Rare $10,000 note from 1934 sells at auction for a hefty price
The note bears the image of President Lincoln's Secretary of the Treasury, Salmon P. Chase.
A rare $10,000 note dating back to the Great Depression went up for auction and was sold for $480,000 (approximately. ₹3.9 cr). According to Dallas-based auction house Heritage Auctions, the 1934 Federal Reserve note was evaluated as having exceptional paper quality (EPQ) and was certified by the Paper Money Guaranty (PMG).
The note bears the image of President Lincoln's Secretary of the Treasury, Salmon P. Chase. It topped the house's Long Beach Expo currency auction. (Also Read: Rare 150 million-year-old dinosaur to be auctioned in Paris)
"Large-denomination notes always have drawn the interest of collectors of all levels," said Dustin Johnston, Vice President of Currency at Heritage Auctions in a press release.
Johnston also said, "The $10,000 trails only the $100,000 gold certificate issued in 1934, and of the 18 examples graded by PMG, this example is tied for the highest-graded. Among all small-size $10,000 FRNs, PMG has graded only four equal and five higher, so this is an absolute prize that will command a share of the spotlight in its new collection home."
According to the Museum of American Finance, the $10,000 bill, was the highest denomination US currency ever to publicly circulate. Although a $100,000 bill bearing Woodrow Wilson's image was printed, it was intended for transfers of money between Federal Reserve Banks rather than for use in everyday transactions. The $100 bill has been the largest note printed in the US since 1969.