1954 ER test note or ER regular

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I have asked many forum members regarding ER regular and ER test notes.

• Has anyone ever had or seen a ER test note?
  Do they even exist?
  What was the history around the test note.  There probally is written info on it but I have not seen it if so.
  

I am assuming with "rare Market value not yes established"  There must not of been on for sale in the past.

This has been a question I have wondered for a many years.  Can anyone help with this question.

• How rare are the ER regular notes?
  Maybe these are just as rare or they are really part of a future expanded test note.       
  

any help with this question would be appreciated.

Thanks

Polarbear

Such information on the E/R test note as has been published appeared on page 105 of the Dec. 2005 CPMS Newsletter.
I am personally aware of one note, in a private collection.  It has never been offered for sale to my knowledge.  Others may very well own examples as well, but they haven't shared the information with me.  Given time, test notes will probably start to appear on the market and then we'll all know more than we do now.