PMG-certified US Rarities, Including ‘Holy Grail’ of Uncut Sheets, Offered in August Heritage Sale

Seven of the greatest uncut sheets of US banknotes in existence and several rare high-denomination notes – all certified by Paper Money Guaranty (PMG) – are among the highlights of the Heritage Auctions US Currency Signature Auction, which concludes on August 3, 2020.

The top note in the auction is an incredibly rare 1934 $10,000 Federal Reserve Note (Boston) graded PMG 64 Choice Uncirculated EPQ. The note features Salmon P. Chase, who as Treasury Secretary from 1861 to 1864 helped usher in the national banking system and federal paper money.

1934 $10,000 Federal Reserve Note (Boston) graded PMG 64 Choice Uncirculated EPQ. Click image to enlarge.

These large-denomination bills were printed primarily to facilitate transactions between banks, and only about 200 of the 1934 $10,000 notes are known to still exist across all districts today. This one, tied for the highest grade for a 1934 $10,000 Boston note in the PMG Population Report, has an estimate of $200,000 to $250,000.

Remarkably, the auction also includes four $5,000 Federal Reserve Notes, including a seldom-seen 1928 Series issue. All certified by PMG, they include:

• a 1934 $5,000 Federal Reserve Note (St. Louis) graded PMG 64 Choice Uncirculated, with an estimate of $150,000 to $200,000.
• a 1934 $5,000 Federal Reserve Note (Richmond) graded PMG 63 Choice Uncirculated, with an estimate of $150,000 to $175,000
• a 1934 $5,000 Federal Reserve Note (Richmond) graded PMG 55 About Uncirculated, with an estimate of $115,000 to $135,000
• a 1928 $5,000 Federal Reserve Note (Atlanta) graded PMG 35 Choice Very Fine, with an estimate of $100,000 to $150,000.

1934 $5,000 Federal Reserve Note (St. Louis) graded PMG 64 Choice Uncirculated. Click image to enlarge.

Meanwhile, seven PMG-certified uncut sheets from the phenomenal Monarch Collection offer an amazing glimpse into the history of US currency.

They are led by what is considered the "Holy Grail" of National Bank Notes: an uncut sheet of Original Series $1, $1, $1 and $2, graded PMG 55 About Uncirculated. This is the only First Charter Serial Number 1 sheet known, with each of the four notes bearing a 1 (and the individual dollars differentiated on the bottom right of the front of the note by a letter: A, B or C.).

Uncut sheet of four Jacksonville, Illinois First Charter National Bank Notes ($1, $1, $1 and $2) with Serial Number 1, pedigreed to the Grinnell Collection and graded PMG 55 About Uncirculated. Click images to enlarge.

These notes were authorized by the federal government amid currency pressures during and after the Civil War, and this particular sheet was issued by a bank in Jacksonville, Illinois – a city just west of the capital of Springfield.

This sheet is pedigreed to the Grinnell Collection, the most prestigious assemblage of US paper money at the time of its sale in the 1940s. It has an estimate of $150,000 to $200,000.

Five of the remaining Monarch sheets are pedigreed to the collection of former Register of the Treasury Harley V. Speelman. These include an uncut sheet of four 1899 $5 Silver Certificates graded PMG 67 Superb Gem Uncirculated EPQ. Their depiction of a Native American Chief on the front led collectors to nickname them “Chief Notes.”

Uncut sheet of four 1899 $5 "Chief" Silver Certificates graded PMG 67 Superb Gem Uncirculated EPQ. Click images to enlarge.

The grade is so exceptional for this popular design that this sheet is tied for the top spot in the PMG Population Report. It has an estimate of $100,000 and up.

Another of the Speelman sheets is an uncut sheet of four 1901 $10 “Bison” Legal Tender Notes graded PMG 65 Gem Uncirculated EPQ. The front shows explorers Lewis and Clark at the edges of the note, surrounding the bison that gives these notes their nickname.

Uncut sheet of four 1901 $10 Legal Tender Notes graded PMG 65 Gem Uncirculated EPQ. Click images to enlarge.

This sheet is one of only two known and the only one in private hands. Like the other Speelman sheets, the note itself features his signature along with that of Frank White, the Treasurer of the United States at the time. It has an estimate of $100,000 and up.

The other uncuts sheets in the Monarch Collection are:

• an uncut sheet of four 1896 $1 Silver Certificates graded PMG 55 About Uncirculated, with an estimate of $40,000 and up
• an uncut sheet of four 1917 $2 Legal Tender graded PMG 64 Choice Uncirculated EPQ, with an estimate of $35,000 and up
• an uncut sheet of four 1917 $1 Legal Tender graded PMG 64 Choice Uncirculated EPQ, with an estimate of $25,000 and up
• an uncut sheet of four 1899 $1 Silver Certificates graded PMG 64 Choice Uncirculated, with an estimate of $20,000 and up.

“The sheets in the Monarch Collection are perfect examples of why people collect: They are stunningly beautiful, they are historic and they are exceedingly rare,” said Mark Salzberg, PMG Chairman. “These uncut sheets are among the most important collectibles in all of American numismatics, and it is truly an honor for PMG to have been entrusted to certify them.”

To learn more about the Monarch Collection, click here.

All estimates provided by the auction house.