A rare $10,000 bill minted during the Great Depression has sold at auction for a record-breaking price.
The unusual bill, issued in 1934, features the face of late US president Abraham Lincoln’s treasury secretary, Salmon P. Chase.
It has been graded by the Paper Money Guarantee (PMG), a third-party organization that evaluates and certifies banknotes, and is found to be in top grade condition.
“Large denomination notes have always attracted collectors of all levels,” said Dustin Johnston, vice president of currency at Heritage Auctions, which organized the expo.
“The $10,000 mark is the only $100,000 gold certificate issued in 1934, and of the 18 examples graded by PMG, this example is tied for the highest grade.
The bill sold for US$480,000 (A$748,700) at the Long Beach Expo currency auction in Dallas, Texas on Friday.
A $10,000 bill from 1934 has sold for $480,000 at an auction. Heritage Auction
It was the largest amount sold for a 1934 $10,000 bill, surpassing the previous record of $384,000 set in September 2020, a spokeswoman for the auction house said.
Mr. Johnston called the note “an absolute gift that will take center stage in his new collection home.”
The $10,000 bill is the highest denomination paper money ever publicly circulated in the US, with the now defunct $100,000 bill used only to transfer funds between Federal Reserve banks, according to the website of the Museum of American Finance.
Previously, $500, $1000, $5000 and $10,000 bills were in circulation in the US. Although they are still valid, these high-denomination bills were last printed in 1945 and were officially discontinued in 1969 due to “lack of use”.
The $100 bill has been the highest denomination note issued by the US ever since.
Previously, $500, $1,000, $5,000 and $10,000 bills were in circulation in the US. Heritage Auction
Parallel to Heritage Auction’s banknote auction is the coin auction, where a rare 1899 double eagle $20 gold coin is the star of the show.
The coin, which features a portrait of the head of Lady Liberty, New York’s Statue of Liberty, fetched US$468,000 (A$729,600) on Thursday.
Only 84 of the coins were minted, and only about 30 are thought to exist, according to the auction house.
“It takes an exceptional coin to rise to the top of the auction with consistently high quality, and this 1899 double eagle is that type of coin,” said Todd Imhof, executive vice president at Heritage Auctions.
He added that the coin was “extraordinarily rare” and carried the highest grade of any extant.
A $5,000 note from 1934 also sold at the auction for US$300,000 (A$467,700).
By the end of the weekend, the event had earned a total of US$15,545,589 (A$24,251,818).
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Source: thtrangdai.edu.vn/en/
