1918 $1000 Federal Reserve Note.
How rare can a note be? Today’s highlight is a virtual definition of the word rare, a note of which only three are reported to exist. As is so often the case with our upcoming Philadelphia Americana sale, the word opportunity comes to the fore! Read our catalog description below, then contemplate how nice this might be in your collection!
Rare and Important 1918 $1,000 FRN
Dallas District • Just Three Known
1517 $1000. Fr.133-K. W.4689-K. Federal Reserve Note.
1918. Dallas. No.K2329A. Plate A. Very Fine-25 (PMG).
A pleasant lightly circulated note that did some service in the channels of commerce, but was fortunately saved, most likely as part of a bank’s cash reserves as a private individual would have been unlikely to hold such a high denomination as a curiosity. Whatever the case, we are delighted to be able to offer this great rarity today.
There are 16 different combinations of signatures and issuing banks for this denomination, and most are quite rare. The most often seen are the Burke-Glass issues on San Francisco, with just over 50 known notes, but this is an exception far removed from the reality of most others. Fully 11 of the 16 varieties are represented by populations in the single digits, if any at all.
This note on Dallas is one of just three known and among the rarest issues, exceeded only by the notes on Richmond, Minneapolis, and the White-Mellon signature combination on Kansas City. This note has not been offered at public auction since 1982, as far as we are aware. However, the finest of the three survivors (PMG-40) has appeared twice in recent memory, generating prices commensurate with the great rarity, bringing $32,200 in 2005, and just over $80,000 in 2007! The third known example has not been offered at auction since 1984.
It would appear that these tend to be tightly held, so opportunities are likely to be very rare going forward. The note offers pleasing color for the grade and is decently centered, showing no imperfections worthy of specific mention. A trophy rarity offering nice grade and likely to be irreplaceable in the near future.
The Property of a Southern Gentleman; earlier from M.H. Loewenstern’s advertisement in Paper Money , March 1975; Lyn Knight’s Fixed Price List of May 1979; Lyn Knight’s sale of March 1982, Lot 87.