Lot 4423
1891, $2 Coin Note. PCGS Superb Gem New 67 PPQ. . Fr-357. . KL-144. General McPherson himself, or just about anyone associated with today's paper money collecting community, would be proud of this handsome Deuce. It has lovely colors, bright paper, and excellent centering. The PCGS grade of "67" appears right on the money to us through the holder. Pop 3; none finer.
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 the notes in payment for silver bullion purchased by the Treasury Department. The entire issue of 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.
The Coin Notes as they are sometimes called were issued in denominations of 1, 2, 5, 10, 20, 50, 100, and 1,000 Dollars of the series of 1890 and 1891.
Estimated Value $9,000 - 1,000.
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