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Rare Treasury Notes From Karelian Collection at Stack’s Bowers March Auction

By Brad CiociolaCurrency Specialist, Stack’s Bowers Galleries ……

Extremely Rare Rosecrans Nebeker 1891 $50 Treasury Note

Fr. 376 1891 $50 Treasury Note to be Presented in the Stack’s Bowers Galleries March 2021 Auction

The Stack’s Bowers Galleries March 2021 United States Currency Auction will feature a rare Fr.376 Series of 1891 $50 Treasury Note from the Karelian Collection. This remarkable example is graded Extremely Fine 40 EPQ by PMG.

This one-year design type features the profile portrait of William Henry Seward prominently at the center. A large 50 counter is in an ornamental end panel at left while the red scalloped Treasury Seal is found at right.

Just 22 examples of the type are known, six are in government collections and another permanently resides in the ANA Museum, leaving 15 pieces available to collectors. The print run for this design was 80,000 notes, of which only 23,500 were distributed. Treasury records report that only $1,250 worth (25 notes) are outstanding. This remarkable note carries an estimate of $150,000-$250,000 USD.

Rare “Open Back” 1891 $100 Treasury Note

Rare “Open Back” 1891 $100 Treasury Note in Stack's Bowers Galleries March 2021 Auction

The Stack’s Bowers March 2021 currency auction will also feature a rare Fr.378 1891 $100 Treasury Note – also from the Karelian Collection. The “Open Back” $100 Treasury Notes of the Series of 1891 are nearly three times rarer than their predecessor “Watermelon” notes of 1890. Just 13 examples are recorded in the census for the type with five of those held in institutional collections and unavailable to collectors. The type has the portrait of Admiral David Farragut at right and a large 100 counter just to the left of center. A red scalloped Treasury Seal is to the right of the center while red serial numbers are at the lower left and upper right.

The “Open Back” design features 100 counters at the bottom left and top right with Roman numeral Cs at the top left and bottom right. ONE HUNDRED is in an ornamental design at the 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.

The Karelian Collection example is graded Fine 12 by PMG with an added comment for restoration. The note carries an estimate of $80,000 – $120,000.

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Stack’s Bowers Galleries is still accepting consignments for the March 2021 auction. To consign, please contact Director of Currency Peter Treglia at [email protected] or Currency Specialist Brad Ciociola at [email protected].

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