Heritage Offers Extremely Rare 1928 $5,000 and $10,000 Notes Certified by PMG in Highly Anticipated Sale

Three extremely rare high-denomination notes from the elusive 1928 Series are among more than 1,200 rarities certified by Paper Money Guaranty® (PMG®) in an upcoming Heritage Auctions sale that is one of the most anticipated of the year. Bidding begins in late August for the Long Beach Expo US Currency Signature Auction #3596, which will be held September 11-13, 2024.

The top lot in the sale is a 1928 $5,000 Federal Reserve Note (Richmond) graded PMG 65 Gem Uncirculated EPQ (lot 22313), which has an estimate of at least $700,000. This is the sole finest graded of all 1928 $5,000 Federal Reserve Notes in the PMG Population Report, which contains a mere 22 notes across seven districts, as of mid-August 2024. In comparison, the PMG Population Report lists more than 100 1934 Series notes from 10 districts.

Click images to enlarge

Rivaling that note in rarity is a 1928 $10,000 Federal Reserve Note (Richmond) graded PMG 53 About Uncirculated (lot 22317), which has an estimate of at least $600,000. The PMG Population Report lists just seven of these 1928 $10,000 Federal Reserve Notes from all districts, with this being the second-finest certified. In comparison, the PMG Population Report lists more than 110 of the Series 1934 notes from nine districts.

Click images to enlarge

The auction also includes another 1928 $5,000 Federal Reserve Note, this one from the Kansas City district and graded PMG 40 Extremely Fine (lot 22314). It is the only one of these notes in the PMG Population Report and one of just two known to exist. It has an estimate of at least $250,000.

Click images to enlarge

Small Size Federal Reserve Notes are the currency used by Americans today, but the 1928 and 1934 Series are the only ones for which $5,000 and $10,000 notes were created. These represent the highest US denominations ever to circulate, making them highly coveted by paper money collectors.

Other PMG-certified highlights in this auction include:

• an 1878 $20 Silver Certificate graded PMG 30 Very Fine (lot 22125), with an estimate of at least $150,000
• an 1890 $100 Treasury Note graded PMG 20 Very Fine (lot 22151), with an estimate of at least $150,000
• a 1934 $5,000 Federal Reserve Note (New York) with Serial Number 3 graded PMG 40 Extremely Fine (lot 22315), with an estimate of at least $150,000
• a Baltimore, Maryland 1875 $100 National Bank Note graded PMG 35 Very Fine EPQ (lot 20301), with an estimate of at least $100,000
• a Colfax, Washington Territory 1882 $10 National Bank Note graded PMG 25 Very Fine (lot 20640), with an estimate of at least $100,000
• an 1863 $50 Interest Bearing Note graded PMG 25 Very Fine (lot 22016), with an estimate of at least $100,000
• an 1869 $20 Legal Tender graded PMG 67 Superb Gem Uncirculated EPQ (lot 22057), with an estimate of at least $100,000
• a 1905 $20 Gold Certificate graded PMG 67 Superb Gem Uncirculated EPQ (lot 22176), with an estimate of at least $100,000
• a 1934 $5,000 Federal Reserve Note (St. Louis) graded PMG 25 Very Fine (lot 22316), with an estimate of at least $100,000
• a Cheyenne, Wyoming Territory 1875 $20 National Bank Note graded PMG 25 Very Fine (lot 20655), with an estimate of at least $80,000

All estimates are provided by the auction house.