Few pieces of American paper money command attention like the 1869 $10 Legal Tender Note. Standard catalogs list the type as Fr. 96 and Whitman W-1275. Collectors prize it for its vivid color, its ambitious engraving, and the upside-down eagle that gave the note its unforgettable “Jackass” nickname.
Yet the nickname tells only part of the story. This note also belongs to one of the most important chapters in American monetary history. Congress created Legal Tender notes during the Civil War as government-backed paper money, and the Series of 1869 followed soon after, circulating from October 19, 1869, to July 25, 1874. In other words, the Rainbow Ten stands at the meeting point of art, politics, and national finance.
Why collectors call it the Rainbow Note
Collectors did not invent the word “Rainbow” as a marketing gimmick. The note truly earns it. The face combines blue-tinted security paper with red serial numbers, a large red spiked Treasury seal, a green serial number panel, and a green protector tint across the top. That protector tint repeats the word TEN in microlettering. As a result, the note delivers a layered burst of blue, red, green, and black that still looks striking today.
The paper matters just as much as the inks. Contemporary references link this type to Wilcox’s 1866 patented security paper, and Stack’s Bowers notes that the paper carries the blue tint that collectors associate with the series. Later research from Stack’s Bowers also describes Wilcox paper as visibly blue and fiber-rich, which helps explain why these notes stood out as anti-counterfeiting technology in their own time.
Daniel Webster, Pocahontas, and the eagle
The face design gives the note its personality. At left sits a portrait of Daniel Webster, engraved by Alfred Sealey. At right appears the vignette often titled Introduction of the Old World to the New or Pocahontas Presented at Court. At bottom center, a small eagle perches on a shield and grips an olive branch and arrows. Along the lower border, the engraved signatures of John Allison and Francis E. Spinner complete the design.
Turn that eagle upside down and the illusion appears. Many viewers see the head of a donkey. That visual trick gave the note its “Jackass” nickname, and the Smithsonian still highlights that public nickname today. Stack’s Bowers also notes that the same eagle design appeared at the top of Fractional Currency Shields and that this version of the national bird continued on Legal Tender notes through the Series of 1880.
The reverse deserves equal attention
The reverse does not play a supporting role. It carries an intricate green geometric design with TEN at left and 10 at right. At center, the note carries the Legal Tender clause and anti-counterfeiting language. The Smithsonian records the imprint at the bottom as National Bank Note Company, New York, which confirms the correct printer attribution for the type.
That printer credit matters because some modern summaries misstate it. The note does not identify American Bank Note Company on the reverse. Instead, the note itself points to National Bank Note Company, which aligns with the Stack’s Bowers descriptions of the type.
A post-Civil War greenback with real meaning
The Rainbow Ten did more than dazzle the eye. It also reflected a national change in how Americans understood money. Treasury history explains that Legal Tender “greenbacks” came into being as paper currency backed by government authority rather than by gold or silver. The Series of 1869 therefore represents more than a collectible design. It represents a period when the United States pushed toward a more unified national currency system.
That broader context gives the note real depth. Webster’s portrait projects authority. The Pocahontas vignette reflects 19th-century ideas about America’s origins. Meanwhile, the vivid security colors advertise federal power and anti-counterfeiting ambition in the clearest possible way.
Scarcity keeps demand high
Collectors also chase the note because the supply stays thin. Stack’s Bowers places total production at 8,376,000 notes and estimates that fewer than 1,000 survive today. Most surviving pieces show meaningful circulation. So while the note does appear on the market, truly choice examples do not appear often.
Standard references assign a single catalog number to each denomination in the 1869 Legal Tender series. For the $10, that number is Fr. 96. That corrected attribution matters because one Stack’s Bowers catalog entry accidentally printed “Fr. 69” in the body text even while titling the note correctly as Fr. 96. The broader market, however, consistently catalogs the type as Fr. 96.
What Gem New 66 PPQ really means
A PCGS Gem New 66 PPQ grade places a note near the top of the preservation ladder, but not at the absolute top. PCGS says a 66 PPQ note must show full margins for the issue and pleasing centering, with no immediately distracting problems. PCGS also states that every note graded 65 and higher must meet PPQ standards. In plain terms, 66 PPQ tells collectors that the note retains strong originality and eye appeal.
That distinction matters on a Rainbow Ten. This design depends on bright paper, sharp overprints, and well-balanced margins. When those features line up, the note shows its full visual intent. When they do not, even a scarce example can lose much of its magic. That is why auction houses consistently emphasize broad margins, strong color, and paper originality when they catalog premium Fr. 96 notes.
The Joel R. Anderson Collection underscores that point. Stack’s Bowers described Anderson’s complete 1869 Rainbow set as the only complete set ever auctioned, and Coin World noted that the set’s $10 note, Fr. 96, graded Gem New 66. That pedigree helped reinforce the type’s elite status among large-size federal notes.
The market rewards color, margins, and originality
Market records show clear separation between grades. Heritage sold a PCGS Gem Uncirculated 66 PPQ Fr. 96 for $16,800 in April 2021. Heritage also sold a PMG 64 EPQ example for $10,800 in 2022 and a PCGS 65 PPQ example for $10,200 in 2024. Those results show steady five-figure demand even before the note reaches the very top tier.
Dealer asking prices push even higher. Coast to Coast Coins listed a PCGS 66 PPQ example at $19,995, while an eBay dealer listed a PMG 66 PPQ example at $22,550. Asking prices do not equal hammer prices, of course. Still, they show how the market positions a true Gem Rainbow Ten in retail channels.
At the top end, the numbers rise fast. Stack’s Bowers sold a PMG 67 EPQ Rainbow Ten for $66,000 in November 2021 after estimating it at $50,000 to $75,000. That result makes the larger point. Once a Rainbow Ten combines original paper, strong centering, crisp printing, and full color, competition becomes intense.
Why the 1869 $10 Legal Tender Note still matters
Some notes win collectors with rarity. Others win with design. The 1869 $10 Legal Tender Note wins with both. It delivers one of the most colorful faces in all of American paper money. At the same time, it carries the weight of post-Civil War monetary history and a nickname that almost every paper money collector knows.
That combination keeps Fr. 96 on every serious type collector’s radar. In circulated grades, the note still offers charisma and historical depth. In Gem New 66 PPQ, however, the Rainbow Ten comes closest to its full original purpose. It looks bold. It looks intricate. And, even now, it looks unlike almost anything else the federal government ever put into circulation.
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