A full 100-note consecutively numbered pack of Series 1934A $500 Federal Reserve Notes is the first submission under a new bank note pack grading and encapsulation program that Professional Coin Grading Service (PCGS) will soon be debuting in the United States.
“This is not only one of the oldest-surviving intact packs of U.S. bank notes to surface, but also the only pack of $500 notes believed to exist. It could be one of the rarest and most valuable bank note packs,” states PCGS President Stephanie Sabin.
It was submitted by U.S. Coins and Jewelry in Houston, Texas, under a new PCGS service option that will provide for the encapsulation of full (100) and half (50) consecutive packs of small-size U.S. bank notes, which are graded as a whole unit and provided a single grade based on the condition of the entire pack.
The historic pack of $500 bank notes was on display at the PCGS Booth at the Long Beach Expo, Feb. 17-19, 2022.
"It is astounding that an original pack of 100 $500 notes with a combined face value of $50,000 survived since the Great Depression era. According to the U.S. Treasury Department, the average annual salary in the United States in 1934 was less than $1,400. In 2022 dollars, that $50,000 pack would have been worth the equivalent of about $1 million when the notes were printed," said Matthew Duncan, co-owner/general manager of U.S. Coins and Jewelry.
The pack’s earlier pedigree includes the Taylor Family Collection, one of the world’s most valuable private collections of bank notes.
Submitting bank notes for PCGS pack grading will be easy and available for all PCGS Authorized Dealers and PCGS Collectors Club members. These innovative hard pack holders, available only for small-size United States bank note full packs and half packs, provide for the encapsulation of 50 or 100 consecutive notes, including Replacement Star Notes. No minimum number of packs will be required, and encapsulation of each pack will be $60 beyond fees for the service level chosen, in addition to shipping and handling costs.
While all notes in the pack will be examined by graders, a single grade will be granted as a composite for the entire pack and does not guarantee that any single given note within will grade at that level if it were submitted individually. More information and guidelines for submitting packs will be coming soon at www.PCGS.com.