Rare $10K banknote from Great Depression sets auction record of $480K
$10,000 bill
An exceptionally rare $10,000 banknote, dating back to the Great Depression era, has been sold for an astonishing$480,000at a recent auction.
This distinctive bill, originally issued in 1934, bears the likeness of Salmon P. Chase, the former USTreasury Secretary under President Abraham Lincoln. It garnered considerable attention due to its impeccable condition, certified by Paper Money Guarantee (PMG), an independent organisation specialising in the evaluation and authentication of paper currency.
This sale marked a historic moment in the world of numismatics, as it surpassed the previous record set in September 2020 when a 1934 $10,000 bill sold for $384,000, reported Business Insider.
Historical significance
The $10,000 bill is notable for being the highest denomination banknote ever used in public circulation within the United States.
It is important to distinguish it from the now-defunct $100,000 bill, which was exclusively employed for fund transfers between Federal Reserve banks, according to information from the Museum of American Finance website.
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Historically, the UScirculated high-denomination banknotes, including $500, $1,000, $5,000, and $10,000 notes. While these bills still retain legal tender status, the last printing of such high-denomination notes occurred in 1945. Official discontinuation followed in 1969 due to their limited usage.
Since then, the $100 bill has held the distinction of being the highest denomination banknote issued by the United States.
Parallel coin auction
Simultaneously, alongside the banknotes auction conducted by Heritage Auctions, an equally captivating coins auction took place. The star of this show was a rare 1899 double eagle $20 gold coin, featuring a portrait of Lady Liberty, the iconic symbol of the Statue of Liberty in New York. This unique coin fetched an impressive $468,000 during the auction.
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Remarkably, only 84 coins of this particular kind were ever minted, and it is estimated that roughly 30 of them remain in existence, according to information provided by the auction house.
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