Coins & Money

Would You Rather: Own a $10,000 Bill or Get $100,000 in Cash?

There are a good number of rhetorical questions to ask when valuing high-end collectibles versus a mountain of cash or other assets. One that comes to mind is what you should do if someone come offers you one of the very rare and old United States $10,000 bills or whether you would like $100,000 modern day cash in hundred dollar bills.

Hint: Take the $10,000 bill and don’t look back. This is why you would do that, and what that $10,000 bill is worth.

When the U.S. Treasury printed $10,000 bills for a very brief period of time in the 1920s and 1930s, the small size was the same as any other currency note a person would carry. The difference is that the higher the denomination of a bill, the lower its population of produced bills. In fact, there may only be 335 or so of these $10,000 bills that remain in private hands and have not been destroyed by the Treasury.

Collectors Dashboard has profiled the $1,000.00 bill and showed how valuable that is versus face value. Evaluating this high-end collectible is easily within the scope of money that could have been invested in stocks or bonds. Here is a look at sales and descriptions of $10,000.00 bills as they have been bought sold and collected in recent time. (Image courtesy of Heritage Auctions)

$10,000 Bill

According to PMG, the population for $10,000 dollar bills that have been graded by them stands at 104 examples. When one is sold it makes news in the collectibles community. This is a list of known recent sales of $10,000 bills:

  • $10,000 1934 Federal Reserve Note PMG Choice Uncirculated 63 sold by Heritage Auctions for $234,000.00 on January 22, 2021 after 16 bids.
  • $10,000 1934 Federal Reserve Note PMG Gem Uncirculated 66 EPQ sold by Heritage Auctions for $384,000.00 on September 18, 2020 after 15 bids.
  • $10,000 1934 Federal Reserve Note PMG Choice Uncirculated 64 EPQ sold by Heritage Auctions for $216,000.00 on August 3, 2020 after 10 bids.
  • $10,000 1934 Federal Reserve Note PMG Choice Uncirculated 64 sold by Heritage Auctions for $188,000.00 on January 8, 2016 after 12 bids.
  • $10000 1928 Federal Reserve Note PMG Choice Extremely Fine 45 sold by Heritage Auctions for $195,500.00 on September 19, 2008 after 1 bid.
  • $10,000 1928 Federal Reserve Note PMG Choice Extremely Fine 45 sold by Heritage Auctions for $230,000.00 on May 11, 2007 after 8 bids.
  • $10,000 1928 Federal Reserve Note Choice Crisp Uncirculated [Ungraded] sold by Heritage Auctions for $241,500.00 on February 19, 2005 after 13 bids.

Currently eBay has two PMG graded $10,000 dollar bills for Buy It now prices of $495,000.00 each, but of course they have the “or Best Offer” designation:

  • $10,000 1934 graded PMG 55
  • $10,000 1934 graded PMG 40

Collectors Dashboard is following the October 6 – 8 Long Beach Expo US Currency Signature Auction where many standout U.S. currency notes are being auctioned. The one $10,000 dollar note available is listed here:

  • $10,000 1934 Federal Reserve Note PMG About Uncirculated 50 which is estimated to sell for $120,000.00+ by Heritage Auctions with a current bid of $105,000.00.

According to Heritage Auctions:

The bragging rights of the winning bidder for this lot will be greatly enhanced when the gavel falls tonight. This charming Chicago $10,000 is a very nice example for the grade, with almost all of the handling confined to the corners. It is also nicely centered within ample margins on all four sides with a nice contrast between the green overprint and white paper and resides in a comment-free holder. The last two years have seen a steady progression of prices for notes of this denomination. Purchasing power of $10,000 in 1934 is the same as approximately $200,000 in today’s dollars, making our estimate seem a little conservative. Nonetheless, many will want this regal note, but only one determined bidder will be successful.

As of this time, there are 2,020 people who have clicked on the link to this note, with 81 tracking it. According to the PMG population only 7 notes have been graded higher.

High denomination currency in uncirculated or near uncirculated condition must be understood as the asset it is. Many collectors have not seen a $10,000.00 bill in their lifetime. The competition to own one is the spirit of any good auction. How exhilarating it is to read “bragging rights” in the description written by Heritage Auctions because that is absolutely what the new owner will have in this high stakes competition.

And for more rhetorical questions, here is some trivia – Who the hell is Salmon P. Chase?