Rare High-denomination Federal Reserve Note Certified by PMG Realizes $300,000

A pair of high-denomination Federal Reserve Notes that are certified by Paper Money Guaranty® (PMG®) each realized six figures at a recent Heritage Auctions sale. The rarities were among the highlights of Heritage's GACC U.S. Currency Signature Auction, which concluded on October 10, 2025.

The top result for a PMG-graded note in the auction was a 1934 $5,000 Federal Reserve Note (Dallas) graded PMG 64 Choice Uncirculated EPQ (lot 22327), which realized $300,000. This coveted high-denomination note, which was printed for the Federal Reserve Bank of Dallas, features the portrait of Founding Father James Madison, who served as the fourth President of the United States from 1809 to 1817. According to the auction house, only 2,400 examples of these 1934 Dallas $5,000 notes were ever printed, with this note being an exceptionally well-preserved example. Today, there are only 21 examples of this particular catalog number in the PMG Population Report, and only two have earned higher grades.

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Another PMG-graded highlight of the auction was a 1934 $5,000 Federal Reserve Note (New York) graded PMG 63 Choice Uncirculated (lot 22325), which realized $204,000. Printed for the Federal Reserve Bank of New York, it also features Madison's portrait along with an attractive lime green overprint. Only eight examples of this particular catalog number are included in the PMG Population Report, with only one example exceeding its grade.

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Other PMG-certified highlights in this auction include:

• a Tucson, Territory of Arizona 1875 $5 National Bank Note graded PMG 55 About Uncirculated EPQ (lot 20210), which realized $192,000
• a 1914 $100 Red Seal Federal Reserve Note (San Francisco) with Serial Number 1 graded PMG 64 Choice Uncirculated EPQ (lot 22175), which realized $186,000
• a First National Gold Bank, Petaluma 1874 $100 graded PMG 10 Very Good (lot 20276), which realized $120,000
• a 1928 $500 Gold Certificate graded PMG 64 Choice Uncirculated EPQ (lot 22337), which realized $93,000
• a 1914 $50 Federal Reserve Note (San Francisco) with Serial Number 1 graded PMG 63 Choice Uncirculated EPQ (lot 22174), which realized $84,000
• a 1914 $20 Federal Reserve Note (San Francisco) with Serial Number 1 graded PMG 65 Gem Uncirculated EPQ (lot 22173), which realized $84,000
• a 1914 $10 Federal Reserve Note (San Francisco) with Serial Number 1 graded PMG 64 Choice Uncirculated EPQ (lot 22172), which realized $78,000
• an Uncut Sheet of four San Francisco, California 1902 $5 National Bank Notes graded PMG 55 About Uncirculated (lot 20303), which realized $72,000
• an Uncut Sheet of four Covina, California 1882 $5 National Bank Notes graded PMG 53 About Uncirculated EPQ (lot 20238), which realized $60,000
• a 1914 $5 Federal Reserve Note (San Francisco) with Serial Number 1 graded PMG 65 Gem Uncirculated EPQ (lot 22171), which realized $60,000
• a 1914 $100 Federal Reserve Note (Boston) graded PMG 67 Super Gem Uncirculated EPQ (lot 22194), which realized $58,800
• a Galveston, Texas $5 National Bank Note with Serial Number 1 graded PMG 20 Very Fine (lot 20878), which realized $55,200

Prices realized include buyer's premium.