PMG-certified 1928 $5,000 Realizes a Record $780,000 in Heritage Sale

A high-denomination note certified by Paper Money Guaranty® (PMG®) realized $780,000 in a Heritage Auctions sale, setting the record for any Small Size Federal Reserve Note, the same type of currency used for everyday transactions by Americans today. Eleven other PMG-certified notes also realized prices of more than $100,000 in the Long Beach Expo US Currency Signature Auction #3596, which was held September 11-13, 2024.

Leading the way was the 1928 $5,000 Federal Reserve Note (Richmond) graded PMG 65 Gem Uncirculated EPQ (lot 22313). This is the sole finest graded of all 1928 $5,000 Federal Reserve Notes in the PMG Population Report, which contains a mere 23 notes across seven districts, as of mid-September 2024. In comparison, the 1934 Series $5,000 notes, while more famous, are much more plentiful, with the PMG Population Report listing more than 100 from 10 districts.

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Meanwhile, a 1928 $10,000 Federal Reserve Note (Richmond) graded PMG 53 About Uncirculated (lot 22317) realized $384,000. 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.

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Another 1928 $5,000 Federal Reserve Note, this one from the Kansas City district and graded PMG 40 Extremely Fine (lot 22314), realized $228,000. It is the only one of the notes with this particular catalog number in the PMG Population Report and one of just two known to exist.

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High-denomination notes like these were often used for transactions between financial institutions, but they were phased out after the 1934 Series. Today they are highly prized by the numismatic community, with 1928 or 1934 Series $5,000 and $10,000 notes being a top highlight whenever they are offered at auction.

In recent years, PMG-certified rarities have realized record prices for Small Size Federal Reserve Notes. They include a 1934 $10,000 Federal Reserve Note (Kansas City) that realized $384,000 in September 2020; a 1996 $20 Federal Reserve Note (St. Louis) with an Obstructed Printing Error (also known as the "Del Monte" note) that realized $396,000 in January 2021; and a 1928 $10,000 Federal Reserve Note (Kansas City) that realized $456,000 in April 2021.

Other PMG-certified highlights in this auction include:

• a 1934 $5,000 Federal Reserve Note (New York) with Serial Number 3 graded PMG 40 Extremely Fine (lot 22315), which realized $192,000
• a 1934 $5,000 Federal Reserve Note (St. Louis) graded PMG 25 Very Fine (lot 22316), which realized $120,000
• a Baltimore, Maryland 1875 $100 National Bank Note graded PMG 35 Very Fine EPQ (lot 20301), which realized $120,000
• an 1863 $50 Interest Bearing Note graded PMG 25 Very Fine (lot 22016), which realized $120,000
• an 1890 $100 Treasury Note graded PMG 20 Very Fine (lot 22151), which realized $114,000
• a 1928 $500 Federal Reserve Note (Philadelphia) with Serial Number 1 graded PMG 55 About Uncirculated (lot 22254), which realized $114,000
• a 1905 $20 Gold Certificate graded PMG 67 Superb Gem Uncirculated EPQ (lot 22176), which realized $108,000
• a Colfax, Washington Territory 1882 $10 National Bank Note graded PMG 25 Very Fine (lot 20640), which realized $102,000
• an 1878 $20 Silver Certificate graded PMG 30 Very Fine (lot 22125), which realized $102,000
• an 1869 $20 Legal Tender graded PMG 67 Superb Gem Uncirculated EPQ (lot 22057), which realized $93,000
• an 1861 $100 Interest Bearing Note Remainder graded PMG 63 Choice Uncirculated NET (lot 22079), which realized $93,000
• a Cheyenne, Wyoming Territory 1875 $20 National Bank Note graded PMG 25 Very Fine (lot 20655), which realized $78,000

Prices realized include buyer's premium.