LOT #7243 |
Sold on Jun 1, 2001 for: Not Sold
1934 $10,000 Federal Reserve Note (New York), Fr-2231-B, C.G....
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Description
$10,000 Federal Reserve Note, C.G.A. Choice Uncirculated 64
1934 $10,000 Federal Reserve Note (New York), Fr-2231-B, C.G.A. Choice Uncirculated 64. This note from the Binion's Horseshoe Casino Hoard is an outstanding example of the highest denomination note issued for general circulation by the United States government. While $100,000 notes were printed, they were used only for transfers within the Federal Reserve banking system and private citizens are prohibited from owning them. Ownership of a $10,000 bill is a point of pride for the currency collector, as even the uninformed public is impressed by a single example. Now that a couple of small hoards have been released to the collecting community, even more collectors will have the opportunity to own these rare and fascinating pieces of financial history.This specimen is crisp, well centered, and possesses apparently original paper wave. A few crinkles are visible through the encapsulated holder, but the note presents well and a near-Gem classification is certainly deserved. Each of the corners shows microscopic signs of rounding, but they are relatively sharp. The light green seal is bold and has not faded with time. A lovely example that should please almost any perspective buyer.
Like other high denomination notes, the $10,000 bill represented an enormous sum of purchasing power when it was issued. Most notes spent their existence in bank vaults, and transactions involving such large amounts of cash were few and far between and usually involved bank to bank transfers. As a comparative guide to the relative value of this note, one need only look at a couple of economic statistics from the time period. When the concurrent terms of Julian and Morgenthau began as Treasurer and Secretary of the Treasury respectively, on January 1, 1934, the Consumer Price Index was at 13.2. As of March, 2001, the CPI was at 176.2, a factor of 13.3. In other words, $10,000 in 1934 had the purchasing power of over $133,000 in today's money. Even more telling is a glance at the performance of the stock market during the same period of time. On January 2, 1934, the Dow Jones Industrial Average closed at 100.36. With the DJIA currently over 10,000, a relatively conservative investment of $10,000 in blue chip stocks would be worth over $1 million today. This note certainly seems like a bargain given the historical returns that this same $10,000 could have represented.
Ex: Binion's Horseshoe Hoard.
From the holdings of Jay Parrino.
Since we cannot examine encapsulated notes, they are sold "as is" without our grading opinion, and may not be returned for any reason. Est. 60,000-80,000
Coin Index Numbers: (PCGS# 2231020)
Auction Info
2001 June Long Beach Signature Sale #263 (go to Auction Home page)
Auction Dates
May-Jun, 2001
31st-2nd
Thursday-Saturday
Bids + Registered Phone Bidders: 15
Lot Tracking Activity: N/A
Page Views: 2,602
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