This is an attractive Currency Shield with a gray background. It is graded Choice VF per it last sale in the Bowers and Merena "Montgomery" sale in 1998, lot 52. The catalog read in part "Overall quite attractive with a bright crisp appearance to each individual note." 

It continues - "Minor water stains are visible at the top and bottom, however, these are confined to the margins except for a very small area of the gray background at the bottom of the shield. One tiny margin tear is present at the top and a small indentation is noted at the upper left margin."

The shield was originally in a privately made 19th century-era frame. It has been removed to a more modern frame, but in a way that it can be returned to the old frame without trouble. The old frame is included.    

The water stains are due to a 1869 flood in the Treasury building where these were stored. It is typical to see light water stains on Currency Shields.