TEN DOLLARS” below in an intricate green guilloche. The obligation text is framed by the inscriptions “Washington” and the date “August 10th 1861”, firmly anchoring the note in the earliest months of the Civil War.

Key Variety Features on the Face Proof

• Payable at Philadelphia, specified in the text payable by the Assistant Treasurer of the United States at that location.
• Wording includes the distinctive phrase “for the” before the titles of the Treasury officials – a defining textual trait of the Hessler 463C variety.
• Bright red control serial number “00000” printed at lower left, as used on proof and specimen impressions.
• Only reported Plate Letter “D” example among the tiny population of Fr. 7 / Hessler 463C face proofs – a plate-position rarity inside an already ultra-rare type.

Back Proof Design

The back proof presents an equally impressive display of mid-19th-century security engraving. The design is dominated by a large central Roman numeral “X”, over which arcs “UNITED STATES OF AMERICA”. Repeating panels of “TEN” and “TEN DOLLARS” flank the center.

The entire surface is covered with finely lathed patterns and micro-details intended to defeat contemporary counterfeiters. The vivid green color and complex geometry foreshadow the visual style that would come to define United States paper money for decades to follow.

Rarity & Provenance

From a rarity standpoint, the Hessler 463C face design is known in a total population of only five face proofs, with just two back proofs reported. This pair is also noted as Ex. Caine Collection, adding desirable pedigree and confirming its inclusion in one of the most respected specialized holdings of federal proofs and essays.

For additional context, a similar Hessler 463C lot realized $38,187.50 in August 2014.

Collector’s Value

For the serious U.S. currency collector, this is far more than a type example – it is a matched face and back proof pair from the birth of federal paper money, representing one of the rarest $10 Demand Note varieties known. The combination of extreme scarcity (five known faces, two known backs), distinctive Philadelphia-payable text and “for the” variety, unique plate letter D status, and PCGS Banknote certification makes this an ideal centerpiece for a Civil War, type note, or proof/essay collection.

Opportunities to acquire a pair of Hessler 463C proofs are exceptionally infrequent; this offering presents a chance to secure a historically important and visually striking cornerstone note pair with impeccable pedigree.