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1891 $1 One Dollar U.S. Treasury Note Fr #351 (PMG 20)

Currency:USD Category:Sports - Cards & Fan Shop Start Price:50.00 USD Estimated At:NA
1891 $1 One Dollar U.S. Treasury Note Fr #351 (PMG 20)

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Auction Date:2018 Dec 27 @ 20:00 (UTC-7 : PDT/MST)
Location:2320 W Peoria Ave Suite B142, Phoenix, Arizona, 85029, United States
Graded PMG 20 (Very Fine). Please see the images for more details on the condition of the bill.

The Treasury Note (also known as a Coin Note) was a type of representative money issued by the United States government from 1890 until 1893 under authority of the Sherman Silver Purchase Act in denominations of $1, $2, $5, $10, $20, $50, $100 and $1000.

The Treasury Note was issued by the government to individuals selling silver bullion to the Treasury. Unlike other redemption notes like silver and gold certificates (which stipulated whether the note was backed by and redeemable for silver or gold coin, respectively), Treasury Notes stipulated only that they were redeemable in coin. This allowed the Treasury to fulfill the note's obligation in silver coin, gold coin, or both, at its discretion when the note was redeemed. This flexibility allowed the Treasury some control over releasing gold or silver when the relative value of the two metals fluctuated. The origin of the term "Coin Note" to describe the note is unclear – it may refer either to the coin it could be exchanged for, or derive from the fact that it was issued to pay for silver that would later be turned into coins.