The trend will soon be reversed. To deal with the overabundance of silver, the Congress creates in 1890 the Treasury Note, a certificate of deposit of silver which can be repaid in gold coins or in silver coins. Speculators are appealed by this possibility of playing on both metals at once with the same piece of paper.
A new series of Silver Certificates is prepared in 1891 for all denominations except the $ 500. The highest values of the Silver Certificate are indeed no longer attractive against the Treasury Note. Only 8,000 $ 1000 were printed, of which about 5,600 were circulated.
The redesign effort of the $ 1000 was important. On the face the portrait of William Marcy is transferred from left side to right side. The left side is now illustrated by a Miss Liberty leaning on a shield that displays the denomination. In 1848 Secretary of War Marcy had shipped a gold sample from the California rush for a federal assaying.
This image of Miss Liberty had been prepared in 1877 for a bond. As far as notes are concerned, it is limited to the $ 1000 Silver Certificate of the 1891 series, making its emission the rarest of all US federal currency in terms of design. The completely modified back had also changed its ink color.
Two examples survive. The serial number 1 is kept at the Smithsonian. The other one, graded Very Fine 25 by PCGS, is thus the only one in private hands. It was sold for $ 2.6M on June 11, 2013 in a private sale reported by Stack's Bowers. It is estimated $ 2M for sale by Stack's Bowers in Baltimore on February 28, lot 4037.
SOLD for $ 1.92M including premium