Hugh McCulloch, Vignette Die Proof on india on card, Continental Bank Note Co.

This engraving is a fine example of a die proof featuring Hugh McCulloch, a pivotal figure in American finance who served as the first Comptroller of the Currency and twice as the Secretary of the Treasury, from 1865 to 1869. Executed by the Continental Bank Note Company of New York, the portrait is an intaglio engraving on India paper, which was subsequently mounted onto a sturdier card. The print showcases the high-security artistry typical of the mid-to-late 19th century, with McCulloch depicted in a formal suit and cravat, characterized by intricate cross-hatching and fine line work designed to prevent counterfeiting. Below the bust, the elegant script identifies him as the “Hon. Hugh McCulloch, Ex Secy of the U.S. Treasury,” and bears the company’s imprint, marking it as a production of the firm before its 1879 merger into the American Bank Note Company.

The Continental Bank Note Co. was founded in January, 1863, by the members of firms who did independent engraving. The main office was at 142-146 Greenwich Street, New York City. In 1866 the firm had a Nassau Street office, and in 1873 it had a printing plant on William Street. During 1874-76 the firm also had a plant at 120 Broadway. The Revenue Act of Feb. 25, 1862, authorized an issue of legal tender notes in denominations of $5 to $1,000. To compete for this new business, against the American and National Bank Note Companies, conditions warranted the smaller firms to consolidate, which they did, and operations commenced in March, 1863. On April 11, 1863, Continental submitted models and bids i, competition for the Treasury notes. On May 26 it was awarded a contract for the only notes authorized-the National Currency $5 and $10 notes. During the 1860s, Continental also had contracts for tax paid revenue stamps. It submitted bids and models for the 1869 issue of postage stamps but was unsuccessful. In January, 1873, Continental was successful in securing the contract for postage stamps, and again in 1877 it secured the contract. At the time of the merger with the American Bank Note Company, the contract was transferred to that firm for fulfillment. During the existence of the Continental Bank Note Company, it had some of the ablest designers and engrav­ers on its staff. Many continued their profession with the American Bank Note Co.