Fr. 221 (W-56). 1886 $1 Silver Certificate. PCGS Superb Gem New 67 PPQ.

Fr. 221 (W-56). 1886 $1 Silver Certificate. PCGS Superb Gem New 67 PPQ.，Friedberg 221 (W-56) is the scarcest variety for all of the Martha Washington series, with fewer than 260 examples recorded in the census. The present example is the single finest graded by PCGS and is tied with one other example graded by PMG, the very definition of a "trophy note." The face printing is exceptional, perfectly framed and sharply inked. The ornate green printed back displays incredible detail and bold inks. This note has been off the market for more than 10 years, last trading publicly for $24,150 in 2007.<p><p><p><strong>$1 Silver Certificates, Series of 1886</strong><p>Silver Certificates, the successors to Silver Certificates of Deposit, were born under the Bland-Allison Act of February 28, 1878, the same legislation that created what we now call the Morgan silver dollar. Soon after that legislation, Silver Certificates of Deposit (see lot 1035) were made, but in relatively small numbers, in denominations from $10 to $1,000. These were the Series of 1878 and 1880. <p>Beginning with the Series of 1886, as here, these notes were designated only as Silver Certificates and were circulated in quantity. The Act of August 4, 1886, authorized these, after which this class of note was made in very large quantities, including the new $1, $2, and $5 denominations. Vast quantities of Morgan dollars, put up in cloth bags of 1,000 coins each, continued to accumulate as backing for these bills. The Series of 1886 notes were popular, as were the various later series, some of which had very beautiful designs.<p>This initial $1 note depicts Martha Washington-the first time that a First Lady of the United States appeared on federal paper money. Charles Burt was the engraver. Numismatists often call these "Martha notes." (Various female depictions ranging from allegorical goddesses to women in historical panoramas, had been used for a long time, including on currency issued by state-chartered banks and in certain of the state seals on the backs of Original Series and Series of 1875 National Bank Notes.) The same portrait of Mrs. Washington was used later on the Series of 1891 Silver Certificates, followed by the Series of 1896 "Educational Notes." All have blue serial numbers beginning with B. Sizes and colors of the Treasury Seal vary.<p>The back, ornately engraved, includes redemption information at the center, essentially stating that it could be spent for any purpose. The estimated print run for F-221 (W-56) is 4,204,000. These were signed by the team of Rosecrans and Nebeker, in office together 1891 to 1893. We estimate that fewer than 200 survive in various grades, making this the rarest "Martha Note" as stated.，From the Joel R. Anderson Collection of United States Paper Money, Part I. Earlier from Heritage Auctions sale of September 2006, lot 18687; Lyn Knights sale of June 2007, lot 4.，