LOT #15774 |
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Fr. 378 $100 1891 Treasury Note PMG Very Fine 20 NET....
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Description
Rare and Popular 1891 $100 Treasury Note
Fr. 378 $100 1891 Treasury Note PMG Very Fine 20 NET. Often surpassed in popularity by the Watermelon design types that preceded them, the "Open Back" $100 and $1000 Treasury Notes are classic numismatic rarities. From the Civil War to the turn of the century, the rampant counterfeiting of U.S. currency was a recurring cause of concern for the Treasury and the Secret Service. In 1891, the Treasury had to abandon its artful 1890 Treasury Note back and replace it with this anti-counterfeiting-friendly design. A modest number of high-denomination examples were printed with the new design, and all faced heavy attrition. Only one Open Back Treasury $1000 is available to collectors today, and collectors can choose from only seven of the twelve known Open Back $100's as the other five are permanently impounded in institutional collections.Admiral Farragut, whose portrait appears on the note, was the most distinguished Naval Officer of the Civil War, and he remains known today not so much for his significant contributions to the Union victory, but for the battle cry, "Damn the torpedoes, full speed ahead." Torpedoes, in Civil War usage, referred to stationary contact mines; they were not self-propelled like the modern underwater missiles fired by submarines. The legend of Admiral Farragut is recounted by Everything2.com as follows, "Farragut had been watching the Battle of Mobile Bay from a perch high in the rigging of his flagship; the remark came after seeing another one of his ships sink in about two minutes from a Confederate torpedo, and the captain of a third Union ship tried to back off from the minefield area. The flagship drew up alongside and its captain, Percival Drayton, asked what the problem was. When the answer was 'Torpedoes,' Farragut overheard and was supposed to have said, 'Damn the torpedoes! Full speed ahead! Drayton, hard a-starboard! Ring four bells!' No more torpedoes went off as the fleet entered the bay, and they were eventually able to win the battle over the Confederate force. The quote probably garnered as much reputation for Farragut as the victory did, and he was promoted to Vice Admiral, the first person to hold that position in the U.S. Navy."
The note offered here tonight is a new piece to the census, not listed by either Track & Price or Gengerke. PMG has noted "Restoration" on the holder, which seems through the holder to be a little rebuilding of blank margin area--likely to fill small nicks. It is a very well margined piece with good color for the grade, and quite a nice overall appearance. The most recent example of an 1891 Treasury $100 to auction was the Dauer note, also in a PMG 20 holder, which we sold in September 2006 for $126,500. This note, with its virtually identical appearance should realize a shade more in today's market.
Auction Info
2008 September Long Beach, CA CAA Signature Auction #3502 (go to Auction Home page)
Auction Dates
September, 2008
17th-21st
Wednesday-Sunday
Bids + Registered Phone Bidders: 1
Lot Tracking Activity: N/A
Page Views: 485
Buyer's Premium per Lot:
15% of the successful bid per lot.
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