Paper Money

Paper Money Market Analysis: Eight notes in Heritage sale surpass $100,000 mark

Two $1,000 Treasury notes sold for more than $4 million combined in Heritage Auctions’ Platinum Night paper money auction in April during the Central States Numismatic Society convention.

But those results tell only a small part of the story about the robust paper money market that drove the total prices realized past $14 million.

Eight notes sold for more than the magic “$100,000” figure at the Heritage auction during the CSNS convention, leaving no doubt in anyone’s mind that the paper money market is back with gusto. Let’s look at a few of those notes.

First up is the finest known of five known $50 national gold bank notes issued by the First National Gold Bank of San Francisco.

It sold for $340,750 at Heritage’s Signature Auction on April 25. The note is cataloged as Friedberg 1160 in Paper Money of the United States by Arthur L. and Ira S. Friedberg. The note was graded by PCGS Currency as Apparent Very Fine 35, with the Apparent grade assigned because of a couple of small, repaired edge tears.

A Series 1890 $5 Treasury coin note (F-360) sold April 26 for $282,000. Paper Money Guaranty graded the note Gem Uncirculated 66 Exceptional Paper Quality.

Only 14 examples are known of this Friedberg number and this is the only known Uncirculated example with the other 13 grading no higher than Very Fine.

A large-size Series 1882 $1,000 gold certificate (F-1218f) sold April 26 for $176,250 — an increase of 80 percent compared to what Heritage sold it for in 2005: $97,750, without encapsulation. It is one of nine known.

The note is graded Apparent Very Fine 20 by PCGS Currency. The Apparent grade is for repaired splits and tears.

A Series 1928 $500 gold certificate (F-2407) sold for $117,000. The note was graded by PMG as Gem Uncirculated 66 Exceptional Paper Quality.

The note is the only $500 gold certificate to bear the Gem Uncirculated 66 grade. No other Series 1928 $500 gold certificate grading higher than About Uncirculated 58 has been offered at public sale since 2008, according to Heritage.

Three more results show that the million dollar notes are not all that’s available out there. Three small-size $5,000 Federal Reserve notes sold for more than $100,000 each during the CSNS Heritage auction.

A Series 1928 $5,000 FRN (F-2220A), printed for the Boston Federal Reserve Bank, sold for $176,250. The note was graded by PCGS Currency as Choice About New 58 Premium Paper Quality.

A Series 1934 $5,000 FRN (F-2221E), printed for the Richmond Federal Reserve Bank, sold for $164,500. PMG graded the note Choice Uncirculated 64.

And a Series 1934 $5,000 FRN (F-2221K) printed for the Dallas Federal Reserve Bank, graded Choice Uncirculated 64 by PMG, sold for $129,250.

But not all notes have to reach six figures to have an impact on the market, as further auction results show.
A Series 1875 $5 territorial national bank note (F-408) issued by the Second National Bank of New Mexico at Santa Fe brought $44,062.50. PCGS Currency graded the note Extremely Fine 40 PPQ. Only about six notes in this series with this signature combination exist from all issuers. ¦

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