PMG Grades Extremely Rare Czechoslovakia Republic Banknote

Posted on 11/16/2023

Only a handful of uncancelled examples of this 1919 5,000 Korun banknote are believed to still exist.

Paper Money Guaranty® (PMG®) is excited to have certified one of the most valuable world banknotes, an extremely rare 1919 Czechoslovakia Republic 5,000 Korun note. This is an example of the first banknotes issued by the Czechoslovakia Republic, and it is the highest denomination.

The note was among the rarities that were submitted to PMG during the Munich on-site grading event in September 2023. It earned a grade of PMG 30 Very Fine.

Click images to enlarge.

This note was issued shortly after the founding of the Czechoslovakia Republic in 1918, but it included a limited number of protective elements, which made it easy to counterfeit. Because of this, the state began to phase it out as early as 1920. In addition, a lower volume was printed because the note was the highest denomination. In total, 500,599 notes were issued before being recalled, of which only 98 notes were not returned.

Another example of this note, with a perforation designating it as cancelled, was sold in 2020 for €580,000. The example that was submitted to PMG for certification is uncancelled and is not a specimen.

Czechoslovakia declared its independence from Austria-Hungary at the close of World War I in November 1918. After World War II, it was on the eastern side of the Iron Curtain for over 40 years, until the break-up of the Soviet Union. In 1992, the nation split into the Czech Republic and Slovakia. The Czech Republic continues to use the Korun today, while Slovakia gave up its version of the currency for the euro in 2009.

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