Heritage Offers Two PMG-certified High-Denomination Federal Reserve Notes
Posted on 9/22/2026
Two high-denomination notes certified by PMG® are each expected to realize six figures in a Heritage Auctions sale. Online bidding is already underway for the GACC US Currency Signature Auction, which will be held October 6-9, 2026.
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The top lot in the entire auction is a 1934 $10,000 Federal Reserve Note (New York) graded PMG 63 Choice Uncirculated (lot 23160), which has an estimate of at least $250,000. The New York catalog number (2231-B) accounts for more than a quarter of all 1934 Series $10,000 Federal Reserve Notes in the PMG Population Report, with 33 examples. Of those, only nine are graded higher than this example. The auction house traces this example to the Binion Hoard, which was a display of 100 of these notes at a Las Vegas casino.
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Meanwhile, a 1934 $5,000 Federal Reserve Note (St. Louis) graded PMG 30 Very Fine has an estimate of at least $125,000. It is one of a dozen St. Louis examples of the 1934 Series of this denomination in the PMG Population Report.
These notes are from the same category of currency that Americans use today for cash transactions: Small Size Federal Reserve Notes. However, the highest denominations, $5,000 and $10,000, exist only in the 1928 and 1934 Series, and are eagerly sought by collectors. They were originally used for transactions between financial institutions.
The auction also showcases other PMG-certified rarities, including a 50 Cents Third Issue Fractional Currency Uncut Pair (lot 20145), with an estimate of at least $60,000. To learn more about this note and to see additional highlights from the auction, click here.
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