John Markis of Trusted Traditions announced Aug. 5 the sale of the highest-graded $5,000 and $10,000 Series 1934 Federal Reserve bank notes known.
The notes are authenticated and graded by Paper Money Guaranty as 66 EPQ. The 66 is out of a possible 70, and EPQ stands for Exceptional Paper Quality.
The transaction reportedly concluded in the mid-$500,000 range.
Both buyers were “delighted” with the sale and both reportedly compromised to consummate the transaction due to today’s challenging economic conditions, according to Markis.
“They both saved a small fortune that an auction house would charge to transact such a sale,” Markis said.
The $5,000 note was issued from the Federal Reserve Bank in Dallas, Texas. Just 2,400 notes were produced.
The $10,000 note was issued by the Federal Reserve Bank in Chicago, Ill., and just 3,840 were produced.
On July 14, 1969, the Treasury Department recalled all the high denomination notes, which discontinued their use immediately. It is believed that today 197 $10,000 notes and 145 $5,000 notes from all 11 Federal Reserve Banks are available for collectors.
Trusted Traditions is located at 275 Commercial Blvd. in Lauderdale-by-the-Sea, Fla. The phone number is (954) 938-9700 and the Web site is at www.trustedtraditions.com.