1869 $5 Legal Tender Note | Fr. 64 | “Rainbow Note” | PMG Choice Very Fine 35

The Famous “Rainbow Note” Design

The Fr. 64 $5 Legal Tender is the centerpiece of the renowned 1869 Rainbow series, named for its unprecedented use of multiple ink colors. This innovative approach was both artistic and practical, significantly raising the difficulty of counterfeiting.

Design highlights include:

• A finely engraved portrait of Andrew Jackson at the center

• Brilliant use of red, blue, green, and black inks

• Ornate scrollwork and intricate line engraving

• A bold, symmetrical layout that commands attention

Even by modern standards, the Rainbow Note is considered a masterpiece of American banknote design and remains one of the most instantly recognizable U.S. issues.

Historical Context – Rebuilding a Nation

Issued during the Reconstruction era, the 1869 $5 Legal Tender Note reflects a nation redefining its financial identity after the Civil War. Legal Tender Notes, also known as United States Notes, were backed by the full faith and credit of the U.S. government and circulated alongside gold and silver-backed currency.

During this period:

• The Treasury sought to strengthen confidence in paper money

• Currency design became a symbol of national stability

• Advanced engraving and color printing discouraged fraud

Because these notes circulated widely, especially in the $5 denomination, high-quality survivors are increasingly scarce today.

PMG Choice Very Fine 35 – Exceptional for the Type

A grade of PMG Choice Very Fine 35 places this note in a premium mid-grade category, offering a superior balance of condition, eye appeal, and historical character.

This grade typically indicates:

• Moderate, even circulation wear

• Strong remaining detail and color vibrancy

• Clean paper with excellent structural integrity

• No significant tears, repairs, or restoration

For a large-size Rainbow Note, Choice VF examples are highly sought after, as many surviving notes fall into lower grades due to heavy 19th-century circulation.

Large-Size Format & Display Presence

The large-format dramatically enhances the visual impact of the Rainbow Note. Measuring significantly larger than modern currency, these notes were designed to showcase engraving artistry and complex coloration.

This format makes the Fr. 64 an ideal display piece and a centerpiece in any serious U.S. currency collection.

Collector Demand & Market Strength

Why Fr. 64 Is a Cornerstone U.S. Note

• One of the most iconic designs in U.S. paper money

• Strong demand across all collector levels

• Frequently featured in reference books and museum exhibits

• Excellent long-term liquidity

Condition Matters

While Rainbow Notes are obtainable in lower grades, PMG Choice VF 35 examples are far scarcer and consistently command strong premiums when offered.

A Must-Have Classic of American Paper Money

The 1869 $5 Legal Tender “Rainbow Note” is widely regarded as a cornerstone type note for any advanced U.S. currency collection. It represents:

• A turning point in American banknote artistry

• A tangible link to the Reconstruction era

• One of the most beautiful U.S. notes ever issued

Collectors often consider the Fr. 64 essential alongside other classics such as the 1896 Educational Series and 1875 Legal Tenders.

Conclusion 

The 1869 $5 Legal Tender Note (Fr. 64), graded PMG Choice Very Fine 35, is an exceptional example of one of America’s most iconic banknotes. Its vivid Rainbow design, strong mid-grade preservation, and enduring collector demand make it an outstanding acquisition for collectors of large-size U.S. currency, Legal Tender Notes, and historically important paper money.

As premium examples continue to enter long-term collections, opportunities to acquire a Choice VF Rainbow Note remain increasingly limited.