PMG Graded Notes Sell for Record Prices
Posted on 1/4/2012
Rare notes graded by Paper Money Guaranty (PMG) were recently sold by Sergio Sanchez of Sergio Sanchez Currency and Coins for an undisclosed amount in the seven figure range. Sergio Sanchez, Jr, president of Sergio Sanchez Currency and Coins, Miami, Florida announced the private sale of two of the rarest and most desirable items in US Currency. In a transaction where he represented both the buyer and seller, an 1869 $500 Legal Tender note (Fr. 184 – only 4 known, per Friedberg) graded 53 EPQ by PMG and $1000 Legal Tender note (Fr. 186-f – only 2 known, per Friedberg) graded 53 by PMG were sold for an undisclosed amount. Both notes are pedigreed to Grinnell, Friedberg, and Amon Carter. All parties involved in the transaction wish to remain anonymous.
These banknotes are two of the three rarest notes in US currency, nicknamed the “triple crown.” The third note is the $1000 1891 Silver Certificate commonly known as the “Marcy note.” All three are unique in private hands.
The notes were printed on special paper that had a vertical segment of blue color interspersed with a large number of silk fibers to deter counterfeiting. The combination of this paper with red serials numbers, Treasury seal, and the black main design gave rise to the term “rainbow note.”
“Seven figure notes are so rare that less than a dozen have made it to that elite group,” said Sanchez. “For me, it was an honor and thrill to be part of history. Brokering two of them together, well, I think it’s remarkable now-a-days with how our economy is. It shows that there still are astute collectors who will step up to the plate when they see such rarities and get the extraordinary opportunity to buy them. They know that it may be decades before they get another chance to obtain one.”
Questions regarding submitting notes to PMG should be directed to PMG customer service at service@PMGnotes.com or 1-877-PMG-5570 (764-5570).
To read more about Rainbow Notes, read this article that was published in the PMG Winter 2008 newsletter when all nine denominations of Rainbow Notes were being displayed at the FUN show.