-
Inventory:
1 In Stock
- Product ID: 55517
Checkout
The 1869 $1 Legal Tender Note, often referred to by collectors as the “Rainbow Note,” is one of the most iconic and visually striking pieces of 19th-century American paper currency. Cataloged as Friedberg #18 (Fr#18), this note represents an important part of the first major redesign of U.S. currency following the Civil War, issued under the act of March 3, 1863. Its nickname stems from the vivid multicolored inks used in its design, which were both aesthetically appealing and functionally implemented to combat counterfeiting. Graded AU55 by Legacy Currency Grading, this example sits just below the uncirculated threshold, offering collectors near-gem eye appeal and strong preservation from a tumultuous era of American financial history.
Designed during a time of great economic and political transformation, the 1869 $1 Legal Tender Note was part of a broader initiative by the U.S. Treasury to stabilize public trust in federal paper money and create a standardized currency. Unlike previous issues that were often regionally distributed and backed inconsistently, the 1869 series helped establish a cohesive federal monetary system. Known as the “Series of 1869,” these notes are considered by many to be the most artistically beautiful U.S. currency ever produced, thanks to their elaborate engravings, use of multiple color inks, and complex background patterns that deterred the relatively unsophisticated counterfeiters of the time.
The obverse of the 1869 $1 Legal Tender Note features a prominent portrait of Salmon P. Chase, the Secretary of the Treasury under President Abraham Lincoln and a key architect of the National Banking System. His image appears at the left side of the note, engraved in intricate detail, symbolizing his crucial role in American monetary reform. Chase’s portrait is framed by complex lathework and ornamental engraving. To the right is the ornate green and blue “UNITED STATES” overprint that gives the note its famous “rainbow” coloring, along with a large red Treasury seal and serial numbers printed in bright blue ink. The large numeral “1” at lower right confirms the denomination, while the signatures of Treasury officials add a further layer of authenticity and administrative context to the note.
The central vignette displays the allegorical figure of Liberty seated at right, wearing a flowing gown and a Phrygian cap—a classical symbol of freedom—while holding a shield and a staff with a liberty cap atop it. This representation of Liberty reinforces the ideals of national unity and economic independence that the note was designed to promote in the post-Civil War period. The legend “UNITED STATES NOTE” appears prominently above the portrait, and the formal promise to pay—“The United States will pay to bearer One Dollar”—is printed centrally in bold, serifed font. The layout, symmetry, and contrasting ink colors all combine to make the note one of the most aesthetically pleasing in the entire legal tender series.
The reverse of the note is printed in an intricate green design, often called the “greenback” due to its color and its symbolic role as federally backed currency. The back design features complex guilloche patterns, microtext, and scalloped borders surrounding the denomination. There are no portraits on the back, but the ornate detailing and rich coloration are hallmarks of 19th-century American currency production. The use of green ink became standard not only for visual appeal but also due to its resistance to chemical tampering and light fading. The 1869 rainbow notes are among the earliest to combine vibrant obverse colors with the now-familiar green reverse.
As an example graded AU55 by Legacy, this note is in About Uncirculated condition, showing only the slightest evidence of handling—typically a light corner fold or two and minimal softness along the margins. The note retains its full color saturation, paper body, and original embossing. The vibrant blue serial numbers and vivid red Treasury seal are particularly desirable features in this grade, as many lower-grade examples exhibit ink fading or soiling. The rainbow coloration remains a central appeal, and in AU55 condition, it displays its multicolor vibrancy with minimal compromise. Collectors value AU55 notes for their strong visual quality at a more accessible price point compared to true uncirculated examples.
Fr#18 refers specifically to the variety that includes the blue serial numbers, red seal, and “Act of March 3rd, 1863” printed on the lower margin. This distinguishes it from later redesigns and other similar denominations that may have had different treasury signatories or design modifications. The note is part of a group that includes Fr.17 through Fr.20, each identified by minor design variations and signature combinations. Fr#18 is regarded as a key collectible piece for anyone building a type set of large-size legal tender notes from the 19th century, especially those emphasizing artistry and historical context.
The 1869 Rainbow Notes are widely collected across all denominations—$1, $2, $5, $10, $20, $50, $100—and the $1 denomination is often a collector's entry point into the series due to its relative affordability and frequency of appearance at auction. However, high-grade examples like this AU55 are becoming increasingly scarce as more notes are absorbed into long-term collections. Many surviving examples have suffered from harsh environmental conditions, folds, staining, or repairs, making problem-free AU notes particularly desirable and competitively pursued.
For collectors and historians alike, the 1869 $1 Rainbow Note represents more than just currency; it is a work of federal artistry and a symbol of post-war resilience. It illustrates the transition from decentralized, bank-issued notes to a standardized national currency, and it stands at the confluence of American ideals, political reform, and technological advancement in printing. The use of Salmon P. Chase’s portrait serves as a fitting tribute to his financial legacy and the radical transformation of the nation’s banking system.
In summary, the 1869 $1 Legal Tender “Rainbow” Note Fr#18 in AU55 condition is a standout piece of early federal paper money, notable for its historical relevance, striking multicolor design, and rarity in such well-preserved form. It embodies the best of 19th-century U.S. engraving and printing technology while serving as a tangible relic of a transformative era in American history. Whether added to a high-grade legal tender type set or featured as the centerpiece of a Civil War-era currency collection, this note holds both aesthetic brilliance and profound historical significance.