Auction gem: 10,000 USD note yields record amount

Nowadays people carry less and less cash. As a result, banknotes seem to be becoming increasingly rare. This proved true when a 10,000 USD note sold at auction for nearly 48 times its face value. It happened last week in America.

Nowadays people have less and less banknotes in the flatvink. As a result, notes seem to be becoming increasingly rare. That turns out to be the case, because a 10.000 USD note could easily go under the hammer for almost 48 times that amount. Small spoiler; it happened last week in America.

The Federal Reserve note issued in 1934 was certified by Paper Money Guaranty and rated Exceptional Paper Quality. The note features the face of then Treasury Secretary Salmon P. Chase. The $10.000 bill was the highest denomination bill ever publicly circulated, as the $100.000 bill was only used to transfer money between banks. According to auction house Heritage Auctions, the specific note that was auctioned has never been in circulation. 

All time lap record 

Due to lack of use, banknotes in denominations of $500 or higher were discontinued in 1969. According to Dustin Johnston of Heritage Auctions, large denomination banknotes have always attracted the interest of many collectors. It seemed a given in advance that the banknote would yield a lot. The highest price to date for a 10.000 $1934 note to go under the hammer was in September 2020 for $384.000.

Last week's auction breaks the record. The rare note eventually exchanged wallets for $480.000. This is approximately the equivalent €450.000.