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    Discovery Note -1928 St. Louis $500 Star

    Fr. 2200-H* $500 1928 Federal Reserve Note. PCGS About New 53.
    This numismatic rarity may be the biggest currency discovery of 2010. It was a part of a handful of $500s and $1000s that was secreted away decades ago, with little thought given to the star at the end of the serial number. Until now, only three 1928 $500 Stars were known to collectors. The survivors, one each from Philadelphia, Cleveland, and Chicago have all made just one auction appearance. As the second finest of the four survivors, this example packs all the eye appeal of a fully uncirculated note. Hints of handling account for the grade as the note is free of folds, with one partial bend that does not rise nearly to the level of a fold. The embossing is so prominent that even the finest details of the seal are easily seen through the open fields of the back design. Four solid margins, a deep green overprint, and fresh bright paper all add to the note's wonderful eye appeal.

    In 2001, the Philadelphia note was the first of the three previously known notes to be offered at auction. It sailed past its $10,000 to $15,000 estimate and settled at $41,800. The other two pieces were offered late in 2008. That September, we featured the Cleveland note, a PMG Net graded VF 25, an attractive note with a hint of an internal repair. Against an estimate of $60,000 to $100,000, it realized $97,750, no surprise given the number of devoted Cleveland collectors who competed for a chance to own the ultimate note from their favorite district. One month later, the Chicago example, a PCGS Apparent 40 Net appeared in another auction. Despite an appearance that fell far short of the Cleveland note and a repaired tear as noted by PCGS, it still realized $34,500. With the stunning appearance and high grade of this note, the popularity of the St. Louis district, and a total print run of a miniscule 720 pieces, we would not be at all surprised to see this note realize...

    Auction Info

    Auction Dates
    January, 2010
    7th-11th Thursday-Monday
    Bids + Registered Phone Bidders: 1
    Lot Tracking Activity: N/A
    Page Views: 4,612

    Buyer's Premium per Lot:
    15% of the successful bid (minimum $14) per lot.

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