Error Note Chronicles: Dual Denomination Error

Paper Money Guaranty® (PMG®) is the world’s leading authority on banknote errors, a popular segment of numismatics. In Error Note Chronicles, we take an in-depth look at different errors. This month’s topic is the Dual Denomination Error (which is also called the Double Denomination Error).

Sometimes referred to as the "King of Errors," a Dual Denomination Error is straightforward: The denomination on the front of the note does not match the one on the back. An example is this 1914 $20 Federal Reserve Note (Boston) with a $10 back. (This particular note is part of a Heritage Auctions sale in May 2022, with a pre-auction estimate of at least $35,000; to learn more, click here.)

1914 $20 Federal Reserve Note (Boston) with a $20/$10 Dual Denomination Error graded PMG 50 About Uncirculated Click images to enlarge.

Dual Denomination Errors are some of the most prized in paper money collecting. This 1934D $5 Federal Reserve Note (Kansas City) with a $5/$10 Dual Denomination Error is worth tens of thousands of dollars. (This particular note is part of a Heritage Auctions sale in May 2022; to learn more, click here.)

A 1934D $5 Federal Reserve Note (Kansas City) with a $5/$10 Dual Denomination Error graded PMG 64 Choice Uncirculated EPQ Click images to enlarge.

Here is another Dual Denomination Error worth well into the five figures: a Philadelphia, Pennsylvania 1902 $20 Bank of North American note with a $20/$10 Error. Interestingly, the Bank of North America was the only bank without the word National in its name allowed to issue National Bank Notes (This particular note is part of a Heritage Auctions sale in May 2022; to learn more, click here.)

Philadelphia, Pennsylvania 1902 $20 Bank of North American note with a $20/$10 Dual Denomination Error graded PMG 30 Very Fine Click images to enlarge.

Dual Denomination Errors stretch back to the dawn of federal currency in the 1860s. This Second Issue Fractional Currency 5 Cents / 50 Cents realized $28,800 in a Heritage Auctions sale in January 2022.

Second Issue Fractional Currency 5 Cents / 50 Cents "Double Denomination Error" graded PMG Choice About Uncirculated Click images to enlarge.

Dual Denomination Errors are not limited to US paper money. This Cuba, Banco Central De Cuba 1998-2001 50 Pesos with a 50/100 Pesos Dual Denomination Error realized $3,600 at a Heritage Auctions sale in September 2019.

Cuba, Banco Central De Cuba 1998-2001 50 Pesos with a 50/100 Pesos Dual Denomination Error graded PMG 35 Choice Very Fine NET Click images to enlarge.

PMG, an independent member of the Certified Collectibles Group® (CCG®), has certified many exciting error notes, including the famous “Del Monte” error note that realized $396,000 in a January 2021 sale.

Collectors and dealers who have error notes can submit them to PMG for certification under an applicable grading tier with “error” or the specific error noted under the Variety/Pedigree column on the submission form. There is no additional fee for this service.

For more information about submitting to PMG, visit PMGnotes.com.

Related Links:

• Error Note Chronicles: Mismatched Serial Number Error
• Error Note Chronicles: Offset Printing Error
• Error Note Chronicles: Insufficient Inking
• Error Note Chronicles: Inverted Back
• Error Note Chronicles: Printed Fold Error
• Error Note Chronicles: The PCBLIC Error
• Error Note Chronicles: Misalignment Errors
• Error Note Chronicles: Obstructed Printing Errors
• Error Note Chronicles: Inverted Overprint Errors
• Error Is Human: Part I
• Error Is Human: Part II