A Dozen PMG-certified US Banknotes Have Six-Figure Estimates in Heritage Sale

A dozen rare notes certified by Paper Money Guaranty® (PMG®) have estimates of at least $100,000 in an upcoming blockbuster Heritage Auctions sale. Bidding is already underway for these notes and more than 1,700 others certified by PMG that tell the story of US paper money. The CSNS Currency Signature Auction concludes on May 7-10, 2024.

The top lot in the auction is a 1934 $5,000 Federal Reserve Note (Kansas City) graded PMG 65 Gem Uncirculated EPQ (lot 22091), which has an estimate of at least $500,000. Four other high-denomination 1934 Federal Reserve Notes are also offered in this auction, with estimates ranging from at least $150,000 to at least $400,000. You can read more about them here.

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Among the many other highlights of this auction is an 1880 $1,000 Legal Tender graded PMG 35 Choice Very Fine (lot 22547), with an estimate of at least $300,000. This note is one of just 14 serial numbers for this catalog number known to the paper money collecting community and includes one held in an institutional collection. It is unsurpassed in grade by any of the other seven examples in the PMG Population Report. The front of the note shows former New York Governor DeWitt Clinton at center and a vignette of Columbus in His Study at left.

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Also offered is an 1890 $100 Treasury Note graded PMG 30 Very Fine (lot 22667), with an estimate of at least $250,000. The bold green zeros in the denomination on the back give this note its “Watermelon” nickname. It is one of 20 notes listed in the PMG Population Report for this catalog number. Fewer than 30 examples total are available to the collecting community, according to the auction house. These notes were issued at a time when the government had a surplus of silver dollars on hand and gold coins were preferred to silver ones for redemption of these notes.

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Another exciting banknote in this auction is an 1878 $50 Silver Certificate graded PMG 10 Very Good NET (lot 22637), with an estimate of at least $200,000. Series 1878 Silver Certificates are among the rarest federal notes. This is one of only two for this catalog number in the PMG Population Report. They were payable in silver dollars at a time when the value of silver was under severe stress, and it is believed that they were primarily used for government transactions or held by financial institutions as part of reserves.

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Not to be overlooked, this auction also includes a San Juan, Island of Porto Rico 1902 $10 National Bank Note graded PMG 25 Very Fine (lot 20986), with an estimate of at least $200,000. Only 14 examples of 1902 Series Red Seals are known from Puerto Rico, and it has been nearly 30 years since one was offered, according to the auction house. Excitement is high for National Bank Notes from Puerto Rico after a unique 1902 Series Blue Seal realized six figures last year.

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Other PMG-certified banknotes in this auction include:

• a 1928 $500 Gold Certificate graded PMG 64 Choice Uncirculated EPQ and pedigreed to the Gregory Collection (lot 22119), with an estimate of at least $125,000
• an 1891 $50 Treasury Note graded PMG 20 Very Fine (lot 22666), with an estimate of at least $100,000
• a 1928 $1,000 Gold Certificate graded PMG 63 Choice Uncirculated (lot 22121), with an estimate of at least $100,000
• an 1863 $100 Legal Tender graded PMG 30 Very Fine (lot 22545), with an estimate of at least $90,000
• an 1880 $50 Legal Tender graded PMG 64 Choice Uncirculated EPQ (lot 22542), with an estimate of at least $80,000
• an 1886 $20 Silver Certificate graded PMG 55 About Uncirculated (lot 22634), with an estimate of at least $70,000
• an 1890 $2 Treasury Note graded PMG 66 Gem Uncirculated EPQ (lot 22648), with an estimate of at least $75,000
• a Danville, Illinois 1875 $50 National Bank Note graded PMG 30 Very Fine (lot 20407), with an estimate of at least $60,000
• an 1890 $10 Treasury Note graded PMG 66 Gem Uncirculated EPQ (lot 22657), with an estimate of at least $60,000
• a 1922 $1,000 Gold Certificate graded PMG 35 Choice Very Fine EPQ (lot 22734), with an estimate of at least $60,000

Estimates are provided by the auction house.