1861 Currency – US Notes

Grading Demand Notes of 1861: Why Even Good-4 Examples Are Trophy Notes and What Condition Standards Apply to America’s Oldest Federal Currency

June 20, 2026June 15, 2026 by

The Demand Notes of 1861 represent the very first paper money issued by the United States federal government, and their grading standards are unlike almost anything else in American numismatics. Understanding why a tattered Good-4 example commands thousands of dollars, and how professional graders approach these fragile survivors, is essential knowledge for any serious collector.

Salmon Chase’s Audacious Self-Portrait: How the Treasury Secretary Put His Own Face on the 1861 $1 Demand Note and Sparked a Congressional Firestorm

June 15, 2026 by

In 1861, Treasury Secretary Salmon P. Chase made the unprecedented decision to place his own likeness on the first federally issued paper currency in American history, the $1 Demand Note. The political fallout was immediate and lasting, and today these notes rank among the most historically significant and collectible pieces in all of United States numismatics.

Demand Notes of 1861: America’s First Federal Paper Currency

June 15, 2026 by

The Demand Notes of 1861 represent a pivotal moment in American financial history, marking the federal government’s first foray into paper currency during the Civil War crisis. For collectors, these rare and storied notes offer a tangible connection to the birth of the modern American monetary system.