1891 $20 Treasury Note | The Coin Note | Fr. 375 | Extremely RARE | Very Lightly Circulated | High Condition Survivor

1891 $20 Treasury Note | "The Coin Note" | Fr. 375 | Extremely RARE | Very Lightly Circulated | High Condition Survivor

Genuine 1891 $20 Treasury Note – Series of 1891 "Coin Note" – Friedberg Fr. 375. Exceptionally Rare. Very Lightly Circulated with Outstanding Eye Appeal.

This is a remarkable opportunity to acquire one of the most desirable large‑size Treasury issues of the late 19th century. Offered here is an original 1891 $20 Treasury Note, commonly known as a "Coin Note" due to the prominent allegorical figures representing silver and gold coinage. This is not a reproduction. It is a genuine, large‑size United States Treasury Note from an era when paper money was still viewed with suspicion and saved by few.

Friedberg Fr. 375 is the specific catalog designation for the 1891 $20 Treasury Note. Notes from this series are extremely rare in any grade. Very Lightly Circulated examples with this level of preservation are seldom offered for public sale. This note represents a true condition rarity for the series.

Key Details

• Series: 1891 (Treasury Note / Coin Note series)
• Denomination: $20
• Friedberg Number: Fr. 375
• Design Type: "Coin Note" – featuring allegorical figures representing silver and gold
• Condition: Very Lightly Circulated – exceptional for this extreme rarity
• Size: Large size currency – approximately 7.5 x 3.1 inches
• Paper Quality: Strong, original paper with no major impairments
• Rarity Level: Extremely RARE – very few survivors from this series

What is Friedberg Fr. 375?

Friedberg Fr. 375 is the standard catalog reference for the 1891 $20 Treasury Note, commonly known as the "Coin Note." This specific Friedberg number distinguishes the 1891 series from the earlier 1890 issue (Fr. 368) and from other denominations within the Treasury Note series. Fr. 375 examples are characterized by their distinctive obverse design featuring allegorical figures representing silver (left) and gold (right), along with the series date of 1891 prominently displayed. The reverse features elaborate lathe work and ornate counters typical of the finest large‑size currency engraving.

Collectors seeking Fr. 375 face significant challenges, as survival rates for this specific Friedberg number are exceptionally low. Most known examples exhibit heavy circulation, making any lightly circulated Fr. 375 a notable condition rarity.

Historical Context – The 1891 Treasury Note Series (Fr. 375)

The Treasury Notes of 1890 and 1891, often called "Coin Notes," were authorized under the Sherman Silver Purchase Act of 1890. These notes were redeemable in either silver or gold coin – a unique feature that distinguished them from other large‑size currency of the era. The series was short‑lived, with production ceasing in 1893 when the Sherman Act was repealed.

Of the two years, the 1891 series (Fr. 375) is notably scarcer than the 1890 issue (Fr. 368). The $20 denomination, in particular, saw limited printings and even lower survival rates, as most notes were redeemed and destroyed. Today, any Fr. 375 1891 $20 Treasury Note is considered a major rarity. Finding one in very lightly circulated condition is exceptional.

Design & Artistry

The 1891 $20 Treasury Note (Fr. 375) is widely regarded as one of the most artistically beautiful large‑size notes ever produced by the United States. The obverse features intricate engraving and allegorical figures representing silver on the left and gold on the right – a nod to the note's dual redeemability. The reverse showcases ornate lathe work and detailed counters that exemplify the height of the Bureau of Engraving and Printing's craftsmanship.

Notes of this era were printed on large sheets and hand‑cut, resulting in the distinctive oversized format that collectors prize today. The intricate designs were intended to deter counterfeiting, but they also produced some of the most visually stunning currency in American history.

Why This Note is Extraordinary

Extreme Rarity – Fr. 375 1891 $20 Treasury Notes: The 1891 Treasury Note series had limited original printings, and survival rates for Fr. 375 are exceptionally low. Most examples known today exhibit heavy circulation, stains, tears, or other impairments. This note defies those expectations.

Very Lightly Circulated Condition – For Fr. 375: At this level of rarity, even moderately circulated Fr. 375 notes command significant premiums. A very lightly circulated example – with crisp paper, bold colors, sharp corners, and minimal handling – is a true condition census piece. For many collectors, acquiring any Fr. 375 is a milestone. Acquiring one in this state of preservation is the achievement of a lifetime.

Original Paper & Eye Appeal: This Fr. 375 note retains its original paper quality with no signs of washing, pressing, or restoration. The colors remain vivid, the overprints are bold, and the overall eye appeal is outstanding for the issue. Notes from this era that have survived with such integrity are increasingly difficult to locate as they disappear into long‑term collections.

Collector Demand – Type Note & Date Note Rarity: Fr. 375 is a sought‑after "type note" for collectors building comprehensive sets of large‑size currency. It is also a prized "date note" for those specializing in the 1890‑1891 Coin Note series. Demand consistently outpaces supply, and very lightly circulated examples of Fr. 375 are almost never available for extended periods.

Historical Significance: These notes (Fr. 375) were issued during a pivotal moment in American monetary history – the debate over silver versus gold that would shape financial policy for decades. Owning an 1891 $20 Treasury Note Fr. 375 is owning a tangible piece of that debate, a relic from the era of "Free Silver" and the populist movement.

Provenance & Census Data

This Fr. 375 note has been carefully preserved and shows only the lightest signs of circulation consistent with very light handling. The paper remains strong and supple with no splits, pinholes, or significant edge damage. The signatures and overprints are bold and fully legible.

Census data for Fr. 375 1891 $20 Treasury Notes confirms that all examples of this Friedberg number are recognized as extremely rare in lightly circulated grades. This note stands among the finer known survivors of Fr. 375.

This represents a significant opportunity for the type note collector, the specialist in late 19th century Treasury issues, or the connoisseur seeking a genuinely rare large‑size note with exceptional eye appeal – specifically Friedberg Fr. 375.

Authenticity Guarantee

Please review all photos carefully. The images show the exact note you will receive. This note is guaranteed genuine and original – an authentic 1891 $20 Treasury Note (Coin Note) – Friedberg Fr. 375 – in very lightly circulated condition. If proven otherwise, a full refund will be provided. High‑resolution photos are considered part of the description.

Shipping & Payment

This note will be shipped flat and securely between rigid archival‑quality materials to ensure safe delivery. Insurance and signature confirmation are required and included in the shipping cost. Please contact us with any questions before purchasing.

This note is sold as shown. Serious inquiries and reasonable offers are welcome. A very lightly circulated Fr. 375 1891 $20 Treasury Note of this quality may not appear again for years.