PMG-certified Demand Note Realizes Over $400,000 in Stack's Bowers Sale

Four rare US banknotes certified by Paper Money Guaranty® (PMG®) recently sold for hundreds of thousands of dollars in the Stack's Bowers' Spring 2023 Auction - Session 7 - U.S. Currency sale, which was held on March 23, 2023. Over 400 PMG-certified US notes were included in the auction.

The top note in the auction was an 1861 $5 Demand Note (Philadelphia) graded PMG 65 Gem Uncirculated EPQ (lot 20091) that realized $408,000. For a short time during the Civil War, Demand Notes were the lone federal currency. Since almost every Demand Note was redeemed, very few remain available to collectors these days. In fact, fewer than 300 of every catalog number are listed in the PMG Population Report.

1861 $5 Demand Note (Philadelphia) graded PMG 65 Gem Uncirculated EPQ Click images to enlarge.

The sale also included an extremely rare 1882 $1,000 Gold Certificate graded PMG 30 Very Fine (lot 20355) that realized $360,000 in the sale. According to Stack's Bowers, only five notes with this signature combination are known to exist, including two in government collections. Further, only two examples of this high-denomination US banknote featuring Alexander Hamilton's portrait with this particular catalog number are included in the PMG Population Report.

1882 $1,000 Gold Certificate graded PMG 30 Very Fine Click images to enlarge.

Other PMG-certified banknotes from the auction include:

• a 1928 $500 Gold Certificate graded PMG 65 Gem Uncirculated EPQ (lot 20602) that realized $216,000
• a 1928 $100 Gold Certificate graded PMG 66 Gem Uncirculated EPQ (lot 20597) that realized $192,000
• an 1890 $2 Treasury Note graded PMG 66 Gem Uncirculated EPQ (lot 20280) that realized $84,000
• a 1934 $5 Hawaii - World War II Emergency Issue graded PMG 66 Gem Uncirculated EPQ (lot 20568) that realized $52,800
• an 1886 $5 Silver Certificate graded PMG 66 Gem Uncirculated EPQ (lot 20232) that realized $45,600
• an 1886 $10 Silver Certificate graded PMG 64 Choice Uncirculated (lot 20260) that realized $45,600
• an 1890 $20 Treasury Note graded PMG 65 Gem Uncirculated EPQ (lot 20290) that realized $45,600
• a 1928 $500 Federal Reserve Note (Kansas City) graded PMG 65 Gem Uncirculated EPQ (lot 20502) that realized $43,200
• a 1928 $1,000 Federal Reserve Note (St. Louis) graded PMG 65 Gem Uncirculated EPQ (lot 20537) that realized $43,200
• a 1934 $1,000 Federal Reserve Note (Philadelphia) graded PMG 65 Gem Uncirculated EPQ (lot 20542) that realized $42,000

Prices realized include buyer's premium.