In 1890, US printed 120,000 unusual $100 'Watermelon' notes; only about 35 are known to survive

1890 $100 Watermelon Treasury Note Fr. 377 with Admiral David Farragut and famous green Watermelon reverse An extremely rare 1890 $100 Treasury Note, known to currency collectors as the "Watermelon" note because of its unusual back design, is set to go under the hammer in October. Only about 35 of the original 120,000 notes are believed to survive today, according to research published by CoinWeek. The auction, scheduled for Sunday, 4 October 2026, through GreatCollections, will offer an example from the Schwenk Family Collection. The note is certified and graded PMG Very Fine 20, with a Restoration notation.A monetary experiment born from political compromiseThe Series 1890 $100 Treasury Note, listed by collectors as Friedberg 377 (Fr. 377), was created after a major political fight over US monetary policy. On 14 July 1890, Congress passed the Sherman Silver Purchase Act. The law required the US Treasury to buy 4.5 million ounces of silver bullion every month. To pay for the large silver purchases, the government created a new type of paper money called Treasury Notes, also known as "Coin Notes". Unlike earlier Silver Certificates, these notes could be exchanged for either gold or...