A rare $10,000 bill from 1934, featuring the face of Salmon P. Chase, who was the Secretary of the Treasury under President Lincoln, sold for $480,000 at an auction on Monday. The bill was never in circulation and is one of the highest-graded examples of its kind, with a grade of PMG 66 EPQ (Exceptional Paper Quality).
The bill is part of the Series 1934 Federal Reserve Notes, which were printed in large quantities but mostly destroyed by the government after World War II. The bill is also known as a “gold certificate” because it was backed by gold and could be exchanged for gold coins at the Treasury.
The auction was held by Heritage Auctions, which is the world’s largest numismatic auctioneer and has sold more than $1.8 billion worth of currency since 2001. The auction also featured another rare coin that sold for $468,000: a 1792 Silver Center Cent Pattern Judd-1, Pollock-1, the first coin struck inside the Philadelphia Mint.
The $10,000 bill attracted many bidders who were eager to own a piece of history and a symbol of wealth. “It’s a trophy note. It’s something that everybody knows about but very few people have ever seen,” said Glen Burger, owner of Manifest Auctions, a company that specializes in rare currency.
Dustin Johnston, director of currency auctions at Heritage Auctions, said that the $10,000 bill is one of those iconic notes that people dream about owning. “It’s a very exclusive club to join,” he said.
The bill features the portrait of Salmon P. Chase, who was not only the Secretary of the Treasury but also a senator, governor, and chief justice of the United States. He was also a prominent abolitionist and a leader of the Radical Republicans during the Civil War.
“These bills were mainly used for transactions between banks or for large private transactions, such as a down payment on a house. They were not something you would have in your pocket,” Johnston said.
The buyer of the $10,000 bill wished to remain anonymous, according to Heritage Auctions. The seller was Joel R. Anderson, a businessman and collector who had acquired the bill in 2009 for $329,000.
“It’s like owning a piece of history. It’s a very rare opportunity to own something that was printed by the government but never used by the public,” said David Mayfield, vice president of Heritage Auctions.
Relevant articles:
– $10,000 bill from Great Depression era sells for $480,000 at auction, CNN, September 20, 2023
– The fact that the 1934 $10,000 finished atop the Currency auction is not a huge surprise because of the consistent interest shown in banknotes with the largest denominations., Numismatic News, September 20, 2023
– $10,000 bill from Great Depression era auctions for $480,000, WLKY, September 20, 2023
– Small Sized Currency Auctions | Buy, Sell, Auction Rare 1928 and 1934 Notes, Manifest Auctions, September 18, 2023