20093: Fr. 2221-E $5,000 1934 Federal Reserve Note. PMG

Fr. 2221-E $5,000 1934 Federal Reserve Note. PMG Choice Uncirculated 63. A lovely example of this rare and popular $5,000 Richmond Fed, this piece is quite possibly a high denomination replacement note. This offering bears a blue-green seal which is not the correct color for regular issue $5,000 and $10,000 FRNs, rather it should be a vivid light green color. According to Steve M. Sullivan, one of the foremost experts in the High Denomination field, star notes were not used for the ultra-high denominations but rather defective notes were replaced with a note from a make-up sheet bearing the same serial number as the rejected note. The note consecutive to this one is included here in this auction, and has a distinctly different color overprint, indicating a different production time frame. Replacement notes were often printed at a different time than the regular production runs, and in this case would have required hand setting the serial numbers. PMG has declined to make an interpretation either way but, nevertheless, the question does add to the appeal of this pretty Richmond $5,000, The note does have three small paper pulls on its back due to a previous mounting but is otherwise fully original with excellent color and embossing. All in all, this is a most attractive and intriguing example of a sought-after high denomination note. HID03101062020 © 2020 Heritage Auctions | All Rights Reserved