PMG-certified Vintage US Banknotes Soar to Six Figures in Heritage FUN Show Sale

A rare piece of US currency certified by Paper Money Guaranty® (PMG®) was a standout among several PMG-certified notes that achieved six-figure results in Heritage Auctions’ FUN Currency Signature Auction on January 17, 2025.

Leading the auction was a 1928 $5,000 Federal Reserve Note (Chicago) graded PMG 64 Choice Uncirculated (lot 23130), which realized $456,000. In 1928, the Federal Reserve introduced the Federal Reserve District Seal, which corresponded to one of the 12 Federal Reserve Banks — Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. This note is the highest-graded example 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 one.

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Meanwhile, an 1861 $5 Demand Note (Philadelphia) graded PMG 65 Gem Uncirculated EPQ (lot 22027) realized $396,000. This is the highest-graded of the 64 examples of Philadelphia $5 Demand Notes in the PMG Population Report. 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.

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Other PMG-certified banknotes sold in this auction include:

• a 1928 $10,000 Federal Reserve Note (Atlanta) graded PMG 35 Choice Very Fine (lot 23134), which realized $336,000
• a 1934 $5,000 Federal Reserve Note (St. Louis) graded PMG 64 Choice Uncirculated EPQ (lot 23133), which realized $312,000
• a 1928 $5,000 Federal Reserve Note (Dallas) graded PMG 25 Very Fine (lot 23131), which realized $192,000
• a 1934 $5,000 Federal Reserve Note (Richmond) graded PMG 55 About Uncirculated (lot 23132), which realized $186,000
• an 1863 $100 Legal Tender Note graded PMG 35 Choice Very Fine (lot 22086), which realized $156,000
• a First National Gold Bank, Santa Barbara 1873 $100 graded PMG 12 Fine (lot 20338), which realized $150,000
• an 1880 $100 Legal Tender Note graded PMG 64 Choice Uncirculated (lot 22088), which realized $108,000
• a San Francisco, California 1902 Uncut Sheet Red Seal $10-$20 graded PMG 45 Choice Extremely Fine (lot 20326), which realized $90,000
• a 1905 $20 Gold Certificate with Serial Number 6 graded PMG 65 Gem Uncirculated EPQ (lot 22281), which realized $78,000
• An 1861 Confederate State of America $1,000 graded PMG 35 Choice Very Fine (lot 22001), with realized $72,000

Prices realized include a buyer’s premium.