PMG-Graded $10,000 Note Scores Record $456,000 in Heritage Sale

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An extremely rare banknote certified by Paper Money Guaranty (PMG) realized a record-setting $456,000 in a sale presented by Heritage Auctions. Three other PMG-graded notes also realized prices over $100,000 at the Central States Currency Signature Auction, held April 21-23, 2021.

1928 $10,000 Federal Reserve Note
1928 $10,000 Federal Reserve Note, graded PMG 30 Very Fine

The 1928 $10,000 Federal Reserve Note (Kansas City) graded PMG 30 Very Fine (lot 22175) nearly doubled its pre-auction estimate of $250,000 and up. Only 10 of these 1928 Series notes are known to have survived, including two in museums, according to Heritage. This exceptionally rare piece is also the first of these notes known from the Kansas City District.

1928 $10,000 Federal Reserve Note - Reverse
Reverse side of $10,000 note

The $456,000 price set a new record for a piece of Small Size US currency. A new benchmark had just been established three months earlier by the "Del Monte" error note. That 1996 $20 Federal Reserve Note (St. Louis), graded PMG 64 Choice Uncirculated EPQ with an Obstructed Printing Error, realized $396,000 in another Heritage sale. Its nickname derives from a banana sticker that found its way onto the front of the note between printings.

"Heritage Auctions is always excited to offer trophy notes like this $10,000 note and the ‘Del Monte’ note," said Dustin Johnston, Vice President of Currency Auctions at Heritage. "Industry-leading grading gives bidders added confidence. The assurances that PMG certification provides are integral to the value of iconic numismatic rarities."

Another high-denomination note certified by PMG was the second-highest lot in the auction. That note, a 1934 $5,000 Federal Reserve Note (St. Louis) graded PMG 64 Choice Uncirculated (lot 22173), realized $168,000. This is one of the highest-graded examples among just over 100 $5,000 Small Size Federal Reserve Notes in the PMG Population Report.

"PMG is thrilled to have certified so many of the world’s greatest paper money rarities," said Chad Hawk, PMG Grading Finalizer. "Given heightened interest in numismatics recently, I have no doubt we will see more PMG-certified banknotes setting records in the near future."

Other PMG-certified highlights in the sale included:

  • a 1934 $5,000 Federal Reserve Note (Dallas) graded PMG 58 Choice About Uncirculated (lot 22174) that realized $144,000

  • a Third Issue 10 Cents Fractional Currency graded PMG 40 Extremely Fine (lot 22019) that realized $108,000

  • a group of four 1899 $1 Silver Certificates: two graded PMG 66 Gem Uncirculated EPQ, one graded PMG 65 Gem Uncirculated EPQ, and one graded PMG 58 Choice About Uncirculated EPQ (lot 22057) — with consecutive serial numbers, including a solid 9s and a "100 Million" — that realized $66,000

  • an 1880 $100 Silver Certificate graded PMG 30 Very Fine (lot 22080) that realized $55,200

  • an 1880 $50 Silver Certificate graded PMG 20 Very Fine (lot 22076) that realized $45,000

  • a group of two 1934/1934A $1,000 Federal Reserve Notes (Kansas City) graded PMG 66 Gem Uncirculated EPQ and PMG 65 Gem Uncirculated EPQ (lot 22172) — attributed as a Reverse Changeover Pair — that realized $43,200

  • a 1928 $1,000 Gold Certificate graded PMG 55 About Uncirculated (lot 22182) that realized $38,400

  • a 1776 Continental Currency $20 graded PMG 55 About Uncirculated and pedigreed to Eric P. Newman (lot 22001) that realized $33,600

Prices realized include buyer’s premium.

About Paper Money Guaranty® (PMG®)

Founded in 2005, PMG is the world’s largest and most trusted third-party paper money grading service, with more than 6 million banknotes certified. PMG has established the industry’s highest standards of accuracy, consistency and integrity. Every note that PMG certifies is backed by the comprehensive PMG Guarantee of authenticity and grade, which gives buyers greater confidence. This results in higher prices realized and greater liquidity for PMG-certified notes. To learn more, visit PMGnotes.com.

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Kaiser Wilhelm

As they say, the proof is in the pudding. Here on this $10,000 Federal Reserve Note dated 1928 it is made it clear as day that this piece of green printed paper is in fact not money, but that it can be exchanged for GOLD OR LAWFUL MONEY. Since our currency no longer has that statement printed on it are we not left wondering what if any value it now has?

Redeemable in gold or lawful money.jpg
Last edited 4 months ago by Kaiser Wilhelm
Kaiser Wilhelm

Yes and no, to answer my own question. We’ll always wonder, but worrying and a couple of bucks – dollars, that is, not deer – will likely get you a cheap cup of coffee.

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