Treasury Notes

Treasury Notes or Coin Notes were issued as a result of the Legal Tender Act of July 14, 1890. This act authorized the Secretary of the Treasury to issue these notes in payment for silver bullion purchased by the Treasury Department. The entire issue of these notes thus became backed by metallic reserves. The notes were redeemable in actual coin, but whether silver or gold coin should be paid out was left to the direction of the Secretary of the Treasury.

The Treasury Notes were issued in denominations of $1, $2, $5, $10, $20, $50, $100, and $1,000 of the series of 1890 and 1891 only. A $500 note with the portrait of General Sherman was also authorized and a plate made, but only a proof impression of the note is known; it was not placed in circulation.

The notes of the 1890 Series are especially attractive because of the intricate designs on the reverse. The 1890 notes are all rare today, especially in new condition.