Six PMG-certified Notes Each Realize More than $250,000 in Heritage Sale

Several high-denomination notes certified by Paper Money Guaranty® (PMG®) realized stratospheric amounts in Heritage Auctions’ CSNS Currency Signature Auction on May 10, 2024. In all, 12 PMG-certified banknotes each realized six-figures.

Topping the block was a 1934 $10,000 Federal Reserve Note (Boston) graded PMG 65 Gem Uncirculated EPQ (lot 22092), which realized $432,000. Amid the economic challenges of the Great Depression, the United States experimented with issuing high-denomination Federal Reserve Notes, which were typically used to facilitate large transactions, particularly within the banking sector. Among them are the 1934 Series $5,000 and $10,000 Federal Reserve Notes, which today are among the most coveted rarities in American numismatics. The $10,000 notes feature the image of Salmon P. Chase, who was Treasury Secretary under President Abraham Lincoln.

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Another example of this note, also from the Boston district and graded PMG 64 Choice Uncirculated EPQ (lot 22093), realized $336,000.

Another top highlight of the auction was a 1934 $5,000 Federal Reserve Note (Kansas City) graded PMG 65 Gem Uncirculated EPQ (lot 22091), which realized $384,000. Featuring the image of President James Madison, this is the finest of the four examples of this particular catalog number in the PMG Population Report, and it is tied for finest-graded of all 126 $5,000 Small Size Federal Reserve Notes there, which also includes the 1928 Series.

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A New York district example graded PMG 63 Choice Uncirculated EPQ (lot 22088) also realized $288,000, and a Richmond district example graded PMG 55 About Uncirculated (lot 22089) realized $198,000.

Another exciting banknote in this auction was an 1878 $50 Silver Certificate graded PMG 10 Very Good NET (lot 22637), which realized $312,000. Series 1878 Silver Certificates are among the rarest federal notes. 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. This is one of only two for this catalog number in the PMG Population Report.

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Among some of the other highlights was an 1880 $1,000 Legal Tender graded PMG 35 Choice Very Fine (lot 22547), which realized $288,000. 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.

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This auction also included an 1890 $100 Treasury Note graded PMG 30 Very Fine (lot 22667), which realized $228,000. 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.

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Of particular interest to National Bank Note collectors was a San Juan, Island of Porto Rico 1902 $10 National Bank Note graded PMG 25 Very Fine (lot 20986), which realized $150,000. Only 14 examples of 1902 Series Red Seals are known from Puerto Rico, and it had 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 sold in this auction include:

• an 1891 $50 Treasury Note graded PMG 20 Very Fine (lot 22666), which realized $132,000
• a 1928 $500 Gold Certificate graded PMG 64 Choice Uncirculated EPQ and pedigreed to the Gregory Collection (lot 22119), which realized $132,000
• a 1928 $1,000 Gold Certificate graded PMG 63 Choice Uncirculated (lot 22121), which realized $117,000
• an 1863 $100 Legal Tender graded PMG 30 Very Fine (lot 22545), which realized $90,000
• an 1890 $2 Treasury Note graded PMG 66 Gem Uncirculated EPQ (lot 22648), which realized $69,000
• an 1896 $5 Silver Certificate graded PMG 67 Superb Gem Uncirculated EPQ (lot 22601), which realized $66,000
• an 1880 $50 Legal Tender graded PMG 64 Choice Uncirculated EPQ (lot 22542), which realized $66,000
• an 1886 $5 Silver Certificate graded PMG 67 Superb Gem Uncirculated EPQ (lot 22592) which realized $63,000
• an 1890 $2 Treasury Note graded PMG 65 Gem Uncirculated EPQ (lot 22646), which realized $60,000
• a 1922 $1,000 Gold Certificate graded PMG 35 Choice Very Fine EPQ (lot 22734), which realized $58,800

Prices realized include a buyer’s premium. The $ symbol indicates US Dollars.