Fr. 2220-F $5,000 1928 Federal Reserve Note. PMG Choice Very Fine 35.. ...

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Scarce and Attractive Mid-Grade 1928 $5,000 FRN PMG VF 35

Fr. 2220-F $5,000 1928 Federal Reserve Note. PMG Choice Very Fine 35.
A charming mid-grade Atlanta example for this scarce high denomination. Also, the 1928 $5,000 FRNs are much less numerous than their 1934 counterparts. Track & Price has enumerated a mere 19 serial numbers for the 1928 Series as compared to 109 for the 1934 Series. The serial number in this lot is F00000077A and has been included in the census data dating back for many years. The 1928 notes have the "redeemable in gold on demand" obligation clause, while the 1934 notes sport the "redeemable in lawful money" obligation clause. Neither of these clauses are valid today, but collectors have always gravitated towards the earlier "gold" clause. The $5,000 in this lot has had a minor restoration performed on it, and as we examined it, our conclusion is that it is indeed minor as the note faces up nicely within its encapsulation. Our effort was able to discern three light vertical folds and a faint center horizontal fold through the third party holder. This note has crossed the auction block once before to our knowledge. At that time, it realized $156,000 at our April 2019 Central States Numismatic Society auction. An even closer look at our archives reveals that we had a different Fr. 2220-F in PMG VF 35 that also had a minor restoration, close at $150,000 at our Long Beach auction in October 2021.

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