Great Depression $10,000 bill fetches $480,000 at auction

A Great Depression-era $100,000 bill fetched $480,000 when it was sold at auction.

The bill, a 1934 issue Federal Reserve note, was deemed to be of Exceptional Paper Quality and was certified by the Paper Money Guaranty, according to a report.

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Sold through Heritage Auctions, the note displays the image of former Secretary of the Treasury Salmon P. Chase, who served under former President Abraham Lincoln.

The bill was the feature of the Long Beach Expo currency auction and achieved a record-breaking sale price, according to the report.

“Large-denomination notes always have drawn the interest of collectors of all levels,” said Dustin Johnston, vice president of currency at Heritage Auctions. “The $10,000 trails only the $100,000 gold certificate issued in 1934, and of the 18 examples graded by PMG, this example is tied for the highest-graded.”

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A prior 1934 $100,000 bill had been sold for $384,000 in September 2020, and the most recent record-setting note is “an absolute prize that will command a share of the spotlight in its new collection home,” according to Johnston.

The $100,000 bill represents the greatest denomination note to have ever circulated publicly, and its purpose was to transfer funds between banks of the Federal Reserve, according to the Museum of American Finance.