The finest known example of the ultra-rare 1890 $1,000 “Grand Watermelon” Treasury Note, which in 2005 became the first bank note to bring $1 million at auction, has been certified and graded by PCGS Banknote, according to a July 9 statement.
Issued in $100 and $1,000 denominations and originally redeemable in gold or silver coin, they were dubbed “Watermelon” notes because of the color and design of the large zeroes on the reverse of the note.
The $1,000 note, commonly referred to as a “Grand Watermelon,” is extremely rare and given the large face value of this 1890-vintage note – $1,000, roughly equivalent to $29,000 today – it was scarcely seen outside of interbank commerce