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<p>[QUOTE=&quot;Conder101, post: 144394, member: 66&quot;]The reason they are so rare is because under the terms of the Sherman Silver Purchase Act of 1890, the notes could be redeemed for either gold or silver.&nbsp; But since gold at the time was more highly valued than silver it was profitable to sell silver to the government and immediately redeem the notes for gold which coukd then be used to buy even more silver than what was originally sold in the first place.&nbsp; This could then be repeated over and over resulting in ever more profit to the silver mine owners, and a continueing drawing down of the Government gold reserves.&nbsp; By 1893 the gold reserves have been drawn down so much that the US Governement was in danger of having to default on obligations it had which had to be paid for in gold.&nbsp; This lead to the repeal of the Sherman act in 1893 and the Panic of 1893.&nbsp; So the notes are rare because they were redeemed almost as fast as they were issued.[/QUOTE]</p><p><br /></p>

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