High-Denomination Note Certified by PMG Realizes $240,000 in Heritage Auctions Sale

Five vintage US notes certified by Paper Money Guaranty® (PMG®) each realized over $100,000 in Heritage Auctions’ Long Beach Expo US Currency Signature sale, which ended on October 8, 2021.

At center stage in the show were two fascinating, high-denomination rarities. The first is an example of the highest denomination ever used for Small Size Federal Reserve Notes. Issued for high-dollar transactions between financial institutions, the 1934 $10,000 Federal Reserve Note (Chicago) graded PMG 50 About Uncirculated (lot 21397) realized a staggering $240,000, double its pre-auction estimate.

1934 $10,000 Federal Reserve Note (Chicago) graded PMG 50 About Uncirculated. Realized: $240,000 Click images to enlarge.

The second high-denomination rarity in the sale was a 1934 $5,000 Federal Reserve Note (Richmond) graded PMG 63 Choice Uncirculated (lot 21395). It realized $204,000, also about double it pre-auction estimate.

1934 $5,000 Federal Reserve Note (Richmond) graded PMG 63 Choice Uncirculated. Realized: $204,000. Click images to enlarge.

Another exciting note in the sale was a rare PMG-certified 1882 $1,000 Gold Certificate, which features a portrait of Alexander Hamilton, the first US Secretary of the Treasury. Graded PMG 25 Very Fine (lot 21334), it is one of only a handful of such notes known to survive, including an example housed in the collection of the Federal Reserve Bank of San Francisco. The note realized $192,000.

1882 $1,000 Gold Certificate graded PMG 25 Very Fine. Realized: $192,000. Click images to enlarge.

Other PMG-certified rarities in the auction include:

• a 1928 $5,000 Federal Reserve Note (Atlanta) graded PMG 35 Choice Very Fine (lot 21394) that realized $150,000
• a 1934 $1,000 Federal Reserve Note (San Francisco) with Serial Number 1 graded PMG 25 Very Fine (lot 21381) that realized $126,000
• an 1863 $50 Interest Bearing Note graded PMG 30 Very Fine and pedigreed to the Mike Coltrane Collection (lot 21254) that realized $96,000
• a 1934 $5,000 Federal Reserve Note (St. Louis) graded PMG 25 Very Fine (lot 21396) that realized $93,000
• an 1891 $50 Silver Certificate graded PMG 67 Superb Gem Uncirculated EPQ (lot 21292) that realized $78,000
• a 1928 $10,000 Gold Certificate Front Specimen graded PMG 66 Gem Uncirculated EPQ (lot 21406) that realized $52,800
• a 1934 $10,000 Gold Certificate Front Specimen graded PMG 60 Uncirculated (lot 21407) that realized $43,200
• a 1907 $1,000 Gold Certificate graded PMG 30 Very Fine (lot 21335) that realized $38,400
• a pair of 1974 $20 Federal Reserve Notes (Richmond) graded PMG 64 Choice Uncirculated EPQ and PMG 63 Choice Uncirculated EPQ with Duplicate Serial Numbers (lot 21409) that realized $36,000
• a 1918 $1,000 Federal Reserve Note (San Francisco) graded PMG 30 Very Fine (lot 21325) that realized $31,200

Pre-auction estimates are provided by the auction house. Prices realized include buyers’ premium.