1891 $1 Treasury Note | Fr. 351 | “Coin Note” | PMG Extremely Fine 40

1891 $1 Treasury Note | Fr. 351 | “Coin Note” | PMG Extremely Fine 40 | Classic Late-19th Century U.S. Currency

The 1891 $1 Treasury Note, cataloged as Friedberg 351, is a highly desirable and historically important example of United States “Coin Notes.” Issued during the final decade of the 19th century, this note reflects a unique period in American monetary history when paper currency was directly backed by silver coin held in U.S. Treasury vaults. Certified PMG Extremely Fine 40, this example offers exceptional eye appeal, strong originality, and above-average preservation for a large-size note over 130 years old.

Treasury Notes of 1890–1891 are among the most admired classic U.S. issues, combining bold artistry, rich historical context, and enduring collector demand. The $1 denomination, while heavily used in circulation, remains especially popular due to its affordability relative to higher denominations and its iconic design.

Treasury Notes (“Coin Notes”) Explained

The Treasury Notes of 1890 and 1891, often called Coin Notes, were authorized under the Sherman Silver Purchase Act. Unlike Legal Tender Notes, these issues were:

• Redeemable in silver coin

• Backed by physical bullion held by the U.S. Treasury

• Issued to support domestic silver mining interests

This unique backing places Treasury Notes in a special category of U.S. paper money, making them highly collectible and historically distinct.

Design & Artistic Significance

The Fr. 351 $1 Treasury Note features a classic and instantly recognizable design:

• A commanding portrait of Edwin M. Stanton, Secretary of War under Abraham Lincoln

• Elaborate engraving with ornate borders and fine line work

• Strong visual symmetry typical of late-19th-century U.S. currency

The large format allows the engraving detail to stand out prominently, making this note a visually impressive and historically meaningful display piece.

Historical Context – America’s Silver Debate

The issuance of Treasury Notes coincided with intense national debate over silver versus gold backing for U.S. currency. During this period:

• Silver mining states pushed for increased silver usage

• The Treasury accumulated large quantities of silver bullion

• Paper currency served as a bridge between metallic standards

Notes like the 1891 $1 Treasury Note circulated widely and were often redeemed and destroyed, which contributes to their relative scarcity today—especially in higher grades.

PMG Extremely Fine 40 – Superior Preservation

A grade of PMG Extremely Fine 40 places this note well above average for the type. This grade indicates:

• Light circulation wear with strong remaining crispness

• Sharp design details and bold ink

• Well-preserved paper with no significant defects

• Excellent overall eye appeal

For large-size Treasury Notes, Extremely Fine examples are increasingly difficult to locate, making this grade particularly attractive to discerning collectors.

Collector Demand & Market Strength

Why Fr. 351 Is a Key Type

• One of the most popular Treasury Note designs

• Direct silver-backed monetary history

• Consistent demand across collector levels

• Strong liquidity in the U.S. currency market

Condition Rarity

While lower-grade examples are obtainable, PMG-certified XF 40 notes are scarce enough to command premiums and remain competitive when offered.

A Cornerstone Piece of Classic U.S. Currency

The 1891 $1 Treasury Note (Fr. 351) represents a pivotal moment in U.S. financial history and stands as a classic example of America’s late-19th century paper money artistry. Its combination of historical importance, visual appeal, and solid certified condition makes it a cornerstone piece for:

• Large-size U.S. currency collections

• Treasury Note and Coin Note specialists

• Collectors of silver-backed U.S. currency

Conclusion

The 1891 $1 Treasury Note (Fr. 351), graded PMG Extremely Fine 40, is a historically significant and visually compelling example of classic American paper money. Its silver-backed origin, iconic design, and strong preservation make it an excellent acquisition for collectors seeking quality and authenticity in large-size U.S. currency.

As high-grade Treasury Notes continue to be absorbed into long-term collections, opportunities to acquire certified XF 40 examples like this are becoming increasingly limited.