Of the varieties of the Series 1900 $10,000 Gold Certificates, which are all not redeemable, the Friedberg 1225a is among the scarcest. There are only six known from an original printage of 36,000, and this example is among the highest graded, on a technical level. This note comes from a small group of 1225a pieces that were all paid in Baltimore. This note was made payable to the First Union Bank in that city. The punch cancels are confined to the signature panel and are not overly distracting. Overall the eye appeal is pleasing and this note would make an important addition to a collection.