An ultra rare 1930s American $500 banknote could soar to double its face value at auction.
Printed 90 years ago, it’s part of a major collection of rare USA notes uncovered in Wales by Hansons Auctioneers. It’s set to go under the hammer with a guide price of £800-£1,000 on June 26.
William Hayward, coin/banknote valuer at Hansons, said: “This $500 note is rare for a number reasons, not least because having a $500 note in your pocket in 1934 would have been extremely unusual. Converted into today’s dollar value, back then it would have been like having $11,619.17 – in one note – in your wallet. Nearly a century ago, notes like this were sometimes used for making large purchases such as buying land or a house.
“It’s also unusual because it hasn’t been redeemed. They are still legal tender. $500 dollars is still $500 dollars at the end of the day. The United States no longer issues bills in larger denominations, such as $500, $1,000, $5,000, and $10,000 bills but some may still be in circulation. The $500 was officially discontinued by the US Congress in 1969 and the Bureau of Engraving and Printing (BEP) has not printed one since 1945.
“The most common $500 bill is the 1934 Federal Reserve Note featuring William McKinley, as this note does. McKinley was the 25th president of the United States from 1897 until his assassination in 1901. Over 900,000 of these bills were printed. However, this example, will particularly appeal to collectors as it was among only 28,800 issued by the Cleveland branch of the Federal Bank. That’s a small issue by American standards.
“The $500 note is part of an amazing collection of more than 100 American bank notes which have been passed down through a family in Wales. Together they could achieve in excess of £6,000. Other rarities date back to the 18th and 19th centuries. For example there’s an American 1782 promissory note for £17 Eighteen Shillings and Eight Pence from the Treasury Office, State of Connecticut, estimate £150-£200, and an American Provincial $3 banknote, Nebraska, Omaha City, ‘The Western Exchange, Fire & Marine Insurance Co’, dated November 2, 1857, estimate £150-£200.
“It is a truly exceptional collection. I’d urge anyone who comes across any old coins and bank notes gathering dust at home to gain a valuation. Money is a buoyant collectors’ market thanks to its historical value.”
The important collection of more than 100 American bank and promissory notes is being offered in Hansons’ June 26 Coins and Banknotes Auction.
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Old money gathering dust? Entries are invited for the next specialist sale. To gain a free valuation, email coins/banknotes valuer William Hayward: [email protected] or call 01283 733988.
