$10000 Great Depression-era banknote sells for whopping $480000 in Texas
The banknote was issued in 1934 and features the face of late US president Abraham Lincoln’s treasury secretary, Salmon P. Chase.
A $10000 Great Depression-era banknote has fetched a whopping $480,000 at the Long Beach Expo currency auction in Dallas, Texas on Friday. The expo was hosted by Heritage Auctions. It's grading was done by Paper Money Guarantee (PMG), a third-party organisation that analyses and certifies paper money. The banknote was certified to be in the highest-grade condition.
Vice president of currency at Heritage Auctions, Dustin Johnston highlighted how large-denomination notes are a hot favourite among collectors.
“Large-denomination notes always have drawn the interest of collectors of all levels,” said Johnston.
"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," added Johnston.
Notably, the banknote was issued in 1934 and features the face of late US president Abraham Lincoln’s treasury secretary, Salmon P. Chase.
Earlier, during the Heritage Auctions' Long Beach Expo US Coins Signature® Auction, an 1899 Twenty Dollar coin had got sold for $468,000.
"It takes an extraordinary coin to rise to the top of an auction with such consistent high quality, and this 1899 double eagle is that kind of coin. It is such an exceptional rarity — the recorded original mintage was just 84 proofs— and over time, that total is dwindled, to somewhere around 30. Of the survivors, this example carries the highest grade, and that includes the one that is in the Smithsonian Institution. The winning bidder acquired an exceptional trophy-level coin that immediately becomes a collection centerpiece," said Todd Imhof, Executive Vice President at Heritage Auctions."