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Series Overview: Treasury Notes

Treasury notes, also called "coin notes," were authorized under the Legal Tender Act of July 14, 1890 and were issued as payment for silver bullion purchased by the Treasury Department. Therefore, these notes were backed by metal assets and redeemable in silver or gold coin.

These coin notes were issued in denominations of $1, $2, $5, $10, $20, $50, $100, and $1,000 for Series 1890 and 1891. A $500 note was authorized and a plate made, but only one proof is known, and this denomination never entered circulation. The Series 1890 notes are particularly rare, and few are known in uncirculated condition.

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