Depression-era $10 bill sells for half a million dollars at auction

A rare $10 banknote from the Great Depression was sold at auction for a record $000. The publication told in more detail CNN.

Photo: IStock

The note, issued in 1934 by the US Federal Reserve, has been certified by Paper Money Guaranty (PMG) and received an Exceptional Paper Quality (EPQ) grade, Dallas-based Heritage Auctions said.

The Boston banknote, which features the face of Treasury Department head Salmon Chase, took first place at a currency auction.

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“Large denomination notes have always attracted interest from collectors of all levels,” said Dustin Johnston, vice president of currency at Heritage Auctions.

“The $10 is second only to the $000 gold certificate issued in 100, and of the 000 examples graded by PMG, this is the highest graded,” he said.

According to a representative of the auction house, the highest price for which a 10 1934-dollar bill had previously sold was $384 in September 000, and this sale “sets a record for a 2020 bill.”

Johnston added in the release that PMG has graded only four other small format $10 Fed notes equal to this one, and only five higher.

He called the banknote "an absolute prize that will take its rightful place in the collection."

According to the Museum of American Finance website, the $10 bill was the largest bill ever publicly circulated, and the $000 bill was used only to transfer funds between Federal Reserve banks.

However, according to Heritage Auctions, the specific note being auctioned has never been in circulation.

As stated on the website of the US Bureau of Engraving and Printing, in 1969, due to lack of use, banknotes in denominations of $500 and above were withdrawn from circulation.

Since then, the $100 banknote has been the highest bill issued in the United States.

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The coin auction was dominated by a rare 1899 $20 Double Eagle gold coin featuring the head of the Statue of Liberty. It sold for $468.

According to the auction house, only 84 coins of this type were produced, and only about 30 are believed to still exist.

“It takes an extraordinary coin to rise to the top of an auction, and this 1899 Double Eagle is just that,” Todd Imhof, executive vice president of Heritage Auctions, said in a release.

He remarked that it was "exceptionally rare", with the highest grade of any extant.

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