Fr. 346e $1,000 1891 Silver Certificate Proof Hessler 1411 PCGS Choice New 63PPQ.. ...

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Iconic $1000 Silver Certificate Proof

Fr. 346e $1,000 1891 Silver Certificate Proof Hessler 1411 PCGS Choice New 63PPQ.
Silver Certificates are an important part of numismatic history, one that many numismatists give little thought to. Silver was demonetized in the Coinage Law of 1873, a move by Congress in favor of the Gold Standard. Unfortunately the timing was poor as a depression in Europe was sinking its claws into the American economy. Falling silver prices forced Western senators to take action, advocating for the silver miners who were an important part of their quickly growing economies. Congressman Richard P. Bland and Senator William A. Allison proposed the Bland-Allison Act of 1878. In addition to calling for the Double Standard, it also called for between $2 and $4 million worth of silver to be purchased by the Treasury each month. Both Morgan Dollars and Silver Certificates resulted from this act as it called for the silver to be placed into circulation. Either the coins, or Silver Certificates backed by Treasury holdings, would be issued. Since the law called for excess silver purchases beyond the needs of the public, the vaults at the Treasury began to fill up with Morgan Dollars. Silver Certificates were lighter and easier to handle in trade and were the workhorse in our economy. This beautiful proof represents the single largest denomination of Silver Certificates issued. It is, in effect, the only real collectable example of the iconic note as a single issued survivor is known to collectors.

The portrait at left is of Liberty, who bears a striking resemblance to actress Josie Mansfield, the paramour of robber baron and patron of the arts, 'Jubilee Jim' Fisk or if you like, the 'Barnum of Wall Street,' who was murdered by another one of Ms. Mansfield's suitors, Ned Stokes, in 1872. The portrait at right is of William L. Marcy, life-long politician, with stops as governor of New York, 1833-1839; United States Secretary of War, 1845-1849; and United States Secretary of State, 1853-1857. He died on July 4, 1857. The actual proof surface is flawless, while the oversized margins display corner folds and other collector handling from admiring viewers. Also, the back upper right-hand corner displays a pencilled "(9)." There are only two notes of this design known, one note is in the Smithsonian, and the other privately held example once resided in the Amon Carter Collection and sold privately about five years ago for $2.6 Million.