In a remarkable turn of events, a rare $10,000 banknote from 1934 recently sold at auction in Texas for an astonishing $480,000. This incredible piece of history, minted during the Great Depression, has captivated the attention of collectors worldwide.
Unveiling a Remarkable Banknote
The $10,000 banknote, issued in 1934, showcases the face of Salmon P. Chase, the treasury secretary during the presidency of Abraham Lincoln. This unique bill, graded by Paper Money Guarantee (PMG), a renowned third-party organization, was found to be in the highest-grade condition. According to Dustin Johnston, the vice president of currency at Heritage Auctions, “Large-denomination notes always have drawn the interest of collectors of all levels.” This particular banknote is tied for the highest-graded among the 18 examples assessed by PMG.
A Record-Breaking Sale
At the Long Beach Expo currency auction in Dallas, Texas, this exceptional $10,000 banknote sold for an unprecedented $480,000. The sale shattered the previous record of $384,000 set in September 2020 for a 1934 $10,000 bill. The auction house, Heritage Auctions, referred to the banknote as “an absolute prize that will command a share of the spotlight in its new collection home.”
A Historic Denomination
The $10,000 banknote holds the distinction of being the highest denomination banknote ever to circulate publicly in the United States. However, it is important to note that the now-defunct $100,000 bill was only used for interbank transfers between Federal Reserve banks. The Museum of American Finance explains that $500, $1,000, $5,000, and $10,000 notes were once in circulation in the US. These high-denomination bills, though still considered legal tender, ceased to be printed in 1945 and were officially discontinued in 1969 due to their lack of use. Since then, the $100 bill has held the title of the highest denomination banknote issued by the US.
A Rarity Among Collectors
The scarcity of the $10,000 banknote from 1934 adds to its allure for collectors. With only 18 examples of this particular bill graded by PMG, its rarity and impeccable condition make it an incredibly sought-after item. The combination of historical significance, scarcity, and excellent grade contributed to the record-breaking sale price.
A Parallel Auction for Coin Collectors
Coin enthusiasts were not left disappointed at the Long Beach Expo auction, as a rare 1899 double eagle $20 gold coin stole the show. This coin, featuring a portrait of Lady Liberty, fetched an impressive $468,000. Only 84 coins of its kind were issued, and it is estimated that only around 30 of them remain in circulation today. Todd Imhof, the executive vice president at Heritage Auctions, described the coin as an “exceptional rarity” and highlighted its superior grade.
The Enduring Fascination with Collectibles
The sale of the $10,000 banknote and the 1899 double eagle $20 gold coin is a testament to the enduring fascination with collectibles. Whether it’s rare banknotes, coins, stamps, or other unique items, collectors are willing to pay top dollar for pieces that hold historical significance and possess exceptional rarity.
The Legacy of the Great Depression
The Great Depression was a defining period in American history, marked by economic turmoil and financial hardships. The $10,000 banknote from 1934 serves as a tangible reminder of that era, depicting the face of Salmon P. Chase, who played a crucial role in managing the nation’s finances during one of its most challenging times. The sale of this banknote reinforces the enduring allure of collecting artifacts from this pivotal period.
The Value of Historical Artifacts
The sale of the $10,000 banknote and the 1899 double eagle $20 gold coin highlights the value placed on historical artifacts. These items provide a tangible connection to the past, allowing collectors and enthusiasts to preserve and appreciate the rich history they represent. The significant prices fetched at auction reflect the demand for such artifacts and the willingness of collectors to invest in preserving these pieces of history.
