LOT Old Heritage Auctions  /  2008 Jan. FUN Signature Currency Auction #456  / 

13991

Fr. 376 $50 1891 Treasury Note PMG Very Fine 25.

Currency:USD Category:Coins & Paper Money / Paper Money - United States Start Price:36,250.00 USD Estimated At:60,000.00 - 90,000.00 USD
Fr. 376 $50 1891 Treasury Note PMG Very Fine 25.
<B>Fr. 376 $50 1891 Treasury Note PMG Very Fine 25, Net.</B></I> This is the first Seward Fifty that we have offered since we sold the similarly-graded Dauer example in September 2006. These Treasury $50s are classic paper money rarities with a fascinating history. As soon as the Sherman Silver Purchase Act, which called for the issuance of Treasury Notes, was passed on July 14, 1890, the Treasurer, James N. Huston, organized the effort to design and issue them. Designs for the typical denominations $1 to $1000 were prepared; by November 29, the proposed $50 design was completed. Like the famous Watermelon $100 and $1000, the back design featured generously proportioned letters in the word FIFTY, intricately engraved, and in the rich green color synonymous with the nickname, "Greenback." The rich and colorful designs were intended for all the denominations of 1890 Treasury Notes, but before any $50's were printed, the 1891 Series, with its new back designs, had already been introduced: to aid in counterfeit detection, the new designs featured an open back - two large areas of open design in which the colored fibers in the paper could be easily seen. In 1891, the $50 Treasury Note went into production, and 80,000 notes were printed in total. Ultimately only 23,500 of the notes were issued, and they likely were used primarily for large-dollar bank-to-bank transactions involving the purchase of silver. Friedberg indicates that Treasury Records show only 25 notes still outstanding, supporting the theory that they were mostly used in bank-to-bank transactions and subsequently redeemed. Today, the census stands in the low 20s with only three unreported examples still outstanding, the Fifty Dollar Seward's status as a classic numismatic rarity is forever protected. Of the current recorded examples, six pieces are permanently impounded in institutional collections limiting the number of collectible examples to only 16. The numismatic community has been lucky to see several examples appear at auction in the last few years...but auction appearances are often many years apart. PMG has commented "Restoration" on the holder. All we can spot through the holder are a few short well-sealed edge splits. This handsome and exceedingly rare Type Note could easily approach the six-figure mark.<BR><I>From The Peter Gamble Collection.</B></I><BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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