Impressive PMG-certified Rarities Top August Stack's Bowers Currency Sales

Two exceptionally high-grade large-denomination Federal Reserve Notes certified by Paper Money Guaranty (PMG) — a $1,000 and a $5,000 — top the August 2020 Stack's Bowers US Currency Auction. Bidding for the auction is underway online, with the sale wrapping up on August 5, 2020.

1934 $5,000 Federal Reserve Note (Dallas) graded PMG 65 Gem Uncirculated EPQ. Click image to enlarge.

The top lot in the auction is a 1934 $5,000 Federal Reserve Note (Dallas) graded PMG 65 Gem Uncirculated EPQ. US notes with a denomination this high are extremely rare and are eagerly sought by an elite group of paper money collectors.

This particular 1934 $5,000 Federal Reserve Note is even more special because it is tied with only four others across all districts for the top grade in the PMG Population Report. This note has an estimate of $300,000 to $500,000.

The sale also has another note with a high denomination and an exceptionally high grade: a 1918 $1,000 Federal Reserve Note (Philadelphia) graded PMG 65 Gem Uncirculated EPQ. This note has an estimate of $125,000 to $175,000.

1918 $1,000 Federal Reserve Note (Philadelphia) graded PMG 65 Gem Uncirculated EPQ. Click image to enlarge.

The initial Federal Reserve Notes (Series 1914 and Series 1918) were printed in a large-size format. This particular note shows Alexander Hamilton, who made his debut on the 1918 Series on the $1,000 before moving to the $10 note when the small-size format was adopted.

Like the top note in this auction, this one was also previously in the holder of a different grading service before being submitted to PMG under its CrossOver Service.

Another 1934 $5,000 Federal Reserve Note — this one from the Richmond district — will also be in the spotlight. Graded PMG 55 About Uncirculated, it has an estimate of $125,000 to $175,000 USD.

"It's always fascinating to see the selection of rarities in the summer currency auctions associated with the annual World's Fair of Money," said Mark Salzberg, Chairman of PMG. "Even though, sadly, the event was canceled this year, the quality of the offerings in the auctions themselves indicate that the paper money market is strong. The Stack's Bowers' August currency auctions feature a wide range of PMG-certified notes, which are backed by the PMG Guarantee, giving bidders greater confidence."

In all, 13 of the top 15 lots in the auction are certified by PMG. The others are:

• a 1922 $1,000 Gold Certificate graded PMG 58 Choice About Uncirculated, with an estimate of $100,000 to $150,000
• An 1880 $50 Legal Tender graded PMG 40 Extremely Fine, with an estimate of $30,000 to $50,000
• An 1891 $50 Silver Certificate graded PMG 63 Choice Uncirculated EPQ, with an estimate of $30,000 to $50,000
• An 1890 $20 Treasury Note graded PMG 64 Choice Uncirculated EPQ, with an estimate of $30,000 to $50,000
• A 1907 $1,000 Gold Certificate graded PMG 30 Very Fine, with an estimate of $30,000 to $50,000
• A 1928 $500 Federal Reserve Note (Dallas) graded PMG 66 Gem Uncirculated EPQ, with an estimate of $30,000 to $50,000
• A 1934 $1,000 Federal Reserve Note (Chicago) graded PMG 66 Gem Uncirculated EPQ, with an estimate of $30,000 to $50,000
• A 1929 $5 Federal Reserve Bank Note (San Francisco) graded PMG 66 Gem Uncirculated EPQ, with an estimate of $30,000 to $40,000
• A 1934 $1,000 Federal Reserve Note (Dallas) graded PMG 65 Gem Uncirculated EPQ, with an estimate of $30,000 to $40,000
• A 1928 $10 Gold Certificate graded PMG 65 Gem Uncirculated EPQ, with an estimate of with an estimate of $30,000 to $40,000

Meanwhile, a nice group of PMG-certified rarities are featured in the August 2020 Stack's Bowers World Paper Money Auction, being held online now and ending the same day as the US currency sale. They include:

• A Canada 1919 $5 with Serial Number 1 graded PMG 40 Extremely Fine EPQ, with an estimate of $40,000 to $60,000
• A Leeward Islands 1921 5/- Shillings graded PMG 15 Choice Fine and pedigreed to the Dauer Collection, with an estimate of $30,000 to $50,000
• A Leeward Islands 1921 10/- Shillings graded PMG 20 Very Fine and pedigreed to the Dauer Collection, with an estimate of $30,000 to $50,000
• A Saint Lucia 1920 5/- Shillings graded PMG 20 Very Fine with an estimate of $30,000 to $50,000
• A Panama 1941 5 Balboas graded PMG 63 Choice Uncirculated EPQ with an estimate of $25,000 to $35,000
• A Dominion of Canada 1878 $1 graded PMG 15 Choice Fine with an estimate of $15,000 to $20,000
• A Pakistan undated (1948) 100 Rupees graded PMG 50 About Uncirculated with an estimate of $15,000 to $20,000

All estimates are provided by the auction house and are in US dollars.