Rare PMG-certified US and East Africa Notes Highlight September Sales

A trio of rare high-denomination US banknotes and a quartet of East Africa Currency Board notes ― all graded by Paper Money Guaranty (PMG) ― highlight currency sales being held on Sept. 17-18, 2020. In a reflection of collectors' clear preference for PMG-certified notes, 22 of the top 25 lots in the Heritage Auctions Currency Sale and all 25 top lots in the Heritage Auctions World Paper Money Sale are certified by PMG.

The top lot in the US currency sale is a 1934 $10,000 Federal Reserve Note (Kansas City) graded PMG 66 Gem Uncirculated EPQ. It is tied for the highest grade across all series and districts and has an estimate of $200,000 to $300,000.

1934 $10,000 Federal Reserve Note (Kansas City) graded PMG 66 Gem Uncirculated EPQ Click image to enlarge.

Meanwhile, a 1934 $5,000 Federal Reserve Note (New York) graded PMG 63 Choice Uncirculated EPQ has an estimate of $140,000 to $180,000. Like the $10,000 notes, these $5,000 notes are also rare and attract lively bidding from the devoted collectors whenever they are offered at auction.

1934 $5,000 Federal Reserve Note (New York) graded PMG 63 Choice Uncirculated EPQ Click image to enlarge.

The sale also includes another 1934 $10,000 Federal Reserve Note, this one from the New York district and graded PMG 63 Choice Uncirculated. These notes were initially used for high-dollar transactions between financial institutions, but some of them, like this one, found their way to a display of $1 million cash at the fabled Binion's Casino in Las Vegas.

Another high-denomination note from a different part of the world is also expected to generate intense interest. An East Africa Currency Board 1921 10,000/- Shillings = 500 Pounds graded PMG Choice Very Fine 35 has an estimate of $70,000 and up.

East Africa Currency Board 1921 10,000/- Shillings = 500 Pounds graded PMG Choice Very Fine 35 Click image to enlarge.

These notes were printed for Britain's colonies of Kenya, Tanganyika, Uganda and Zanzibar. According to Heritage, this particular note would be equivalent to about $2,100 today, so few found their way into general circulation and they remain rare today.

Three other East Africa Currency Board notes (each graded PMG 45 Choice Extremely Fine) also top the sale: a 1920 20 Florins = 2 Pounds with an estimate of $60,000 and up; a 1920 50 Florins = 5 Pounds with an estimate of $50,000 and up; and a 1921 1000/- Shillings = 50 Pounds with an estimate of $40,000 and up.

The Heritage US currency sale also features these PMG-graded highlights:

• an 1891 $100 Silver Certificate graded PMG 30 Very Fine, with an estimate of $30,000 and up
• a 1953B $5 Silver Certificate graded PMG 67 Superb Gem Uncirculated EPQ, with an estimate of $30,000 to $40,000
• an 1882 $500 Gold Certificate graded PMG 30 Very Fine, with an estimate of $30,000 and up
• an 1875 $100 Legal Tender graded PMG 25 Very Fine, with an estimate of $25,000 and up
• an 1886 $5 Silver Certificate graded PMG 66 Gem Uncirculated EPQ, with an estimate of $25,000 and up
• a Cheyenne, Wyoming Citizens National Bank $20 with Serial Number 1 graded PMG 35 Choice Very Fine, with an estimate of $20,000 to $30,000.

The Heritage world paper money sale also features these PMG-graded highlights:

• a Canada 1870 $1 graded PMG 6 Good, with an estimate of $30,000 and up
• a Canada 1878 $2 graded PMG 10 Very Good, with an estimate of $30,000 and up
• a Syria (French Administration) 1919 500 Piastres graded PMG 12 Fine, with an estimate of $20,000 and up
• a German New Guinea (Australian Occupation) 1915 5 Marks graded PMG 50 About Uncirculated NET, with an estimate of $20,000 and up
• an India (British Administration) 1861-65 10 Rupees graded PMG 20 Very Fine, with an estimate of $20,000 and up
• a Japan undated (1873) 10 Yen graded PMG 20 Very Fine, with an estimate of $20,000 and up.

All estimates are provided by the auction house and are in US dollars.