An attractive example of this classic interest-bearing issue, featuring a bold portrait of Benjamin Franklin and crisp central design elements. The note retains strong eye appeal with well-defined margins and clear red Treasury seal. Light circulation is evident, consistent with the AU50 grade, yet overall presentation remains clean and pleasing. A desirable Refunding Certificate, prized for its historical significance and distinctive place in U.S. paper money. There are less than 200 known.