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    Description

    Series 1928 $500 Gold Certificate in Gem Condition

    Fr. 2407 $500 1928 Gold Certificate. PMG Gem Uncirculated 65 EPQ.
    Survival of Gold Certificates, particularly the high denominations, was impacted greatly by Franklin D. Roosevelt's executive order of April 5, 1933, requiring the surrender of these notes. In very clear terms it read, "Under the Executive Order of the President, all persons are required to deliver all gold coin, gold bullion, and gold certificates now owned by them to a Federal Reserve Bank, branch or agency, or to any member bank of the Federal Reserve System." The ban on gold certificates lasted until April 24, 1964, when they were given back their legal tender status. Though they were legal currency, the obligation to pay the bearer gold on demand was no longer honored. The notes remain incredibly rare as a type, with around 100 known in all grades.

    This piece is one of a small group of Gem grade survivors. It displays unmistakably original embossing and a deep golden-yellow overprint that identified its gold redemption status. The rarity of the $500 and $1,000 Gold Certificates is far greater than that of the $5,000 and $10,000 Federal Reserve Notes that would command more than double the price at auction in this price. We have just two public records to reference for the $500 Gold Certificate in 65 (EPQ or PPQ), a realization of $97,750 in 2008 for a PMG 65 EPQ and most recently in our April Central States Platinum Night Auction, a PCGS 65PPQ realized $105,750. With PMG enthusiasts lined up to add incredible notes to their registry sets, we will likely see additional Small Size specialists vying for a chance to own this rarity.




    Auction Info

    Auction Dates
    August, 2015
    13th Thursday
    Bids + Registered Phone Bidders: 3
    Lot Tracking Activity: N/A
    Page Views: 2,757

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