PMG-Certified Note Sells for Record $2.6 Million

Posted on 6/18/2013

A note graded by Paper Money Guaranty (PMG) has set a new world record price after it was sold for $2.6 million.

Graded VF 25 by PMG, the Series 1891 $1,000 Silver Certificate is unique in private hands. The only other known example is housed in the Smithsonian Institution.

Featured on the cover of the book American History as Seen Through Currency by Dr. Edward A. Dauer and Joanne C. Dauer, the note was one of five large-size Silver Certificates that were privately sold by Stack’s Bowers Galleries with the assistance of dealer Sergio Sanchez, Jr. Both the buyer and seller wish to remain anonymous.

"When it comes to grading, my clients prefer PMG for various reasons: consistency, greater prices realized, a fantastic holder and most importantly, the guarantee," said Sanchez, Jr. "This $1000 Silver sold for $2.6 million and the parties involved have the peace of mind that PMG, their grading team and their guarantee are always behind their work," he continued.

The Series 1891 $1,000 Silver Certificate features a portrait of William L. Marcy, who served as a U.S. Senator, governor of New York, Secretary of War and Secretary of State in the early-to-mid 19th century. Marcy is also well known for his quote “to the victor belong the spoils,” which he said during a Congressional debate in 1832.

High denomination large-size Silver Certificates are extremely rare. These notes were printed in small quantities and nearly all were redeemed for silver coins.

“This note is one of the most important examples of United States paper money,” comments PMG Finalizer Chad Hawk. “Grading the Marcy note is undoubtedly one of the highlights of my career.”

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