 Experimental Essay for the Act of July 17, 1862 Postage Currency. Fifty Cents. Experimental Face and Back printed on the same side of paper. Oriented vertically with the face at the top and the back on the bottom. Printed on a sturdy buff bond paper using a ''ruling engine'' process as published in the 1889 AJN. Natural gutter fold that allows the Experimental to be folded and viewed as a face and back pair, as if an actual note. 101mm by 130mm. Milton 1E50FR.1. Uncertain rarity rating in Milton, but excessively rare.
The G.W. Westbrook design, engraved in cameo, and printed using a ''ruling engine'' process described in the AJN. The face design, at the top of the small sheet with a Seated Liberty Half Dollar reverse. Curved across the top, 'POSTAGE CURRENCY'. Central texts, 'FURNISHED ONLY BY THE/ASSISTANT TREASURER/AND DESIGNATED DEPOSITARIES OF THE U.S.'. At the bottom, 'RECEIVABLE FOR POSTAGE STAMPS AT ANY U.S. POST OFFICE'. Relief scroll details, corner filigrees and upper corner '50' counters.
At the bottom, the back design with the obverse of an 1863 Seated Half Dollar. Texts 'EXCHANGEABLE FOR UNITED STATES NOTES/BY ANY ASSISTANT TREASURER/OR DESIGNATED U. S. DEPOSITORY'. In the center, 'IN SUMS NOT LESS THAN FIVE DOLLARS'. At the bottom, ''RECEIVABLE IN PAYMENT OF ALL DUES OF THE U. STATES LESS THAN FIVE DOLLARS/ACT APPROVED JULY 17, 1862'. Fine scroll details on the relief and filigree details in the corners.
The Westbrook design, per the Encyclopedia, was published in the American Journal of Numismatics, Vol.XXIII, Jan. 1889, page 58. This complete Experimental Essay may be unique in this form. This Ford-Boyd example was last auctioned at the 1904 Charles Wilcox Sale as lot 974. The crease between was catalogued and this page was designated ''believed unique''. It realized $40.00, which at that time would also buy you many a fine coin that in this market would sell for multi-thousands or even $100,000 or more. The Chapman catalogue also reported a reverse only selling for $60.00. A spell binding essay of the utmost importance. This is another piece of Fractional Currency history essential to the next definitive collection of these Federal note issues. Off the market since 1904 and cared for by the legendary Boyd and Ford since that time.
Overall, Extremely Fine. Gutter fold from the essay printer and a few light folds. A light tone to the paper that is perhaps natural in the body and diagnostic to the manufacturer. The grade means little since, like the previous lot, this is irreplaceable or virtually so. If a younger collector with enthusiasm to pursue a strong course in the study of Experimentals and Proofs procures this museum piece, we may not see it on the market for decades. Awesome in scope and electric in style.
Ex F.C.C. Boyd Estate; Charles Wilcox Collection (Henry Chapman, February 15, 1904, lot 974 at $40.00).
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