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Lot
16244

Fr. 2231-B $10000 1934 Federal Reserve Note. PMG Uncirculated 62.. ...

2012 April 18-20 & 22 Schaumburg CSNS Signature Currency Auction #3517

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Auction Ended On: Apr 20, 2012
Item Activity: 5 Internet/mail/phone bidders
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Location: Renaissance Schaumburg Convention Center Hotel
1551 North Thoreau Drive
Schaumburg, IL 60173

Description:
Well Margined Binion $10000
Fr. 2231-B $10000 1934 Federal Reserve Note. PMG Uncirculated 62.
Gem sized margins frame this attractive Binion Hoard $10000. Many of the Binion Hoard notes are flat with poor centering, though this piece exhibits original paper wave and fully pronounced embossing. The number of issued notes varied from district to district with 11,520 printed and issued for the New York district, a dismal sum compared to print runs for other Federal Reserve Notes of the time period. It is estimated that the M1 money supply (defined in economics as the coin and currency circulation total and easily accessible bank funds such as checking accounts) totaled $22 billion or more for any given year of the early 1930s. The 1928 and 1934 $10,000s would have accounted for a very small percentage of the M1 total, if they were all in circulation at that time. That amount of notes, which were used primarily in bank to bank transactions, would have still been far from sufficient to meet deposit requirements for most of the approximately 16,000 banks in business at the time.
From The Dwane Johansen Collection

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