Lot 3835
1891, $5 Coin Note. . Fr-364. . KL-258. PMG graded Gem Uncirculated 65 Exceptional Paper Quality. Bold design with nice bright features associated with fresh crisp paper. These 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 discretion of the Secretary of the Treasury. Their use (or better still, their mis-use) helped contributed to the Panic of 1893.
Estimated Value $5,000 - 6,000.
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| Realized $5,290 |
