Extremely Rare Gold Certificates Certified by PMG Offered by Heritage Auctions

Seldom-seen Gold Certificates certified by Paper Money Guaranty® (PMG®) are taking center stage in a Currency Signature sale presented by Heritage Auctions. They are among eight PMG-certified rarities with six-figure estimates in the auction. Bidding for over 1,200 PMG-certified offerings is underway and concludes October 5-7, 2022.

The auction’s top lot is an 1882 $100 Gold Certificate with Friedberg# 1202 graded PMG 30 Very Fine (lot 21222). It is hand-signed by Thomas C. Acton, the Assistant Treasurer of the United States based in New York City. In fact, Acton personally signed all 9,000 Fr. 1202 examples that were printed. Today, there are only two that are known to still exist, one belonging to the Smithsonian Institution, according to Heritage Auctions. This particular offering, which has the higher grade, has an estimate of $700,000 and up.

1882 $100 Gold Certificate Fr. 1202 graded PMG 30 Very Fine Click images to enlarge.

Another 1882 $100 Gold certificate (Fr. 1203) is also at the forefront in the sale. Graded PMG 15 Choice Fine, this certificate is one of three surviving examples of its catalog number known. The two others are in collections of the Federal Reserve Banks in Richmond, Virginia, and New York City. Because of the collectible’s scarcity, this offering (lot 21223) has an estimate of $500,000.

1882 $100 Gold Certificate Fr. 1203 graded PMG 15 Very Fine Click images to enlarge.

Why are gold certificates so rare? From 1865 to 1934, the US government issued gold certificates as representative money when the nation observed the gold standard. During the Great Depression, private ownership of gold certificates was outlawed. By 1964, restrictions on privately owning these certificates were lifted, allowing collectors to have ownership of these scare paper currencies.

The auction also features several high-denomination banknotes, including a 1928 $10,000 Federal Reserve Note (Richmond) graded PMG 58 Choice About Uncirculated (lot 21291). It is one of only 10 examples from all districts that are known, according to the auction house. They are far rarer than the 1934 Series $10,000 Federal Reserve Notes, which generally sell for six figures whenever they are offered. This banknote has an estimate of $400,000 and up.

1928 $10,000 Federal Reserve Note (Richmond) graded PMG 58 Choice About Uncirculated Click images to enlarge.

Other PMG-certified highlights include:

• a 1928 $5,000 Federal Reserve Note (Atlanta) graded PMG 35 Choice Very Fine (lot 21290), with an estimate of $150,000 and up
• an 1882 $100 Gold Certificate (Fr. 1204) graded PMG 25 Very Fine (lot 21224), with an estimate of $125,000 and up
• an 1882 $1,000 Gold Certificate graded PMG 25 Very Fine (lot 21230), with an estimate of $125,000 and up
• an 1880 $100 Legal Tender graded PMG 64 Choice Uncirculated (lot 21077), with an estimate of $125,000 and up
• a 1934 $10,000 Federal Reverse Note (Chicago) graded PMG 40 Extremely Fine (lot 21293), with an estimate of $120,000 and up
• an 1880 $100 Legal Tender graded PMG 64 Choice Uncirculated (lot 21078), with an estimate of $100,000 and up

All estimates are provided by the auction house.