Fr. 378 $100 1891 PMG Ch. Fine 15 Net

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Large Size Type Notes > Treasury Notes

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Fr. 378 $100 1891
Grade: PMG Ch. Fine 15 Net    

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Design 97. Small red scalloped seal. After the Ornate Back issue of 1890 (Watermelon note) they changed the seal from a spiked brown to a small red scalloped and removed the ornate back for an open back design. This note sold in our sale of the Frank Levitan collection in December 1998 where it was described as follows: "The open back $100 Coin Note is far rarer than either the Seward $50 or the Watermelon $100, but has probably received less attention over the years as it is much rarer and less often offered. Before 1990, only three appearances have been recorded. This should not be surprising as in the current Gengerke listing only 11 serial numbers have been recorded. Of those, only seven are currently in collector's hands. There is a story about this type. Several of these were found pinned into the coat of a drifter, and all except one had evidence of being burned. This further diminished the good notes known to exist. I acquired two in the Iowa deal in 1994. That VF note was sold in 1995 for $33,000." This note is a solid Fine 15 Net by PMG, who noted restoration, but I can't find any, even in this lighting. There is some ink bleed along the bottom that may be what is referred to. The last sale we had was in March 2010 when a VF 20 Net realized $126,500. That note had the corner restored, this one does not.

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