Impressive PMG-certified Rarities Top August Stack's Bowers Currency Sales

Posted on 7/24/2020

Four US notes graded by PMG are each expected to realize six figures.

Two exceptionally high-grade large-denomination Federal Reserve Notes certified by Paper Money Guaranty (PMG) — a $1,000 and a $5,000 — top the August 2020 Stack's Bowers US Currency Auction. Bidding for the auction is underway online, with the sale wrapping up on August 5, 2020.

1934 $5,000 Federal Reserve Note (Dallas) graded PMG 65 Gem Uncirculated EPQ.
Click image to enlarge.

The top lot in the auction is a 1934 $5,000 Federal Reserve Note (Dallas) graded PMG 65 Gem Uncirculated EPQ. US notes with a denomination this high are extremely rare and are eagerly sought by an elite group of paper money collectors.

This particular 1934 $5,000 Federal Reserve Note is even more special because it is tied with only four others across all districts for the top grade in the PMG Population Report. This note has an estimate of $300,000 to $500,000.

The sale also has another note with a high denomination and an exceptionally high grade: a 1918 $1,000 Federal Reserve Note (Philadelphia) graded PMG 65 Gem Uncirculated EPQ. This note has an estimate of $125,000 to $175,000.

1918 $1,000 Federal Reserve Note (Philadelphia) graded PMG 65 Gem Uncirculated EPQ.
Click image to enlarge.

The initial Federal Reserve Notes (Series 1914 and Series 1918) were printed in a large-size format. This particular note shows Alexander Hamilton, who made his debut on the 1918 Series on the $1,000 before moving to the $10 note when the small-size format was adopted.

Like the top note in this auction, this one was also previously in the holder of a different grading service before being submitted to PMG under its CrossOver Service.

Another 1934 $5,000 Federal Reserve Note — this one from the Richmond district — will also be in the spotlight. Graded PMG 55 About Uncirculated, it has an estimate of $125,000 to $175,000 USD.

"It's always fascinating to see the selection of rarities in the summer currency auctions associated with the annual World's Fair of Money," said Mark Salzberg, Chairman of PMG. "Even though, sadly, the event was canceled this year, the quality of the offerings in the auctions themselves indicate that the paper money market is strong. The Stack's Bowers' August currency auctions feature a wide range of PMG-certified notes, which are backed by the PMG Guarantee, giving bidders greater confidence."

In all, 13 of the top 15 lots in the auction are certified by PMG. The others are:

Meanwhile, a nice group of PMG-certified rarities are featured in the August 2020 Stack's Bowers World Paper Money Auction, being held online now and ending the same day as the US currency sale. They include:

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


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