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Fr. 377 $100 1890 Treasury Note PMG Very Fine 30.. ...
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$228,000.00
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Description
Colorful and Problem-Free $100 "Watermelon" Treasury Note
Ex: Amon Carter Jr.
Fr. 377 $100 1890 Treasury Note PMG Very Fine 30.The story of United States Treasury Notes traces its origins to the 1870s, a period marked by significant monetary policy changes that impacted the use of silver in coinage. The demonetization of silver, enacted through the Coinage Law of 1873, favored a gold standard, a decision motivated by a Congress aligned with this monetary approach. This legislative change occurred at a particularly inopportune time, coinciding with a European depression that adversely affected the American economy. The resultant economic downturn and plummeting silver prices led Western Senators to seek remedies for their constituents' financial woes. In response, Congressman Richard P. Bland and Senator William A. Allison introduced the Bland-Allison Act of 1878. This legislation aimed to reinvigorate the use of silver by mandating the monthly purchase of $2 to $4 million worth of silver by the Treasury, leading to the creation of Morgan Dollars and Silver Certificates to circulate this silver, ultimately causing the Treasury's vaults to overflow with these dollars.
By 1889, the Treasury was burdened with a substantial surplus of silver dollars, highlighted by President William Harrison's revelation of $283,539,521 worth of silver dollars languishing in vaults, a significant portion of which was not backed by Silver Certificates. The situation prompted further legislative action with the Windom Silver Bullion Purchase Act of 1890, which sought to eliminate restrictions on silver purchases and coinage, significantly increasing the government's monthly silver procurement to 4.5 million ounces. This act also introduced Treasury Notes as a new form of payment for these purchases, available in denominations ranging from $1 to $1,000. However, the option to redeem these notes for gold rather than the less valuable silver led to a preference for gold redemption, undermining silver's value further. This, coupled with Treasurer James Nelson Huston's decision to replace high denomination Silver Certificates with Treasury Notes, marked a critical juncture in U.S. monetary policy, with profound implications for the use and value of silver.
Amon Carter Jr. built one of the most celebrated collections of coins and banknotes ever. Both rarity and condition were carefully considered in every purchase. The $100 and $1,000 "Watermelon" notes are revered for their back engravings, with the zeroes in the denomination looking like the skin of ripe Watermelons. This design detail is central to the popularity of the notes, and Amon's pursuit of an example with exceptional color led him to this note. Moreover, the paper here is unencumbered by any restorations which are commonly seen on major banknote rarities. It is, for all intents and purposes, a "picture perfect" Very Fine 30.
Approximately 35 examples are known. Eight of those are permanently impounded in Federal or institutional collections, and a few more yet have never appeared at auction. This piece has been off the market since 2006. For comparison, Dr. Paul Balter's equivalently graded example realized $336,000 last year. The illustrious pedigree, stellar eye appeal and problem-free status make this a top-tier American rarity worthy of the finest collections.
From The Golden State Collection
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Auction Info
2024 May 7 - 10 CSNS US Currency Signature® Auction #3595 (go to Auction Home page)
Auction Dates
May, 2024
7th-10th
Tuesday-Friday
Bids + Registered Phone Bidders: 7
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