US printed 120,000 $100 'Watermelon Notes' in 1890; only about 35 survive
A rare 1890 $100 'Watermelon' Treasury Note is set for auction in October 2026. The note, named for its unique back design, is one of only 35 known survivors from an original printing of 120,000.
Why it matters
It highlights the intersection of historical US monetary policy and the high-value collectibles market.
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.
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