1869 $5 Legal Tender Note | Fr. 64 | “Rainbow Note” | PMG Very Fine 20

An evenly circulated example of a classic design that has long been popular with both collectors and dealers. This piece represents the earliest iteration of this design that would linger through the late 1920s via a series of progressively less intricate iterations, such as the Series of 1880 and Series of 1907. Known simply as the Woodchopper, owing to the forceful depiction of a frontier family at the center, defined by the family’s patriarch who is seen wielding an ax above a felled tree with his family and home behind him. The Series of 1869 represents an explosion of color, embodied best by the green underprinting along the top margin and the blue-stained paper evident to the left of the central vignette, which both contrast nicely against the large spiked pinkish-red Treasury seal that can be observed at right. Such traits are plain with this example, which offers a degree of eye appeal uncommon among circulated examples, making this an opportunity to be had by bidders who wish to represent this Friedberg Number in their own collection.

The Legendary “Rainbow Note” Design

The Fr. 64 $5 Legal Tender is part of the iconic 1869 Rainbow series, named for its vibrant use of multiple ink colors—a revolutionary approach at the time. This dramatic color palette was specifically intended to combat counterfeiting while showcasing the advanced engraving capabilities of the Bureau of Engraving and Printing.

Key design highlights include:

• A central portrait of Andrew Jackson, engraved with remarkable detail

• Bold red, blue, green, and black inks blended into a harmonious layout

• Elaborate scrollwork and ornamental typography

• A visually dynamic appearance unmatched by earlier U.S. notes

Even today, the 1869 Rainbow Notes are widely regarded as among the most beautiful U.S. banknotes ever produced.

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Historical Context – The Reconstruction Era

Issued just four years after the end of the Civil War, the 1869 $5 Legal Tender Note reflects a nation rebuilding its economy, infrastructure, and financial system. 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 U.S. sought to restore confidence in paper money

• Currency design became a tool for national pride and stability

• Advanced engraving and color usage reduced fraud

As a result, notes from this era were widely circulated, making well-preserved examples increasingly scarce today.

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PMG Very Fine 20 – Honest Circulation with Strong Appeal

A grade of PMG Very Fine 20 indicates a note that experienced moderate circulation but remains structurally solid and visually appealing. For a large-sized note over 150 years old, this grade represents a desirable balance between condition, affordability, and authenticity.

This grade typically reflects:

• Clear, readable portraits and text

• Even circulation wear without major defects

• Solid paper with intact margins

• No significant tears, repairs, or restoration

Many collectors actively prefer Very Fine examples for historic notes, as they retain strong character and genuine period wear.

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Large Size Format & Visual Presence

The large-size format of the 1869 $5 Legal Tender allows the intricate engraving and multicolor design to fully shine. Compared to modern currency, these notes have an imposing and museum-quality presence that makes them ideal for display or centerpiece placement in a collection.

The combination of size, color, and engraving craftsmanship makes the Rainbow Note instantly recognizable—even to non-collectors.

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Collector Demand & Investment Considerations

Why Fr. 64 Is a Cornerstone 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

• Consistent market liquidity

Condition Rarity

While the Fr. 64 is obtainable in lower grades, PMG-certified Very Fine examples remain in strong demand due to their visual impact and historical integrity.

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A Must-Have Classic of U.S. Paper Money

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

• A turning point in American banknote artistry

• A tangible link to the Reconstruction era

• One of the most recognizable U.S. designs ever issued

Whether collected for its beauty, history, or investment potential, this note occupies a permanent place in U.S. numismatic history.

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Conclusion

The 1869 $5 Legal Tender Note (Fr. 64), graded PMG Very Fine 20, is a visually stunning and historically significant example of classic U.S. paper money. Its legendary Rainbow design, solid mid-grade preservation, and enduring collector demand make it an exceptional acquisition for collectors of large-size currency, Legal Tender Notes, and iconic U.S. designs.

As certified examples continue to be absorbed into long-term collections, opportunities to acquire an authentic PMG-certified Rainbow Note remain highly competitive.