1891 treasury (coin) note question

Jabbo

Reading the fascinating history of these notes and the Panic of 1893, I’ve read that the treasury could choose to redeem the notes in silver or gold…so why did redemption drain the gold reserve (causing the panic)?

gsalex

You'll find a pretty good explanation here:
https://papermoneyforum.com/post/my-large-20-type-collection-sharing-a-new-note-each-day-11392023?highlight=%22coin%20notes%22&pid=1322793956