Republic of Texas 1843 25¢ Exchequer Bill
Although Exchequer Bills were printed in denominations of $100, $50, $20, $10, $5, $3, $2, $1, 75¢, 50¢, 25¢, 12½¢ (the seemingly odd amount of 12½¢ being a “bit” or ⅛ of a Spanish “piece of 8”), any Exchequer Bill in any condition is very rare.
The note above is a 25¢ Exchequer Bill from the Republic of Texas dated May 1, 1843, that PCGS Banknote graded VF25 Details, with notations of Minor Rust and Restoration. Even given that grade, this is the highest-graded example of a 25¢ note and is tied as the highest-graded example for all Exchequer Notes seen at major auction houses to date.
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