Rare Great Depression-Era $10,000 Bill Fetches Staggering $480,000 at Auction - Uncovering the Historical Treasure
Rare $10,000 bill from the Great Depression era fetches an astounding $480,000 at auction, highlighting its immense historical value and collector demand
A $10,000 bill, dating back to the Great Depression era, recently fetched a remarkable price of $480,000 in an auction. The Federal Reserve note was originally issued in 1934 and had been certified as being of exceptional paper quality (EPQ) by Paper Money Guaranty (PMG), as stated by Heritage Auctions, a renowned auction house in Dallas.
The Boston note, showcasing the portrait of Salmon P. Chase, who served as the Secretary of the Treasury during President Lincoln's tenure, emerged as the highlight of the currency auction at Long Beach Expo. This remarkable piece fetched a record-breaking price on Friday.
Dustin Johnston, the vice president of currency at Heritage Auctions, stated in a press release on Monday, "Collectors of all levels have consistently shown keen interest in large-denomination notes."
"The $10,000 bill trails only the $100,000 gold certificate issued in 1934. Out of the 18 examples graded by PMG, this particular one is tied for the highest grading," he explained.
According to a spokesperson from the auction house, the previous highest selling price for a 1934 $10,000 bill was $384,000 in September 2020. This recent sale has now set the record for a 1934 bill."
In the release, Johnston mentioned that PMG has graded just four additional small-sized $10,000 Federal Reserve notes at the same level as this one, and only five notes have received a higher grade. He referred to the note as "an invaluable gem that will garner significant attention in its new collection residence."
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As per the Museum of American Finance website, the $10,000 bill was the largest denomination ever in public circulation, with the $100,000 bill solely utilized for fund transfers between Federal Reserve banks.
According to Heritage Auctions, the specific note that was sold at auction had never been in circulation.
The US Bureau of Engraving & Printing website states that currency notes in denominations of $500 or higher were discontinued in 1969 due to limited usage.
The $100 bill has since been the highest denomination note issued by the US.
A rare 1899 double eagle $20 gold coin featuring a portrait of the head of Liberty topped the Coins auction.
Heritage Auctions
The highest bid at the parallel coins auction went to a rare 1899 double eagle $20 gold coin, which showcases a portrait of Liberty's head. The coin, one of only 84 ever issued, managed to fetch an impressive $468,000 during the auction held on Thursday, as confirmed by the auction house. It is estimated that approximately 30 of these coins remain in existence.
Todd Imhof, executive vice president at Heritage Auctions, stated that this 1899 double eagle is an exceptional coin that stands out among the rest, with its consistently high quality. Imhof further noted that this coin is not only rare, but also holds the highest grade among the surviving ones.
