The obligation printed on the note stipulates this liberalized use : This note is a legal tender for all debts public and private except duties on imports and interest on the public debt. A variant of an additional clause is early modified and the very first copies are easily identified.
The highest denomination of the Demand Note was $ 20. For the Legal Tender Note it was $ 1,000, a very high amount mostly intended for bank-to-bank operations.
This $ 1000 Legal Tender is referred as Fr-186* in the Friedberg nomenclature. No example survives with the first obligation of February 1862 (Fr-186 and Fr-186a). The earliest known item is a unique Fr-186c bearing the printed date of March 10, 1862. Graded Fine 15 by PCGS, it was sold for $ 880K including premium by Stack's Bowers on August 15, 2013.
The Fr-186d was the first variant with the printed date modified to March 10, 1863 and referring to the act of March 3, 1863. Three notes survive. The only one in private hands has certainly never been used and retains its original embossing. Graded Choice About New 58 by PCGS, it is estimated $ 800K in the first sale of the Joel R. Anderson collection by Stack's Bowers in Baltimore on March 22, lot 1018.
SOLD for $ 960K including premium