Exceptional McPherson Fr. 353 $2 Treasury Note
Among the Lowest Serial Numbers Recorded for the Friedberg
Fr. 353. 1890 $2 Treasury Note. PCGS Currency Very Choice New 64 PPQ.
Unlisted in the Gengerke Census and auction records compiled by Track & Price, this piece is nothing short of exceptional. Among a small run of notes representing serial numbers 55 through 61, this note is not just exceptional on account of the low serial number, but also the nature of this item and the uncommon state of preservation as attested to by PCGS Currency. Issued amidst the economic and political peculiarities of the 1890s, the legislation which called forth these beautiful and excessively intricate financial relics of a bygone era, the Sherman Silver Purchase Act of 1890 required the Federal government to purchase nearly 4.5 million ounces of silver each month in an effort to appease the influential populist "Silverites" who enjoyed wide support in the agrarian and mountain West. Seeking the unlimited (or free) coinage of silver to inflate the money supply in order to uplift poor farmers and members of the rural poor out of debt and destitution, the "Free Silver" movement reached its climax with the selection of William Jennings Bryan of Nebraska as the Democrat nominee for President in 1896, a ticket which lost decisively at the hands of the Republican ticket headed by William McKinley of Ohio that ran firmly upon the virtues of the Gold Standard. Payable in "coin," but without specifying silver or gold, the effective purpose of these notes was to avoid paying out of the Treasury's unstable gold reserves amidst economic uncertainty brought about by the Panic of 1893. Nonetheless redemptions of Treasury Notes in gold were never denied and the public readily accepted them in commerce. This short-lived series would come to an end in the early years of the McKinley administration quite possibly as a result of the passage of the Gold Standard Act of 1900 which effectively formalized America's placement on the Gold Standard. A superb representative in terms of condition, this note has been assigned a grade of Very Choice New 64 PPQ at the hands of PCGS Currency. Ripe with a degree of freshness comparable to the day it was first saved over 130 years ago, the very nature of this item precludes it destiny to assume a place among the advanced collection of a discerning specialist whenever it makes its appearance known at auction or trades privately. Speaking to also the aesthetic excess of the 1890s that was brought to its truest expression at the hands of the Bureau of Engraving & Printing, this note offers a glimpse into a bygone era of banknote production. From the stately portrait of General McPherson in his uniform at right to the large brownish-red Treasury Seal overprinted just right of center, these elements only scratch the aesthetic surface of this impressive piece of numismatic Americana. Floral details and intricate scrollwork pack every conceivable corner on the face, from the serial number panels at left and right to the quintet of denomination counters situated along the margins while almost every geometric detail is accompanied by a floral counterpart of equal complexity.On the back, the excess of detail reaches its apex leaving open space confined only to the margins. A veritable tapestry of geometric and floral details accounts for a striking sight. At center an arched "TWO" composed of a kaleidoscope of geometric patterns gracefully sits flanked by a pair of unique denomination counters. At right, a large counter of a typical arrangement for the period is seen with a "2" at center while at left a rhomboid denomination counter featuring a pair of numerical "2s" is featured with "TWO" written out in between. The bulk of the remaining design is balanced out by a number of smaller denomination counters arrayed at each end with an underlaid floral pattern that evokes imagery of a Roman wall on the Italian Peninsula long ensconced by vines and local vegetation. It was designs like this one that would fall out of favor with the Treasury Department. Believing that complicated designs like these proved more susceptible to counterfeiting, the Series of 1890 was swiftly discontinued and replaced with the blasé Series of 1891 which dispensed with the intricate accoutrements of the preceding series, a move that marked yet another waypoint in the slow march towards standardized and unoriginal designs. Alas, the Series of 1890 has proven to be a favorite with collectors and dealers alike since the Treasury discontinued this printed art form in favor of less complex designs. Indeed, such a fate has since made the Series of 1890 one of the most iconic issues ever put to print by the Bureau of Engraving & Printing. Major General James B. McPherson (1828 - 1864) Born to a relatively well to do family in Clyde, Ohio just outside of Sandusky, little is known McPherson's early life. McPherson, the son of a blacksmith first attended Norwalk Academy in Norwalk, Ohio before attending the United States Military Academy in West Point. McPherson would graduate at the top of his class in 1853 alongside other military luminaries such as Phillip H. Sheridan and his friend and future adversary John Bell Hood. McPherson although largely unremembered compared to the likes of Grant, Sherman, Lee, and Jackson outside of maybe the Atlanta area and those in numismatic circles, McPherson served with distinction in Tennessee, Mississippi and Georgia under the likes of Grant and Sherman serving from Grant's capture of Forts Henry and Donelson in Tennessee to the Atlanta Campaign of 1864. In 1864, McPherson was elevated as the commanding officer of the Army of Tennessee which would accompany Sherman's destructive march through Georgia. By all accounts a fine officer and one held in the highest esteem by his own men and superiors, McPherson would soon meet his end in combat. Before Sherman's forces were able to capture Atlanta, McPherson sustained a mortal wound upon encountering a small detachment of Confederate soldiers in which he sustained the aforementioned mortal wound in an effort to escape. McPherson's death would be meet with shock by his fellow officers. Sherman who is remembered as a gruff character is said to have wept openly upon hearing the news of McPherson's death while his close friend and adversary John Bell Hood remarked that McPherson's death was the source of sincere sorrow for him while upholding his qualities as both a friend and officer. McPherson, outside of his numismatic legacy was the namesake Fort McPherson in Atlanta which operated from 1866 to 2011 and a trio of counties in Kansas, Nebraska, and South Dakota. An equestrian statue of the General sculpted by Louis Rebisso is displayed prominently in McPherson square in Washington D.C. cuts a fine figure and represents a bygone era of public art and one of the earliest statues erected to commemorate an officer who served during the American Civil War. Noted for "Premium Paper Quality" by PCGS Currency.
From the Porter Collection.

Estimate: $30000.00- $50000.00