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Bank Notes' Rising Prices

Federal Reserve Notes have made large gains in all conditions at auction, including a $1,000 1928 Philadelphia star that brought $36,000, a Chicago 1928 $500 that sold for $3,000, and 1934 $5,000 Chicago issue that fetched $300,000.

The Central States auction held at the Heritage Dallas facility was a study in rising prices. With very few bargains to be found, $500 and $1,000 FRNS made large gains in all conditions. One example was a $1,000 1928 Philadelphia star that brought $36,000 in PMG 64 EPQ. A Chicago 1928 $500 in PMG 35 EPQ sold for $3,000. For really big numbers, a 1934 $5000 Chicago issue in 64EPQ brought $300,000 and a 1934 $10,000 note, also on Chicago in 64 EPQ, brought $300,000 as well. 

An extensive sale of National Bank notes included a PMG 40 graded $100 Brownback on Delta, Pa., which brought $19,000, while a note I was interested in, a $5 serial #1 Brownback on the Third National Bank of Detroit sold at $5,700 in Fine 15. That was too rich for me, so I settled for a 15 cent Postal envelope and a 3 cent Dugan the hatter Incased Postage. 

There was a quite large collection of Encased Postage which sold well above starting levels. There were several high-priced Fractional Currency including a Fr. 1367 Justice note in PMG30 at $3,840 and a Fr. 1372 in 64 EPQ which was hammered down at $7,200. Platinum night held numerous blocks of various Fractional notes which brought strong prices, a 12 block of 15 cent 4th issue notes brought $13,200. A 12 block of Fr.1339 to 1342 sold for $20,400. A Pink Shield also brought $20,400. T1 and T4 Confederate notes were hammered down at $14, 400 and $11,400 in PMG 15 and 25 respectively. 

There was something for everyone in this sale. A number of Small Size sheets were available and a FRN 1928 $10 Minneapolis sheet of 12 in PMG 58 was purchased for $7,200. The very Rare $50 St. Louis Federal Reserve Bank Note in 45 sold for $33,000. A $500 1918 Federal Reserve Note in PMG 40 on Cleveland brought $52,000; while a PMG EPQ Chicago variety sold for $48,000. Other $500 1918 notes in lower grades sold in the $20 to $25 range. These are catalogs to put way.