Landmark Auction to Feature Some of the Rarest Interest-Bearing and Error U.S. Banknotes Ever Offered by Archives International Auctions LLC on June 11th, 2025

On June 11th, 2025, Archives International Auctions is proud to announce a premier offering of rare and historically significant U.S. banknotes, headlined by some of the scarcest interest-bearing and error issues ever to cross the auction. This sale presents an unprecedented opportunity for collectors to acquire museum-worthy examples from the nation’s most pivotal monetary periods.

Among the marquee highlights are three extraordinary interest-bearing notes from the Civil War era, each representing a crucial financial innovation during one of America’s most challenging times:

• A $50 Compound Interest Treasury Note (1864, Fr. #192b), one of just 14 known, featuring an allegorical vignette of "Loyalty" and bold bronze overprint.
• A $100 Compound Interest Treasury Note (1865, Fr. #193b), one of only 12 recorded, and last sold publicly in 2021 for $78,000.
• A $50 Interest Bearing Note (1864, Fr. #212), paying 7.3% annually and one of only seven examples known, with one held in the Smithsonian’s collection.

Each of these notes is a rare survivor of a period when the U.S. government used interest-bearing currency to fund the war effort—most were redeemed and destroyed, making surviving examples highly desirable.

Equally significant is a newly surfaced pair of ca. 1836–1839 Citizens' Bank of Louisiana interest-bearing proof notes—a $100 and $500 post note—both believed to be unique discovery pieces. Printed on india paper with engraved interest coupons and designed to pay 5½% interest annually, these historic notes reflect the financial ingenuity of antebellum Louisiana and predate federal interest-bearing currency by decades. Never before seen at auction, they offer a rare glimpse into early American fiscal policy and banking.

National Banknotes are highlighted with a matched set of six large die proofs used for the backs of the National Bank Note Original Series and 1875 Series, ranging from $10 to $1,000 denominations. Produced by the Bureau of Engraving and Printing, these proof vignettes illustrate some of the most iconic scenes in American banknote history, including “De Soto Discovering the Mississippi,” “Baptism of Pocahontas,” and “Washington Resigning His Commission.” No previous auction offering of a complete set of these proof backs has been found and this set is new to the collecting community.

Also crossing the block is an iconic 1870 $5 First National Gold Bank Note from San Francisco, issued by the First National Gold Bank during California’s short-lived gold-backed currency era. Graded PMG Very Fine 25, this note features stunning vignettes and is a highly sought-after relic from a time when gold coins and notes coexisted in the Western economy.

Rounding out the top-tier highlights is a visually stunning 1928-A $10/$5 Double Denomination Error Note from the Richmond District—one of only 12 known examples of what is widely regarded as the “King of All Errors.” Graded PMG Choice About Unc. 58, this dramatic mistake is one of the most prized error types in all of U.S. currency.

There are hundreds of desirable U.S. and World Banknotes, Historic Ephemera, and Scripophily items offered in this auction. Please view our website at www.archivesinternational.com to view items and register for the auction.

Please contact us to discuss your participation in this and future auctions as a bidder or consignor.

Archives International Auctions LLC
201-944-4800 - info@archivesinternational.com