PMG-graded High-Dollar Notes in the Spotlight at January Heritage Sale

High-denomination banknotes graded by Paper Money Guaranty® (PMG®) are expected to draw spirited bidding in Heritage Auctions FUN Currency sale, which has been rescheduled for January 21-25, 2021. They are led by a pair of $10,000 notes that each have an estimate of $125,000 to $175,000.

A 1934 $10,000 Federal Reserve Note (Chicago) graded PMG 63 Choice Uncirculated is an example of the highest denomination ever used for Small Size Federal Reserve Notes, the same ones used as everyday currency in the United States today. Denominations this size were used for high-dollar transactions between financial institutions.

1934 $10,000 Federal Reserve Note (Chicago) graded PMG 63 Choice Uncirculated Click images to enlarge

Another example from a different district is a 1934 $10,000 Federal Reserve Note (New York) graded PMG 63 Choice Uncirculated. One hundred of the $10,000 notes from the New York district were used in a display of $1 million cash at the entrance Binion Horseshoe Casino in Las Vegas.

Almost as rare as the $10,000 notes are the $5,000 Small Size Federal Reserve Notes, which were also issued only in the 1928 and 1934 Series. The PMG Population Report shows 107 of these $5,000 notes, compared to 101 of the $10,000 notes. Among them is a $5,000 Federal Reserve Note (Chicago) graded PMG 63 Choice Uncirculated, one of the finest known. It also has an estimate of $125,000 to $175,000.

1934 $5,000 Federal Reserve Note (Chicago) graded PMG 63 Choice Uncirculated Click images to enlarge

A 1934 $5,000 Federal Reserve Note (Dallas) graded PMG 35 Choice Very Fine is also featured in the sale, with an estimate of $70,000 to $90,000. Only about 2,400 such notes were originally printed for the Dallas district, and only 1 percent of those are known to have survived.

Another Federal Reserve Note expected to show fruitful results is a famous error note known as "The Del Monte Note." A 1996 $20 Federal Reserve Note (St. Louis) with Obstructed Printing Error graded PMG 64 Choice Uncirculated EPQ, this note is famous for its Del Monte banana sticker that found its way onto the note between printings, resulting in the serial number and green Treasury seal being overprinted onto the sticker. It has an estimate of $25,000 to $50,000. (To read a separate PMG article about the Del Monte note, click here.)

Other PMG-certified highlights include:

• a Bozeman, Montana Territory First National Bank $5 graded PMG 25 Very Fine EPQ, with an estimate of $125,000 to $150,000
• a 1922 $100 Gold Certificate graded PMG 67 Superb Gem Uncirculated EPQ, with an estimate of $80,000 and up
• an 1878 $100 Legal Tender graded PMG 53 About Uncirculated, with an estimate of $75,000 and up
• a 1918 $500 Federal Reserve Note (Kansas City) graded PMG 45 Choice Extremely Fine, with an estimate of $45,000 and up
• a 1918 $50 Federal Reserve Bank Note (St. Louis) graded PMG 58 Choice About Uncirculated, with an estimate of $35,000 and up
• an 1896 $5 Silver Certificate graded PMG 67 Superb Gem Uncirculated EPQ, with an estimate of $30,000 and up
• an 1880 $20 Silver Certificate graded PMG 53 About Uncirculated, with an estimate of $30,000 and up
• an 1890 $10 Treasury Note graded PMG 65 Gem Uncirculated EPQ, with an estimate of $30,000 and up
• an 1880 $50 Legal Tender graded PMG 66 Gem Uncirculated EPQ, with an estimate of $25,000 and up
• an 1886 $5 Silver Certificate graded PMG 65 Gem Uncirculated EPQ, with an estimate of $25,000 and up
• a 1901 $10 Legal Tender graded PMG 67 Superb Gem Uncirculated EPQ, with an estimate of $20,000 and up
• a 1929 $5 Federal Reserve Bank Note (Dallas) graded PMG 25 Very Fine EPQ, with an estimate of $20,000 to $25,000
• a 1929 $20 Federal Reserve Bank Note (Dallas) graded PMG 20 Very Fine, with an estimate of $20,000 to $30,000
• a 1929 $100 Federal Reserve Bank Note (Dallas) graded PMG 35 Choice Very Fine, with an estimate of $20,000 to $30,000
• a 1934 $1,000 Federal Reserve Note (Minneapolis) graded PMG 67 Superb Gem Uncirculated EPQ, with an estimate of $20,000 to $30,000

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