Fr. 1. 1861 $5 Demand Note. PMG Very Fine 25.

A Survivor of Circumstance from the 1860s Fr. 1. 1861 $5 Demand Note. PMG Very Fine 25. One does not simply encounter Demand Notes at this grade level. Printed on paper that sustained impairments with relative ease as evidenced by many survivors, this note is indeed a rare sight and one cloaked in no shortage of historical connections. Authorized under the Act of July 17, 1861, Demand Notes bore no interest but could be redeemed in coin at specific treasury offices per Nicholas J. Bruyer in his book U.S. Treasury Notes 1812 - 1865: An Illustrated History. This prompted the Treasury to issue Demand Notes in proportion to the balances of gold held by each facility with New York, Philadelphia, and Boston carrying the lion's share of the reserves. Other offices such as Cincinnati and St. Louis carried the least which underscores the extreme rarity of the notes from those facilities in the present. Demand Notes were nonetheless met with skepticism when first introduced but soon became a staple of government and military payrolls before being supplanted by the new Legal Tender Notes that entered in circulation in 1862. In time, Demand Notes were quickly culled from circulation by bankers and speculators and sold to importers owing to the fact that Demand Notes could be used for customs duties that would otherwise be paid for with gold. By June 1863, this saw Demand Notes shrink to a mere fraction of the $60 million that had previously been outstanding down to a figure of $3.3 million. This phenomenon inevitably claimed many examples like this one and helps underscore why examples like this one are so rare here in 2026. Estimate: $4,000 - $6,000. Click here for certification details from PMG.

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