Paper Money

Series 1928 gold certificates among auction highlights

A pair of high-denomination Series 1928 gold certificates highlight a June 12 sale by a Minnesota auction company of coins and paper money amassed by three generations of a family of collectors. 

Neither of the rare $500 (Friedberg 2407) and $1,000 (F-2408) notes is third-party graded, but upon examination they will rank among the top tiers. 

The $1,000 note is a new addition to the Track & Price census, making it only the 60th recorded out of the 28,800 printed. It is the highest denomination gold certificate that is collectible. 

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The $500 note is one of 84 in the census. Government records indicate that 420,000 of them were printed.

The reason for the low outstanding population of these notes is Executive Order 6102 issued on April 5, 1933. This order, along with some other laws, required the surrender of most gold coins and gold certificates to the government in exchange for a cash payment. The intent was to eliminate the hoarding of gold in the midst of the Great Depression. It was not until 1964 that it was once again technically legal to own gold certificates.

The sale by James Peterson Company LLC will be held at the Shakopee Knights Event Center, 1760 Fourth Ave. E., Shakopee, Minnesota. For more information, write James Peterson Company LLC, P.O. Box 24735, Edina, MN 55424, call the firm at 612-231-5999, or email it at Online bidding will be available at ProxiBid

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