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Federal Reserve Notes Remain A Focus

$5 1882 Brown Back Gem Unc. 65 PPQ. (Image Courtesy of Heritage Auctions).

$5 1882 Brown Back Gem Unc. 65 PPQ. (Image Courtesy of Heritage Auctions).

The October Long Beach show was both voluminous and uplifting. Prices for High Grade notes were strong, and $500 and $1,000 Federal Reserve Notes were very strong. There were lots of Large Size notes to choose from and a good helping of National bank notes. A tip to Fractional collectors, however. Look to Tuesday night Heritage auctions, as prices for Fractional notes seem much lower than in major auctions. I am reluctant to price a note at a level that might be doubled with Fractional notes in well publicized auctions. Legal Tender and Federal Reserve notes were in good supply. Federal Reserve bank notes have stayed fairly strong over the last few major auctions. In the recent past this series seems to have been a bit erratic. Nice condition notes from scarce districts such as Atlanta, Boston, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco are desirable in star format especially.

A 1928 $5,000 note on the Atlanta District in PMG 35 sold for $150,000. The same denomination from the Richmond District in PMG 63, and possibly a replacement note, brought $204,000; while a St. Louis $5,000 PMG25 graded issue was hammered down at $93.000. A $10,000 Chicago PMG 50 note realized $240,000. In Gold Certificates, a $1,000 in PCGS 64 went at $52,800. Error notes saw a PCGS $20/$10 Cincinnati Double Denomination 1882 Date Back in PCGS Very Fine 20 sold for $32,400. All these prices reflect auction charges.

Among Silver certificates, an Educational $2 bill, Fr,247 in PMG67 EPQ was auctioned off at $30,000. A PCGS $50 Fr. 330 in PCGS20 went out the door at $15,600. A Fr.334 on the same design brought $78,000 in PMG67.In Small Size the finest known $1 1928C issue in PCGS68 commanded $4320. The King of $10 Small Size, with a low serial 14, was purchased for $11,400 in PCGS 40 and a $5 St. Louis Federal Reserve bank note in PCGS15 sold for $3,000.

I really love the look of $5 Brown Back Circus Poster notes and one on the Citizens National Bank in PMG35 went to a new home for $6,000. Acting on my affection for $5 Brown Backs I purchased a PCGS 65 graded one on The Commercial National Bank of Detroit, Charter 2591 for my Detroit National Bank collection, as lot 20469. I like $5 notes and hope to secure a Red Seal on Detroit to complete all the $5 types.

Our market is quite strong now and exciting things are going on. I’ll be at the Michigan State Show for Thanksgiving weekend and hope to find something in Small or Large Size format, to quench my thirst.