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The $20 Treasury Notes of 1891, including the presently offeed scalloped red seal note with serial number B91277*, were issued under the Sherman Silver Purchase Act of 1890. This act required the Treasury to purchase 4.5 million ounces of silver monthly to support the silver industry and promote bimetallism, a system using both gold and silver as currency. To fund these purchases, the government issued Treasury Notes, redeemable in either metal, aiming to expand the money supply and ease deflationary pressures. However, this policy fueled economic instability, contributing to the Panic of 1893, which later ended the Act’s silver purchases.
The scalloped red seal and deep blue serial numbers enhance its visual appeal, while the star (*) in the serial number marks it as a rare replacement note, printed to correct printing errors. Graded 64 with EPQ, it boasts crisp paper, vibrant inks, and minimal imperfections, featuring John Marshall’s portrait and intricate reverse designs typical of the 1891 series.
This note is a collectible treasure from a turbulent period in U.S. monetary history, reflecting debates over gold and silver standards. Its star note status, high grade, and EPQ designation make it highly desirable!
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