1934 $1000 Federal Reserve Note | Mule Note | PMG Very Fine 25

1934 $1000 Federal Reserve Note | Mule Note | PMG Very Fine 25 | Rare U.S. Currency

The 1934 $1000 Federal Reserve Note, particularly the rare “Mule Note” variety, is one of the most iconic and desirable high-denomination notes in U.S. paper money history. Certified PMG Very Fine 25, this note combines substantial face value, rarity, and a special printing anomaly that makes it especially valuable to seasoned collectors.

What Is a $1000 Federal Reserve Note?

Issued during the Great Depression, the $1000 bill was primarily used for large bank transactions and interbank transfers—not everyday consumer use. These notes were never intended for widespread circulation, and following their recall in 1969, most were destroyed. Today, surviving examples are scarce, especially those with rare varieties like the Mule Note.

What Is a Mule Note?

A Mule Note is a printing variety that occurs when the face and back plate numbers come from different series or die designs. These mismatches happened when older back plates were paired with newer face plates, typically during transitional production years.

In the case of the 1934 $1000 Mule, these notes often feature:

• Small-size back plate numbers (used in earlier printings)

• Larger or updated face plate numbers (used in 1934 series)

• This discrepancy makes it a recognized and cataloged rarity among collectors.

This 1934 $1000 Federal Reserve Note is a highly desirable and rare large-denomination U.S. currency note, authenticated and graded PMG Very Fine 25. Known as a “Mule” note, this piece carries special collector significance due to mismatched plate number types on the front and back—making it a scarce printing variety from the era of large cash transactions and restricted high-value circulation.

Design Details

• Obverse (Front):

  • It features a portrait of Grover Cleveland, the 22nd and 24th president of the United States.

  • Serial numbers and a green Treasury seal are on the right.

  • The text reads:

    “This note is legal tender for all debts, public and private.”

• Reverse (Back):

  • Features the words “The United States of America” and “One Thousand Dollars” in ornate design.

• Size: Standard small-size U.S. note (6.14 x 2.61 inches)

Grading: PMG Very Fine 25

A PMG VF 25 indicates:

• Moderate circulation wear with folds and creasing

• No major tears, holes, or repairs

• Good color retention and overall eye appeal

• Paper remains strong and fully intact

While not uncirculated, this grade offers an authentic, collectible piece at a more accessible price point—ideal for those looking to acquire a high-denomination rarity.

Estimated Value of a 1934 $1000 Mule Note (PMG VF 25)

Note: Values can vary based on Federal Reserve District, serial number, and collector demand.

Why This Note Is Special

• High Denomination – $1000 notes are impressive collectibles and conversation pieces.

• Mule Variety – This adds significant value and collector interest.

• Historical Relevance – Issued during the economic turbulence of the Great Depression.

• Investment Potential – These notes have shown consistent value growth over time.

• Rare Survivors – Most $1000 notes were destroyed after 1969; few remain in private hands.

Collector Tips

• Check plate numbers to confirm Mule status if not already labeled.

• Store in a protective currency sleeve to preserve integrity.

• Consider professional regrading if the note improves with conservation.

• Watch auction houses—these notes often outperform estimates when marketed correctly.

Final Thoughts

The 1934 $1000 Federal Reserve Mule Note (PMG VF 25) is a showpiece of American currency collecting. Its combination of high face value, scarcity, historical relevance, and the Mule printing anomaly makes it a premium-grade collectible with long-term appeal. Whether you’re building a high-denomination collection or investing in rare U.S. notes, this bill is a true trophy for any serious collector.