Great Depression-Era Banknote Fetches $480,000 at Texas Currency Auction”

A remarkable $10,000 Great Depression-era banknote recently went under the hammer at the Long Beach Expo currency auction in Dallas, Texas, hosted by Heritage Auctions. The banknote achieved an astounding final price of $480,000. Its grading and certification were conducted by Paper Money Guarantee (PMG), a third-party organisation specialising in analysing and certifying paper money, and it received the highest-grade condition certification.

Dustin Johnston, the Vice President of Currency at Heritage Auctions, emphasised the enduring appeal of large-denomination notes among collectors. He stated, “Large-denomination notes have always drawn the interest of collectors of all levels.” Notably, the $10,000 banknote ranks second only to the $100,000 gold certificate issued in 1934 in terms of denomination. Among the 18 examples graded by PMG, this particular banknote is tied for the highest grade in its category. For small-size $10,000 Federal Reserve Notes (FRNs), PMG has certified only four as equal and five as higher, making this a highly coveted collector’s item.

The banknote in question was originally issued in 1934 and features a portrait of Salmon P. Chase, the Treasury Secretary during the tenure of late US President Abraham Lincoln.

This notable auction event also saw the sale of an 1899 twenty-dollar coin during the Heritage Auctions’ Long Beach Expo US Coins Signature® Auction. The coin commanded a significant price of $468,000, highlighting its exceptional rarity and historical significance. Todd Imhof, Executive Vice President at Heritage Auctions, described it as “an exceptional trophy-level coin” and noted its distinction as having the highest grade among surviving examples, even surpassing the coin housed in the Smithsonian Institution.

Both of these sales underscore the enduring appeal and desirability of rare and historically significant currency and coins in the collecting world, with collectors and enthusiasts eagerly participating in auctions to secure these unique pieces of history.