1 Dollar Treasury Note - 'Coin Note'

The Treasury Note series of 1890–1891 — colloquially "Coin Notes" — was authorized under the Sherman Silver Purchase Act of 1890, which obligated the Treasury to purchase 4.5 million ounces of silver per month and issue legal tender notes redeemable in coin. The Act was a political compromise forced through by silver-state senators, and the Treasury despised it almost immediately. These notes were theoretically payable in gold or silver at Treasury discretion, though in practice holders typically demanded gold, accelerating the drain on reserves that contributed to the Panic of 1893.

The 1891 series replaced the 1890 design specifically because the ornate reverse of the earlier notes was considered too easy to alter fraudulently. The BEP simplified it substantially. Rosecrans had signed both series; Nebeker replaced the outgoing Treasurer Huston partway through, making the Rosecrans-Nebeker pairing on Fr#350 one of the later signature combinations in the run.