1928 $5,000 Federal Reserve Note

The $5,000 Madison FRN has always seemed to reside in the shadow of the $10,000 Chase note. This is probably due to the more publicized Binion Horseshoe Casino display

of the sheet of $10,000 Chase notes. With fewer printed and outstanding examples the Madison notes stands on it’s own in design and execution. This piece comes from a run of four Boston district 1928 $5000s discovered almost twenty years ago. Save for this example all the others are now ensconced in a long term holding, with none available at public sale since 2005.

Only about a dozen and a half 1928 $5000 notes are known to remain outstanding from all districts combined, and only a literal handful even approach this piece in condition.

From the deep embossing to its bright white paper, and from its vivid deep green overprint to its incredible eye appeal, this is a note which appears to have come off the press this very morning. Since the 1870 Series Gold note President James Madison has been the only portrait on the $5,000 denominations, both large and small size, of Gold Notes and Legal Tender Notes.

The 1928 series of Federal Reserve Notes was one of the last notes to retain the “..redeemable in gold..” obligation clause. Shortly after his inauguration in 1933 President

Franklin D. Roosevelt suspended the issuance of gold coins and Gold Certificates with the issue of Executive Order 6102 “forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States”. The order criminalized the possession of monetary gold by any individual, partnership, association or corporation.

This note was offered at the Heritage CSNS auction, the Greensboro Collection Part II, held in Chicago on April 26, 2013. The opening bid was $72,000 with a hammer estimate of $120,000-$160,000. The note realized $176,250 including the buyer’s premium of 17.5%

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