Exceptionally Rare Czechoslovakia Banknote Certified by PMG Sets Record with $1 Million Sale

A rare Czechoslovakia Republic note certified by Paper Money Guaranty® (PMG®) has set a record, becoming the first PMG-graded European banknote to realize more than $1 million at auction. Held on November 15-16, 2024, the Bankovky auction included hundreds of PMG-certified lots, which were focused on the Czech Republic, the Austro-Hungarian monarchy and other Central and Eastern Europe states.

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Regarded by many numismatic collectors as the ultimate rarity of Czechoslovakian banknotes, the 1919 Czechoslovakia Republic 5,000 Korun was submitted to PMG during the Munich on-site grading event in September 2023, and it earned a grade of PMG 30 Very Fine. This is the first time this example has appeared in public auction, and its exceptionality is reflected in the incredible price realized: 25,680,000 CZK (about $1.07 million).

"Breaking the $1 million mark for this Czechoslovakian treasure is a thrilling milestone, not just for collectors but for the entire numismatic community," said PMG Senior Vice President Chad Greenbach. "We're honored to be part of this extraordinary achievement."

This note was issued shortly after the founding of the Czechoslovakia Republic in 1918, but it included only a limited number of protective elements, which made it relatively easy to counterfeit. Because of this, the state began to phase it out as early as 1920. In addition, a lower volume was printed because the note was the highest denomination. In total, about half a million notes were issued before being recalled, of which fewer than 100 notes were not returned.

Czechoslovakia declared its independence from Austria-Hungary at the close of World War I in November 1918. After World War II, it was on the eastern side of the Iron Curtain for more than 40 years, until the break-up of the Soviet Union. In 1992, the nation split into the Czech Republic and Slovakia. The Czech Republic continues to use a currency called the Koruna today, while Slovakia gave up its version for the euro in 2009.

Other PMG-certified banknotes in this auction included:

• a Slovakia National Bank 1940 50 Korun graded PMG 40 Extremely Fine (lot 353), which realized 1,320,000 CZK (about $55,000)
• a Czechoslovakia ND (1945) 500 Korun Color Trial Specimen graded PMG 63 Choice Uncirculated (lot 414), which realized 216,000 CZK (about $9,000)
• a Czechoslovakia ND (1945) 100 Korun Color Trial Specimen graded PMG 63 Choice Uncirculated (lot 410), which realized 204,000 CZK (about $8,500)
• an Austria National Bank 1929 50/- Schilling graded PMG 63 Choice Uncirculated (lot 1030), which realized 180,000 CZK (about $7,500)
• a Czechoslovakia / Republic 1920 100 Korun graded PMG 58 Choice About Uncirculated (lot 197), which realized 96,000 CZK (about $4,000)
• a Bulgaria Cashier Bond 1919 10,000 Leva Specimen graded PMG 55 About Uncirculated (lot 957), which realized 78,000 CZK (about $3,300)
• a Bulgaria Cashier Bond 1919 5,000 Leva Specimen graded PMG 53 About Uncirculated (lot 956), which realized 72,000 CZK (about $3,000)
• a Bulgaria Cashier Bond 1919-20 5,000 Leva Specimen graded PMG 45 Choice Extremely Fine (lot 961), which realized 72,000 CZK (about $3,000)
• a Bulgaria Cashier Bond 1919 2,500 Leva Specimen graded PMG 53 About Uncirculated (lot 955), which realized 60,000 CZK (about $2,500)
• a Bulgaria Cashier Bond 1919-20 2,000 Leva Specimen graded PMG 55 About Uncirculated (lot 960), which realized 60,000 CZK (about $2,500)

Prices realized include a buyer’s premium. The $ symbol indicates US Dollars, and CZK indicates Czech Koruna.