Fr. 2231-A $10,000 1934 Federal Reserve Note. PMG Choice Uncirculated 64 EPQ

💵 Fr. 2231-A $10,000 1934 Federal Reserve Note | PMG Choice Uncirculated 64 EPQ

The Fr. 2231-A $10,000 Federal Reserve Note, series of 1934, represents one of the most prestigious and elusive artifacts in all of American numismatics. Graded PMG Choice Uncirculated 64 EPQ (Exceptional Paper Quality), this ultra-high denomination note is not just a rare collectible—it is a true symbol of financial history and institutional power.

With a face value of $10,000, this note was never intended for public use. Instead, it served a vital role in large interbank transfers between Federal Reserve Banks during an era before digital systems. Only a small number have survived in collector hands, making this one of the rarest and most valuable pieces of U.S. paper currency ever printed.

🏛️ Background: The 1934 Series High-Denomination Notes

In 1934, the U.S. Treasury issued a series of large-denomination notes:

• $500
• $1,000
• $5,000
• $10,000

These were used strictly for internal bank transactions and were never circulated among the public. The notes were discontinued in 1969 due to decreased demand, and most were destroyed, leaving only a few hundred examples in private collections today—many of which are permanently held by institutions or wealthy private collectors.

🖼️ Design Features

• Obverse (Front):
  • Features a finely detailed portrait of Salmon P. Chase, Secretary of the Treasury under President Abraham Lincoln and a former Chief Justice of the United States.
  • The green Treasury seal and serial numbers indicate its status as a Federal Reserve Note.
  • The issuing bank is the Federal Reserve Bank of Boston, designated by the “A” district letter.
• Reverse (Back):
  • Showcases a large and powerful “10,000” at each corner.
  • The center reads “The United States of America / Ten Thousand Dollars” in a bold, elegant font, framed by intricate scrollwork.
• Size:
  • Standard small-size note dimensions: 6.14 x 2.61 inches.

🔍 PMG Choice Uncirculated 64 EPQ – What It Means

A grade of 64 EPQ (Exceptional Paper Quality) from Paper Money Guaranty (PMG) denotes a note that:

• Shows no signs of circulation.
• Retains original paper wave and color.
• Has strong eye appeal, with only very minor handling imperfections visible under magnification.
• Is free from restoration, cleaning, or damage.

This is a top-tier grade for a note of this magnitude, and EPQ designation is especially desirable for high-value notes.

📈 Market Value & Rarity

🔒 Note: Fewer than 350 examples are known to exist, and many are held by government agencies, museums, or bank archives—making available specimens even more desirable.

🧠 Why Is the $10,000 Note So Important?

• Highest-denomination U.S. note ever issued to Federal Reserve Banks.
• Rare opportunity to own what was once the largest face value legal tender in U.S. history.
• Stunning engraving and historical value, tied to the legacy of Salmon Chase and the Federal Reserve System.
• Collectible at the highest tier of prestige and exclusivity.
• Frequently appears in world-class auctions and is highly sought after by serious investors, hedge fund managers, and currency historians.

📝 Collector Notes & Tips

• Authentication is crucial. Always purchase from reputable dealers and insist on certified grading, such as that provided by PMG or PCGS.
• Secure storage in a bank vault or climate-controlled safe is recommended.
• Always ensure your note—at this level of value, it is a high-grade investment asset.

Charming Boston $10,000 PMG 64 EPQ

Fr. 2231-A $10,000 1934 Federal Reserve Note. PMG Choice Uncirculated 64 EPQ.
Serial number A00000185A adorns this charming Boston $10,000 that has earned the coveted EPQ grade modifier. It returns to the auction block for the first time since it appeared in our January 2005 FUN auction. PMG has graded a grand total of 18 Fr. 2231-A examples, and out of that number, they have graded only two equal and none higher. A look at the larger picture for all small size $10,000 FRNs reveals that PMG has graded only a paltry four equal and just five higher than our current offering.

Fr. 2231-A $10,000 1934 Federal Reserve Note | PMG Choice Uncirculated 64 EPQ | Ultra High-Denomination Rarity

The last PMG 64 EPQ small size $10,000 that we auctioned was a Fr. 2231-G note that realized $300,000 in our May 2022 Central States auction. PMG has graded a total of 25 Fr. 2231-G examples as compared to 18 for the rarer Fr. 2231-A. Therefore, we look forward to the piece in this lot breaking right through the $300,000 barrier.

🏁 Conclusion

The Fr. 2231-A $10,000 Federal Reserve Note, PMG 64 EPQ, is not just a rare collectible—it’s a financial artifact, a monetary trophy, and a museum-worthy piece of American history. With an elite grade and exceptional paper quality, this bill is perfect for seasoned collectors or institutional investors seeking to own a true cornerstone of U.S. numismatics. Whether showcased at an exhibit or held as a legacy investment, this note is the ultimate prize for any collector of rare U.S. currency.