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Stack’s Bowers and Ponterio   |   The August 2018 ANA Auction   |   23 August 2018 Sort by Lot-NumberSort by Estimate
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Session 4, Lot 2048

Estimate: 150'000 USD   |   Starting price: 90'000 USD Price realized: 288'000 USD
Treasury Note
Rare 1891 $100 Treasury Note
Finest Known "Open Back" Example
Friedberg 378 (W-3634). 1891 $100 Treasury Note. PCGS Currency Very Fine 35.
The "Open Back" 1891 $100 Treasury Notes are actually far rarer than their predecessor "Watermelon" notes of 1890. Just 13 examples are recorded in the census for the type, with five of those in institutional collections and forever unavailable to collectors. Admiral David Farragut is portrayed at right while a large 100 counter is seen just left of center. This variety displays a red scalloped Treasury Seal along with engraved signatures of Rosecrans and Nebeker.

The "Open Back" design features 100 counters at bottom left and top right with Roman numeral Cs at top left and bottom right. ONE HUNDRED is in an ornamental design feature at center. The Treasury Department felt that the "open" design would be more carefully examined by bank tellers than would be the heavily ornamented backs of the Series of 1890 notes.

This is the finest graded 1891 $100, long regarded as Very Fine to Extremely Fine and now encapsulated as Very Fine 35 by PCGS. The paper is bright and displays just moderate circulation. Ample margins are found along with bold inks and a bright red overprint. Most known examples are in the range of Very Good to Fine. This note last traded publicly for $161,000 in an October 2005 auction.

PCGS Population: 1; none finer.
From Barney Bluestone's sale of the Albert Grinnell Collection, November 1944, lot 222; Amon Carter Jr.; Lyn Knight's sale of December 1998, lot 221; Lyn Knight's sale of October 2005, lot 22.

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