A Historic Coin Note from the Gilded Age

This listing offers a significant and authentic piece of American numismatic history. It is an 1891 Twenty Dollar Treasury Note, widely known among collectors as a Coin Note. This currency represents a fascinating chapter in United States monetary policy, having been redeemable in either gold or silver coin at the Treasury's discretion. It features a portrait of Chief Justice John Marshall on the obverse and is signed by J. Fount Tillman as Register of the Treasury and D.N. Morgan as Treasurer of the United States.

A Glimpse into Monetary History

The Series of 1891 Treasury Notes were a short-lived but crucial type of United States paper currency. They were authorized under the Sherman Silver Purchase Act of July 14, 1890, and were a successor to the Series of 1890 notes. The key distinction from previous issues was their promise to pay the bearer in Coin, a term that deliberately did not specify gold or silver.

This ambiguity was a direct result of the intense political battles of the era between Silverites, who wanted to elevate silver's status, and those who favored the gold standard. The Treasury was obligated to hold reserves of both metals for redemption, but European banks and businesses, fearing payment in debased silver dollars, demanded gold. This put immense strain on the Treasury's gold reserves, nearly exhausting them by 1895 and contributing to the Panic of 1893.

The reverse design of the 1891 series was also a deliberate improvement. It featured more open space and higher contrast compared to the intricate fancy back design of the 1890 notes. This change was intended to make the notes easier to examine and harder to counterfeit.

The Portrait and Its Significance

The face of this note is graced by a portrait of John Marshall, the fourth Chief Justice of the United States and one of the most influential figures in American legal history, serving from 1801 to 1835. The obverse also displays the statement that the United States of America will pay to bearer twenty dollars in coin. Marshall's presence on this note connects it to a figure who shaped the very interpretation of the Constitution and the role of the Supreme Court.

Design and Specifications

The note is designated as Friedberg Number 375 in the standard Friedberg numbering system for United States paper money. It bears the signatures of J. Fount Tillman as Register of the Treasury, who served from 1893 to 1897, and D.N. Morgan as Treasurer of the United States. The Tillman-Morgan combination is a key identifier for this specific variety and is one of only two known signature combinations for the series.

The reverse features an ornate green design with XX in the corners and Twenty Dollars prominently displayed. The serial number is B466494.

Condition

This note is in Good condition, exhibiting visible folds, creases, discoloration, minor pinholes, and worn edges consistent with its age and circulation. There are no major tears or repairs, preserving the integrity and historical value of this artifact.

Product Specifications

Denomination: 20 Dollars
Type: Treasury Note (Coin Note)
Series: 1891
Friedberg Number: Fr. 375
Portrait: Chief Justice John Marshall
Signatures: J. Fount Tillman (Register) and D.N. Morgan (Treasurer)
Serial Number: B466494
Reverse Design: Ornate green design with XX in corners and Twenty Dollars prominently displayed
Condition: Good. Visible folds, creases, discoloration, minor pinholes, and worn edges consistent with age and circulation. No major tears or repairs.

Why This Note Deserves a Place in Your Collection

This is a Coin Note with a story, a direct artifact of the free silver controversy, a pivotal economic debate that shaped the nation's monetary system. Its promise to pay in coin without specifying metal was a political compromise of great historical significance. It features a unique design, the distinctive open back of the 1891 series, created to combat counterfeiting and representing a significant departure from its 1890 predecessor. It bears the signatures of officials who managed the nation's finances during a time of great change and controversy. Most of all, it is a tangible piece of economic history from the Gilded Age, a direct connection to a period when the very nature of American money was fiercely debated.

This note is more than currency. It is a piece of American history, offering a rare glimpse into the monetary battles of the late nineteenth century. For the discerning collector, it represents a truly significant and desirable acquisition.

The auction is live. Notes of this caliber do not appear often. Place your bid and secure this remarkable piece of history for your collection.

Dimensions:
Height 3.125, Width 7.375, Depth 0.004 inches
Weight 0.036 oz

Condition:
Very Good: Visible

• Low Estimate: 5000.00
• High Estimate: 10000.00