Fr. 354. 1890 $2 Treasury Note. PCGS Currency Gem New 65 PPQ.This is a spectacular example of a difficult issue, so nice in fact that we must assume that a thoughtful collector picked it up very shortly after it was issued and held it carefully. The paper is bright and fresh, earning the PPQ designation from PCGS Currency. It nicely accentuates the strong ink tones of the very ornate and attractive design. Attractive margins all around. A significant rarity in high grade. The "fancy back" type was issued in three different variants, Fr. 353, 354, and 355, and all of them are very rare in Uncirculated grades, let alone as a Gem. While they are all rare in Uncirculated grades, This Fr. 354 is by far the rarest in any grade as its four times rarer than Fr. 353 and more than twice as rare than Fr. 355.<p>The distinctive portrait on the face of this note is that of Union Major General James Birdseye McPherson. 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. 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>This is the first time a Gem example has sold since 2011, where a PCGS Currency 65PPQ sold for $43,700. Fast forward nearly 12 years, and a far stronger market, we fully expect this note to reach and even exceed our estimate.<p><p><p><p><p>
