PMG-Certified $10,000 Note Realizes $384,000 at Heritage Sale

A rare banknote certified by Paper Money Guaranty® (PMG®) realized $384,000 to lead the way at a pair of Heritage Auctions currency sales held September 17-18, 2020. The result set a world record for any piece of small-size US currency, according to Heritage Auctions.

In a reflection of collectors' clear preference for PMG-certified notes, 23 of the top 25 lots in the Heritage Auctions Currency Sale and 23 of the top 25 lots in the Heritage Auctions World Paper Money Sale were certified by PMG.

1934 $10,000 Federal Reserve Note (Kansas City) graded PMG 66 Gem Uncirculated EPQ. Realized: $384,000 Click image to enlarge.

The top lot was a 1934 $10,000 Federal Reserve Note (Kansas City) graded PMG 66 Gem Uncirculated EPQ that realized $384,000. Unsurpassed in the PMG Population Report for 1934 $10,000 notes from all districts, this example easily exceeded its pre-auction estimate of $200,000 to $300,000.

“This is the finest example ever offered of a perennial trophy note, and we were pleased to offer it at auction,” said Dustin Johnston, Director of U.S. Currency at Heritage Auctions. “I have no doubt that PMG certification helped give bidders the confidence to bid this note to its record-setting price.”

Another PMG-certified 1934 $10,000 Federal Reserve Note – this one from New York and graded PMG 63 Choice Uncirculated – realized $144,000. These notes were initially used for high-dollar transactions between financial institutions, but some of them, like this one, found their way into a display of $1 million in cash at the fabled Binion's Casino in Las Vegas.

A PMG-certified 1934 $5,000 Federal Reserve Note (New York) graded PMG 63 Choice Uncirculated EPQ realized $138,000. Like the $10,000 notes, these $5,000 notes are rare and attract lively bidding from devoted collectors whenever they are offered at auction.

Meanwhile, a PMG-certified East Africa, Currency Board 1921 10,000/- Shillings = 500 Pounds graded PMG Choice Very Fine 35 realized $63,000, topping the world paper money sale. The banknote is the highest denomination issued in British East Africa and was one of the highest denominations issued in the world at the time.

East Africa Currency Board 1921 10,000/- Shillings = 500 Pounds graded PMG Choice Very Fine 35. Realized: $63,000 Click image to enlarge.

“Results from these and other paper money auctions shows the importance of PMG certification,” said Mark Salzberg, Chairman of PMG. “The accuracy, consistency and integrity of PMG’s expert grading team help bidders feel more confident, especially when bidding online.”

Other PMG-certified highlights in the US paper currency sale:

• a 1902 Cheyenne, Wyoming Citizens National Bank $20 Serial Number 1 graded PMG 35 Choice Very Fine that realized $43,200
• a 1902 Cheyenne, Wyoming Citizens National Bank $10 Serial Number 1 graded PMG 35 Choice Very Fine that realized $43,200
• an 1886 $5 Silver Certificate graded PMG 66 Gem Uncirculated EPQ that realized $36,000
• an 1891 $100 Silver Certificate graded PMG 30 Very Fine that realized $33,600
• an 1882 $500 Gold Certificate graded PMG 30 Very Fine that realized $30,000
• an 1863 $20 Interest Bearing Note graded PMG 25 Very Fine that realized $22,800

Other PMG-certified highlights in the world paper currency sale:

• an India / British Administration 1861-1865 10 Rupees graded PMG 20 Very Fine that realized $45,600
• a China, Bank of China Complete Set of 1917 Front and Back Proofs ($1, $5, $10, $50, $100), all graded PMG 63 Choice Uncirculated, PMG 64 Choice Uncirculated or PMG 64 Choice Uncirculated NET, that realized $43,200
• a Canada 1870 Toronto, Manitoba $1 graded PMG 6 Good that realized $36,000
• an India / British Administration 1913 500 Rupees graded PMG 30 Very Fine that realized $31,200
• an East Africa, Currency Board 1920 50 Florins = 5 Pounds graded PMG 45 Choice Extremely Fine that realized $30,000
• a Japan / Constitutional Monarchy ND (1873) 10 Yen graded PMG 20 Very Fine that realized $30,000.

Prices realized include buyer's premium and are expressed in US dollars.