A pair of high-denomination Federal Reserve Notes that are certified by Paper Money Guaranty® (PMG®) each realized six figures at a recent Heritage Auctions sale. The rarities were among the highlights of Heritage’s GACC U.S. Currency Signature Auction, which concluded on Oct. 10, 2025.
A top result note in the auction was a 1934 $5,000 Federal Reserve Note (Dallas) graded PMG 64 Choice Uncirculated EPQ (lot 22327), which realized $300,000. This coveted highdenomination note, which was printed for the Federal Reserve Bank of Dallas, features the portrait of Founding Father James Madison, who served as the fourth President of the United States from 1809 to 1817. According to the auction house, only 2,400 examples of these 1934 Dallas $5,000 notes were ever printed, with this note being an exceptionally well-preserved…