A 1891 $1000 US Treasury Note has set a new record for US banknote, sold for $2,585,000.00 including 17.5% Buyer Premium in Heritage Auctions' second Platinum Night Currency auction, held in conjunction with the Central States Numismatic Society Convention, April 24-28 in Schaumburg, IL.
Fr. 379c $1000 1891 Treasury Note PCGS Extremely Fine 45PPQ.
Only two examples of this design-type are known to exist. The first is this note, whose pedigree lists most of the important names in the history of US currency collecting.
It was in the 1944 Barney Bluestone sale of the Grinnell Collection, then to Robert Friedberg, then to Amon Carter, Jr., followed by Jim Thompson, then on to Dean Oakes who sold it to Dr. Edward and Joanne Dauer (the only collectors who ever formed a complete collection of all known U.S. type notes), and finally to the Greensboro Collection.
The second existing example has a much simpler history. It has resided in the National Numismatic Collection of the Smithsonian Institution since it was transferred there by the Treasury Department.
This 1891 $1000 US Treasury Note shares its basic face design with the "Grand Watermelon", same striking vignette of General Meade, who took over as the head of the Army of the Potomac on the eve of the battle of Gettysburg.
Although the "Grand Watermelon" note with the same basic face design has always received the better "press" due to its magnetic nickname, this note is actually far rarer. There are seven "Grand Watermelons" known, three of which are in private collections. The currently offered 1891 open back is unique in private hands and one of only two in existence.
PCGS has graded this note (which has historically been referred to as CU) Extremely Fine 45PPQ...history was wrong, PCGS got it right. Some argument could be made for AU, but the note clearly has light traces of circulation and the assigned grade should be considered accurate. The important PPQ designation, (which has been placed on this note's holder) is missing from virtually all high-denomination rarities, as restorations and repairs are nearly ubiquitous on these historic artifacts. The currently offered note is totally free of any improvements...none were ever needed as the note is absolutely perfect for its grade.
As with the 1863 $100 Gold which we are also selling this evening, this is likely a once in a lifetime chance to acquire this design-type. After the hammer falls this evening, no collector will have the opportunity to own an 1891 $1000 Treasury Note until tonight's successful bidder parts with this treasure.
Source: Heritage Auction.
