PMG-certified High-Denomination Notes Offered in March Stack's Bowers Auction

A selection of extraordinary high-denomination notes certified by Paper Money Guaranty® (PMG®) are in the spotlight at a Stack’s Bowers US Currency auction. Many of these offerings are exceedingly rare. Live bidding is underway for the sale, which is being held March 25, 2021.

One highlight of the sale is a 1934 $5,000 Federal Reserve Note (Dallas) graded PMG 64 Choice Uncirculated EPQ (lot 3456), with an estimated value of $200,000 to $300,000. A two-digit serial number bolsters this lot’s desirability. Public use of these $5,000 notes was extremely uncommon as high-denomination notes were predominately used in large private transactions. Just 23 of these notes are known today, according to Stack’s Bowers.

$5,000 1934 Federal Reserve Note (Dallas) graded PMG 64 Choice Uncirculated EPQ Click image to enlarge

Also featured is an exceptional 1891 $50 Treasury Note graded PMG 40 Extremely Fine EPQ (lot 3276). A total of 22 of these rare notes are known to survive, with six permanently held in government or museum collections, leaving a little over a dozen available to collectors. This lot has an estimate of $150,000 to $250,000.

1891 $50 Treasury Note graded PMG 40 Extremely Fine EPQ. Click image to enlarge

Another high-denomination note is a 1934 $10,000 Federal Reserve Note (Saint Louis) graded PMG 30 Very Fine (lot 3458), one of five known from the district. Its estimated value is $100,000 to $150,000. The $10,000 note was the largest bill ever issued to the American public, but it was almost exclusively used in bank transactions and large transfers.

$10,000 1934 Federal Reserve Note (Saint Louis) graded PMG 30 Very Fine Click image to enlarge

The sale also features another 1934 $10,000 Federal Reserve Note, this one from the Kansas City district and graded PMG 40 Extremely Fine (lot 3459). The $10,000 Federal Reserve notes feature Salmon P. Chase, who was Treasury Secretary during Lincoln’s first term, a time of radical change for America’s banking and currency systems. This particular note has an estimated value of $100,000 to $150,000.

The sale also includes these other PMG-certified highlights:

• A 1928 $5,000 Federal Reserve Note (Atlanta) graded PMG 30 Very Fine, with an estimate of $100,000 to $150,000 (lot 3454)
• An 1875 Cincinnati, Ohio $100 Metropolitan National Bank Note graded PMG 55 About Uncirculated, with an estimate of $100,000 to $150,000 (lot 3520)
• An 1891 $100 Treasury Note graded PMG 12 Fine, with an estimate of $80,000 to $120,000 (lot 3278)
• An 1875 Pittsburgh, Pennsylvania $50 Union National Bank Note graded PMG 45 Choice Extremely Fine, with an estimate of $75,000 to $125,000 (lot 3527)
• An 1880 $50 Silver Certificate graded PMG 45 Choice Extremely Fine, with an estimate of $60,000 to $80,000 (lot 3254)
• An 1886 $20 Silver Certificate graded PMG 55 About Uncirculated, with an estimate of $50,000 to $75,000 (lot 3249)
• An 1880 $50 Legal Tender Note graded PMG 40 Extremely Fine, with an estimate of $35,000 to $55,000 (lot 3165)
• A 1905 $20 Gold Certificate graded PMG 64 Choice Uncirculated EPQ, with an estimate of $30,000 to $50,000 (lot 3329)
• A 1905 $20 Gold Certificate graded PMG 64 Choice Uncirculated, with an estimate of $25,000 to $35,000 (Lot 3333)
• An 1882 $50 Gold Certificate graded PMG 15 Choice Fine, with an estimate of $25,000 to $35,000 (lot 3337)

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

Related links

• PMG Population Report: Small Size Federal Reserve Notes
• PMG Auction News