Historical Context and Design Significance

The 1901 $10 Legal Tender Note, commonly referred to as the ‘Bison’ or ‘Buffalo’ note, emerged in a period of significant cultural and economic transformation in the United States. At the turn of the 20th century, the nation was experiencing rapid industrialization and expansion westward. This era, characterized by technological advancements and a burgeoning economy, set the stage for the introduction of a note that would become iconic in American numismatic history.

The design of the ‘Bison’ note is deeply symbolic, reflecting the nation’s identity and values during this transformative period. The prominent bison image at the center of the note is a tribute to the American bison, an emblem of the untamed West and a symbol of strength and resilience. This choice of imagery was particularly poignant, as it coincided with national efforts to conserve the bison population, which had been decimated by overhunting and habitat loss.

Charles Burt and G.F.C. Smillie, the primary designers of the 1901 $10 Legal Tender Note, played pivotal roles in bringing this vision to life. Burt, a renowned engraver, meticulously crafted the intricate details of the bison, capturing its majesty and power. Smillie, an accomplished artist, contributed to the overall aesthetic, ensuring that the note was both visually striking and rich in symbolism. Their collaboration resulted in a design that not only celebrated American wildlife but also conveyed a sense of national pride and progress.

Additionally, the note features portraits of explorers Meriwether Lewis and William Clark, further emphasizing the theme of exploration and discovery. These elements collectively highlight the importance of the American frontier and the spirit of adventure that defined the nation’s identity at the time. The ‘Bison’ note is more than just a piece of currency; it is a testament to the cultural and historical shifts that shaped the United States at the dawn of the 20th century.

Physical Characteristics and Features

The 1901 $10 Legal Tender Note, also known as the iconic ‘Bison’ or ‘Buffalo’ Note FR-122, stands out due to its remarkable physical characteristics and features. Measuring approximately 7.375 by 3.125 inches, the note’s dimensions are standard for U.S. currency of that era, yet it impresses through its intricate design and advanced security features.

On the front, the note features an imposing image of an American bison prominently displayed at the center. This bison, often referred to as a buffalo, symbolizes the majesty and strength of the American West. Flanking the bison are the portraits of Meriwether Lewis and William Clark, the renowned explorers of the early 19th century. This artistic choice not only adds historical significance but also enhances the note’s aesthetic appeal. The red Treasury seal and serial numbers further distinguish the note, adding vibrant contrast against the predominantly green and black hues.

The reverse side of the note continues to showcase meticulous detail, with intricate patterns and fine line work that speak to the advanced engraving techniques of the time. These techniques were not only artistic but also functional, serving as a deterrent against counterfeiting. The paper quality of the 1901 $10 Legal Tender Note was another advanced feature. Made of a durable cotton-linen blend, it provided a level of security and longevity that was essential for currency in circulation.

Security features of the note, while rudimentary compared to modern standards, were innovative for the early 20th century. The intricate designs, fine engraving, and unique serial numbers were all part of a comprehensive approach to deter counterfeiters. These elements, combined with the high-quality paper and vivid red Treasury seal, made the note both beautiful and secure.

In summary, the 1901 $10 Legal Tender Note FR-122 is a remarkable example of early American currency, showcasing a blend of artistic excellence and practical security features. Its design, featuring the bison and explorers, along with its durable construction and advanced engraving techniques, make it a significant and iconic piece of numismatic history.

PMG Grading and AU50EPQ Classification

The Paper Money Guaranty (PMG) grading system is a trusted standard for evaluating the condition and authenticity of paper currency. PMG employs a 70-point numerical scale, with higher numbers indicating better condition and preservation. An important aspect of the PMG grading system is its thoroughness; notes are scrutinized for centering, margins, color, and any signs of wear or handling. This rigorous assessment ensures that each note’s grade accurately reflects its state and quality.

In the context of the 1901 $10 Legal Tender Note, an AU50EPQ (About Uncirculated 50 Exceptional Paper Quality) classification signifies that the note is in an excellent state of preservation. Specifically, a grade of AU50 indicates that the note has only minimal signs of circulation. While there may be slight evidence of handling, such as a faint fold or slight corner wear, the note remains very close to uncirculated condition. The EPQ designation further enhances the note’s grade by attesting to its exceptional paper quality. This means that the note has not undergone any form of processing, pressing, or cleaning that might otherwise alter its originality.

The AU50EPQ grade is significant for collectors and investors, as it combines the near-uncirculated state of the note with the assurance of its untouched, original paper quality. Compared to lower grades like VF (Very Fine) or XF (Extra Fine), which may exhibit more noticeable wear and handling, an AU50EPQ note is considerably more desirable. Collectors can expect a higher value for notes with this grade, as they represent a balance between exceptional preservation and historical authenticity.

In summary, the AU50EPQ classification of the 1901 $10 Legal Tender Note, also known as the ‘Bison’ or ‘Buffalo’ Note, underscores its remarkable condition and superior paper quality. This grade not only enhances the note’s aesthetic appeal but also its desirability and value in the collectors’ market.

Collecting and Investing in the ‘Bison’ Note

The 1901 $10 Legal Tender Note, often referred to as the ‘Bison’ or ‘Buffalo’ Note, has garnered a significant following among collectors and investors. This note is revered not only for its artistic design, featuring an American Bison but also for its historical significance. The appeal of the ‘Bison’ Note lies in several key factors that contribute to its value.

Rarity is a primary element that makes the 1901 $10 Legal Tender Note a sought-after piece in numismatic collections. Limited production and the passage of time have made high-grade examples increasingly scarce. As a result, these notes are highly desirable among enthusiasts, particularly when found in exceptional condition, such as the PMG Graded AU50EPQ.

Historical importance also plays a crucial role in the appeal of the ‘Bison’ Note. Issued at the turn of the 20th century, it reflects a period of American history marked by significant economic and cultural developments. The note’s design, emblematic of the American frontier, resonates with those interested in the nation’s heritage.

Condition is another vital factor influencing the ‘Bison’ Note’s value. Notes that have been well-preserved command higher prices, with those graded by professional services like PMG (Paper Money Guaranty) often achieving premium valuations. Collectors should aim to acquire notes with minimal wear, strong color, and intact edges to ensure long-term value.

Current market trends indicate a steady appreciation for high-grade ‘Bison’ Notes. Recent auction sales and private transactions have shown robust interest, with notable examples fetching impressive sums. For instance, a ‘Bison’ Note in excellent condition can sell for tens of thousands of dollars, underscoring its investment potential.

For collectors aiming to authenticate and preserve their ‘Bison’ Notes, it is essential to consult reputable sources and consider professional grading services. Proper storage, such as using acid-free holders and maintaining a stable environment, will help in preserving the note’s condition.

Building a diverse and valuable numismatic collection requires thorough research and due diligence. Collectors should stay informed about market trends, historical contexts, and the nuances of currency grading. By doing so, they can make informed decisions that enhance the value and enjoyment of their collections.