Coveted 1928 $5,000 Federal Reserve Note and Other PMG-graded Rarities in Heritage FUN Show Auction

Seldom-seen high-denomination Federal Reserve Notes, and a high-grade Demand Note are among more than a thousand PMG-certified rarities being offered in an upcoming Heritage Auctions sale. Online bidding for the FUN Currency Signature Auction is underway, with the auction ending on January 14-17, 2025.

With an estimate of at least $500,000, a 1928 $5,000 Federal Reserve Note (Chicago) graded PMG 64 Choice Uncirculated (lot 23130) leads the PMG-certified notes in the sale. Rarely seen in such a high grade, this is the sole-finest 1928 $5,000 from the Chicago district in the PMG Population Report, as of December 2024. In addition, out of the 22 total 1928 $5,000 Federal Reserve Notes from all districts in the PMG Population Report, only one is graded higher than this example.

Click images to enlarge.

Meanwhile, an 1861 $5 Demand Note (Philadelphia) graded PMG 65 Gem Uncirculated EPQ (lot 22027) is turning heads in the sale. This is the sole highest graded of the 64 examples of Philadelphia $5 Demand Notes in the PMG Population Report. In fact, of all 291 Demand Notes of various denominations and varieties in the PMG Population Report, only five are graded higher than this, and all earned a grade only a single point higher. This note has an estimate of at least $400,000.

Click images to enlarge.

The financial distress of the Civil War forced the federal government to print paper money, including millions of Demand Notes, but only a few hundred are known to have survived. Today, they are cherished by the numismatic community as a revolutionary step in the history of US paper money.

Also featured in the sale is a 1934 $5,000 Federal Reserve Note (St. Louis) graded PMG 64 Choice Uncirculated EPQ (lot 23133) with an estimate of at least $300,000. According to the PMG Population Report, PMG has only certified 11 total examples of this variety from the St. Louis district, with three graded PMG 64 Choice Uncirculated EPQ and only one graded higher. PMG has graded 132 Small Size $5,000 Federal Reserve Notes, which were issued in 1928 and 1934 Series for various Federal Reserve Banks, and only six are graded higher than this one. These notes were used for large transactions between financial institutions and have found an enthusiastic following among paper money collectors today.

Click images to enlarge.

Other PMG-certified banknotes being offered in the sale include:

• a 1928 $10,000 Federal Reserve Note (Atlanta) graded PMG 35 Choice Very Fine (lot 23134) with an estimate of at least $250,000
• a 1928 $5,000 Federal Reserve Note (Dallas) graded PMG 25 Very Fine (lot 23131) with an estimate of at least $200,000
• a 1934 $5,000 Federal Reserve Note (Richmond) graded PMG 55 About Uncirculated (lot 23132) with an estimate of at least $160,000
• an 1863 $100 Legal Tender Note graded PMG 35 Choice Very Fine (lot 22086) with an estimate of at least $150,000
• an 1880 $100 Legal Tender Note graded PMG 64 Choice Uncirculated (lot 22088) with an estimate of at least $100,000
• a 1928A $2 Legal Tender Note graded PMG 65 Gem Uncirculated EPQ (lot 23004) with an estimate of at least $85,000
• an 1882 $50 Gold Certificate graded PMG 35 Choice Very Fine and pedigreed to the Anderson Collection (lot 22287) with an estimate of at least $75,000
• a 1914 $100 Federal Reserve Note (Boston) graded PMG 67 Superb Gem Uncirculated EPQ (lot 22251) with an estimate of at least $75,000
• a 1905 $20 Gold Certificate with Serial Number 6 graded PMG 65 Gem Uncirculated EPQ (lot 22281) with an estimate of at least $70,000
• a 50 Cents Third Issue Fractional Currency Uncut Pair graded PMG 58 Choice About Uncirculated EPQ (lot 22023) with an estimate of at least $60,000
• an 1890 $2 Treasury Note graded PMG 65 Gem Uncirculated EPQ (lot 22167) with an estimate of at least $55,000
• a Pensacola, Florida 1875 $5 National Bank Note graded PMG 10 Very Good (lot 20404) with an estimate of at least $50,000
• a Pottsville, Pennsylvania $50 Original Series National Bank Note graded PMG 25 Very Fine (lot 20915) with an estimate of at least $50,000

In addition to these historic banknotes, many National Gold Bank Notes are being offered in this Heritage sale, including a PMG-certified First National Gold Bank (Santa Barbara) 1873 $100 graded PMG 12 Fine with an estimate of at least $250,000. To learn more about these notes, click here.

All estimates are provided by the auction house.