Two US Notes Each Realize Over $100,000 in GreatCollections Sale

Posted on 8/15/2022

The $5,000 and $10,000 Federal Reserve Notes are among the most desirable in all of paper money collecting.

Two large-denomination US Federal Reserve Notes certified by Paper Money Guaranty® (PMG®), both from the Wimbledon Collection of US Paper Money, have sold for over $100,000 each. They were offered by GreatCollections in bidding that ended August 14, 2022.

Realizing an impressive $210,937 was a 1928 $5,000 Federal Reserve Note (Chicago) graded PMG 55 About Uncirculated. In addition to the standard portrait of James Madison, 4th President of the United States, this particular note has a low serial number, which collectors covet. The PMG Population Report lists only six examples of the 1928 $5,000 Federal Reserve Note from Chicago and a mere 18 from all the Federal Reserve District Banks.

1928 $5,000 Federal Reserve Note (Chicago) graded PMG 55 About Uncirculated. Realized: $210,937
Click images to enlarge.

The other high-denomination note offered was a 1934 $10,000 Federal Reserve Note (New York) graded PMG 61 Uncirculated, which realized $188,437. Notes of this eagerly sought denomination are a star in whatever auction they appear because this is the United States’ highest denomination to ever circulate. The portrait is of Salmon P. Chase, the 25th US Secretary of the Treasury and the 6th Chief Justice of the United States.

1934 $10,000 Federal Reserve Note (New York) graded PMG 61 Uncirculated. Realized: $188,437
Click images to enlarge.

Small Size Federal Reserve Notes were first released with the 1928 Series in denominations of $5, $10, $20, $50, $100, $500, $1,000, $5,000 and $10,000. They were followed by the 1934 Series, which was the last for large-denomination notes: $500 through $10,000. The highest denominations were principally used for transactions between financial institutions.

Prices realized include buyer's premium

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