The higher denominations of US paper money have become of great rarity. Issued for being used by banks and in the exchanges with the government, they have not circulated and most of them were destroyed after being returned or canceled.
This fact applies to the emissions of the nineteenth century and extends into the twentieth century. On March 26 in Baltimore, Stack's Bowers list an interesting group of Federal Reserve Notes from 1934, with no less than six examples of $ 5,000 and three $ 10,000.
The first issue of these Notes along with Gold Certificates of same values took place in 1928, just before the financial crisis, in four denominations, $ 500, $ 1,000, $ 5,000 and $ 10,000. They displayed respectively the effigies of Presidents William McKinley, Grover Cleveland and James Madison, and of Salmon P. Chase so honored to have created the federal paper currency when he was Secretary of the Treasury for President Lincoln.
The first and only reissue of these four notes was made in 1934. It was massive, probably as a consequence of the recent abandonment of the gold standard by the United States. Several sub-variants are recorded to take into account the issuing bank and the signatures.
The best $ 5000 in the next sale is lot 4448, estimated $ 150K. Printed in St. Louis, it is graded PMG Choice Uncirculated 64. The best $ 10,000 in the same sale is lot 4450 in same grade and with same estimate, printed in Boston.
On January 9, 2015, Heritage sold two other specimens graded 64 of 1934 Federal Reserve Notes. The $ 5,000 note from Dallas was sold for $ 223K including premium. The $ 10,000 from New York was sold for $ 188K including premium.
This fact applies to the emissions of the nineteenth century and extends into the twentieth century. On March 26 in Baltimore, Stack's Bowers list an interesting group of Federal Reserve Notes from 1934, with no less than six examples of $ 5,000 and three $ 10,000.
The first issue of these Notes along with Gold Certificates of same values took place in 1928, just before the financial crisis, in four denominations, $ 500, $ 1,000, $ 5,000 and $ 10,000. They displayed respectively the effigies of Presidents William McKinley, Grover Cleveland and James Madison, and of Salmon P. Chase so honored to have created the federal paper currency when he was Secretary of the Treasury for President Lincoln.
The first and only reissue of these four notes was made in 1934. It was massive, probably as a consequence of the recent abandonment of the gold standard by the United States. Several sub-variants are recorded to take into account the issuing bank and the signatures.
The best $ 5000 in the next sale is lot 4448, estimated $ 150K. Printed in St. Louis, it is graded PMG Choice Uncirculated 64. The best $ 10,000 in the same sale is lot 4450 in same grade and with same estimate, printed in Boston.
On January 9, 2015, Heritage sold two other specimens graded 64 of 1934 Federal Reserve Notes. The $ 5,000 note from Dallas was sold for $ 223K including premium. The $ 10,000 from New York was sold for $ 188K including premium.
Results including premium :
$ 5,000 note sold for $ 260K
$ 10,000 note sold for $ 223K
$ 10,000 note sold for $ 223K
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