Friedberg 353. 1890 $2 Treasury Note. PCGS Currency Gem New 65 PPQ.This beautifully original 1890 $2 Treasury Note features the portrait of Union Major General James Birdseye McPherson. It is a stunning Gem deuce with a sharply printed large brown spiked Treasury Seal right of center. Low serial number A61 is boldly printed in deep red ink at lower left and top right. The engraved design elements display striking detail. The ornately printed "Fancy Back" is flawlessly executed in brilliant green.<p><p>The Series of 1890 Treasury Notes or Coin Notes were issued under provisions in the 1890 Sherman Silver Purchase Act. At that time the "Silverite" political faction was advocating a silver standard, much to the fear of most financiers and nearly all institutions in Europe. There was a "run" on gold coins in the Treasury. These notes were accordingly made payable in "coin," but without specifying silver or gold. The secretary of the Treasury reserved the right to redeem them in silver instead of gold, if supplies of the latter ran short. As it turned out, although gold reached a critical low, redemptions of Coin Notes in gold were never denied.<p><p><p>Broad margins frame this popular design type. Strictly original paper surfaces are confirmed by the grading services assigned PPQ designation. The quality is exceptional throughout. The "Fancy Back" $2 is known in three variants, all of which are rare in Uncirculated condition and more so at the Gem grade level. Few collectors are fortunate enough to be able to obtain a Gem 1890 $2 Treasury Note. Just four examples of the catalog number are graded at this level by PCGS and PMG combined. PCGS has graded just one finer while PMG reports three at the 66 EPQ level. When this note was last sold in 2006 it was housed in a PMG 66 EPQ holder.<p><p><strong>General James Birdseye McPherson</strong><p>This series of notes was designed in celebration of the strength of the Union, undoubtedly effective at a time when many Americans remembered their own experiences of the Civil War. Union Major General James Birdseye McPherson, killed in the July 1864 Battle of Atlanta, served as chief engineer under General U.S. Grant in 1862, and later served in the Vicksburg Campaign (1862-1863) and the Battle of Shiloh (1864), after which he was given command of the Army of the Tennessee. His death is notable in more than one respect. The army he faced in Atlanta was led by Confederate General John Bell Hood, who had been McPhersons classmate at West Point, illustrating how close associates and even brothers found themselves opposing each other on the field of battle. Additionally he was the second highest ranking Union officer killed in the war.<p><p><strong>PCGS Population: </strong>3, 1 finer.<em>From Heritage Auctions sale of September 2006, lot 18207.</em>
