The 1890 Treasury Note- The Rare U.S. Bill Every Collector Dreams Of

The 1890 Treasury Note, often referred to as a “Coin Note”, is among the most coveted pieces in American numismatic history.

Issued under the Sherman Silver Purchase Act, these notes were designed to be redeemable in either gold or silver coin, offering a unique glimpse into the economic strategies of the late 19th century.

Treasury Notes- Background and Purpose

In 1890, the U.S. Treasury introduced these notes to facilitate the purchase of silver bullion.

Unlike other forms of currency, Treasury Notes were not backed by a specific metal but were instead redeemable in coin, providing the government with flexibility in its monetary policy.

This system was part of a broader effort to stabilize the nation’s economy during a period of fluctuating precious metal values.

Denominations and Series

The Treasury Notes were issued in two series:

• Series 1890: Included denominations of $1, $2, $5, $10, $20, $50, $100, and $1,000.
• Series 1891: Added the $50 denomination.

Notably, a $500 note was authorized, but only a single proof exists, and it was never released into circulation.

Design and Features

These notes are renowned for their intricate designs, particularly on the reverse side.

The $100 and $1,000 denominations feature distinctive zeros that resemble watermelons, earning them the nickname “Watermelon Notes”.

The ornate engravings were intended to deter counterfeiting but were so detailed that they sometimes had the opposite effect.

Rarity And Value

The rarity of these notes significantly contributes to their value. For instance:

• $1,000 Note (Fr. 379b): Only three known examples exist, with one sold in 2014 for a record $3.29 million.
• $100 Note (Fr. 377): Approximately 27 are publicly available, with one example fetching $150,000 at auction.
• $2 Note (Fr. 353): Uncirculated versions can be worth over $4,500, with some reaching tens of thousands at auction.

Key Information on 1890 Treasury Notes

Denomination	Series	Known Examples	Notable Features	Approximate Value (Uncirculated)
$1	1890	High	Portrait of Martha and George Washington	$10,000+
$2	1890	High	Portrait of General James McPherson	$4,500+
$5	1890	Moderate	Portrait of General Philip Sheridan	$5,000+
$10	1890	Low	Portrait of General William T. Sherman	$15,000+
$20	1890	Low	Portrait of General Ulysses S. Grant	$20,000+
$50	1891	Very Low	Portrait of General Philip Sheridan	$50,000+
$100	1890	Very Low	Portrait of General William T. Sherman	$150,000+
$1,000	1890	Extremely Rare	Portrait of General George Meade	$3.29 million+

Note: Values are approximate and can vary based on condition, seal type, and auction results.

Collecting Tips

For collectors interested in acquiring an 1890 Treasury Note, consider the following:

• Condition: Notes in Uncirculated or Extremely Fine condition command higher prices.
• Seal Type: Notes with red seals are generally more valuable than those with brown seals.
• Provenance: Documentation of a note’s history can enhance its value.

The 1890 Treasury Note is more than just a piece of currency; it’s a testament to a pivotal moment in U.S. economic history.

Its rarity, intricate design, and historical significance make it a prized possession for collectors worldwide.

Whether you’re a seasoned numismatist or a newcomer to the field, understanding the nuances of these notes can deepen your appreciation for American currency.

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