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Auction Results Show Strong Market

1928 $500 Federal Reserve Note. St. Louis. PMG Gem Uncirculated 66 EPQ.

1928 $500 Federal Reserve Note. St. Louis. PMG Gem Uncirculated 66 EPQ.

The ANA auction in late August showed paper currency up in price with very few notes failing to meet catalog prices, and then only falling short in minor ways. $500 and $1,000 FRN Small Size continue showing strength. A 1928 $500 St. Louis FRN realized $18,600 in a 66 grade, and $1,000 FRN’s really took off with a 1928 Cleveland note bringing $10,800 in a 64 grade. A Philadelphia $1,000 FRN brought $9,300 in 63 and a Chicago 1934A $1,000 reaching $10,200 in 64. Small gold notes in all denominations showed price growth with a $10 Fr.2400 reaching $12,000 in a 68 grade. A $20 gold note in 67 sold for $10,000 and a $500 in 63 reached $43,00.

Large size notes were also soaring with a $2 1862 reaching $ 33,600 in 65. A $10 Buffalo note, Fr. 122, in 65 was hammered down at $14,400. An 1878 Legal Tender, Fr. 129 in 67 realized $14,400, while an 1880 $500 Legal Tender Fr.172 soared to $288,000. A $2 Windom 1891 series, Fr246 made $10,000 in grade 65. An 1886 $5 silver certificate in 66 soared to $42,000. The 66 grade seems to have taken off, as in many cases in is much more expensive than 65 graded notes. In modern era notes the 66 graded note does not usually go crazy except in scarce notes. The 67 is pricey until we reach the “new” design notes. Here the 69 grade goes crazy. Lately the 1957 $1 silver certificates are showing up in 67 grades in the $100 range. At the 68 grade they are pushing $500. The 57 series was especially well printed, and 65 notes are cheap. Back to the soaring Large Size notes: A $5 Educational Fr 270, in 66 sold for $42,000. A few years back the educational notes sold for $10 K in 65 and there didn’t seem to be any 66 notes on the market. A $5 Indian Chief, Fr.274 brought $15,600 in 66, while a Fr. 281 realized $11,400. A $10 V.P. Hendricks $10, Fr.291 brought a staggering $78.000 in 65. A low serial General McPherson $2 Fr.353 made $43,00. $2 Federal Reserve Bank notes showed strength across the $1 and $2 area, especially in rarely seen Star notes, in the $5 area, a Boston note, Fr.781*, recorded a price of $16,800 in a 30 grade. A $10 Federal Reserve Boston note Fr. 1892A in 66 reached $19,700, while a $50 on Boston, a 1012B in 58 scored $31,200.

Prominent Small Size were also selling well. The three key $1 Small Size Silver Certificates were available in lower grades. The Key 1928E* sold f for $8,700 in 25, the 1928C* for $2,400 in 25 and 28D in $2,400 for 25. A $10 1933 Silver Certificate in 65 went for $38,400, while a 64 went for $22,200. Solid numbered $1 modern notes seemed to go at the $1,800 level. All told it was an amazing auction. I am currently looking forward to the November Michigan State Show, where I hope to be elected to the Michigan State Board. If you live in driving distance, this is a great Michigan show. Currently I am focusing my collecting efforts on Encased Postage, a very interesting area. Email me at