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 Replies: 11 / Views: 1,156 |
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Press Manager
 United States
1420 Posts |
PCGS - Professional Coin Grading Service (PCGS) recently graded an extraordinarily rare 100 pack of Series 1928A $50 Federal Reserve Notes. This full pack, which is rare in its intact form, is made further unusual because it contains 11 Star Notes bearing a design that had been officially discontinued. "The incredible 100-pack of 1928A $50s exemplifies why our pack grading service has proven so popular with collectors and dealers alike," PCGS President Stephanie Sabin remarks. "While these notes are individually scarce and valuable, there is a major novelty factor behind grading these pieces as a 100-pack lot as was originally discovered that would be forever lost if each note was graded and encapsulated individually."   This outstanding and extremely rare 100-pack of Series 1928-A $50 Federal Reserve Notes contains nearly a dozen Replacement Star Notes.These Series 1928A Federal Reserve Notes were printed in 1931 in Washington, D.C., before being issued by the Federal Reserve Bank in New York City and could be redeemed for gold at the United States Treasury or any Federal Reserve branch bank. When issued during the heart of the Great Depression, this 100-pack of $50 notes with its cumulative $5,000 face value had the equivalent purchasing power of around $100,000. Notes like these would no longer be convertible to gold just a couple of years after their issuance due to domestic gold conversion being banned under an Executive Order declared by President Franklin Delano Roosevelt in 1933. Eleven of the 100 notes are Star Replacement Notes that bear the previously used design, which was also issued as Series 1928 (but without the A series suffix) and feature numeric Federal Reserve district seals with number codes versus letter codes. This 100-pack of Series 1928A $50 Federal Reserve Notes was discovered in 2017 and submitted to PCGS for grading by Stack's Bowers Galleries on behalf of a client. It received a pack grade of Choice Unc. 63PPQ. "This unique full pack underscores the importance and value of the PCGS Banknote pack grading service," adds Sabin. "This nearly century-old piece of original numismatic history is now preserved in our secure and innovative full-pack holder for future generations to enjoy."
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Bedrock of the Community
United States
94367 Posts |
Somehow it makes no sense to me that 100 notes of this age, including stars, should be lumped together forever in a plastic case with an average grade of 63.
Edited by Coinfrog
11/09/2024 7:14 pm
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Pillar of the Community
United States
7613 Posts |
I whole heartedly agree with Mr Frog.
Besides, why make one investor with too much money happy when you could make almost 100 COLLECTORS happy?
It's easy to lose your sense of direction when dealing in this stuff.
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Pillar of the Community
United States
4637 Posts |
Although I also agree with Mr.Frog and Sky, you have to admit that an uncirculated pack of 1928A $50s is really cool. That's definitely something you don't see everyday.
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Valued Member
United States
151 Posts |
I think it would be better for the hobby if these 50's with 11 stars were enjoyed by many collectors instead of just 1 wealthy collector. What's the point in having a star note if you can't show it off.
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Pillar of the Community
Russian Federation
5172 Posts |
I wonder if they deliberately put it all together in one lot because they don't want to flood the market for that star type.
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Pillar of the Community
 United States
4588 Posts |
Is it rare just because it sat untouched all this time?
Or because few packs were issued?
-----Burton 50+ year / Life / Emeritus ANA member (joined 12/1/1973) Life member: Numismatics International, CONECA Member: TNA, FtWCC, NETCC, EveryCountry (online) coin club Owned by three cats and a wife of 40+ years (joined 1983) Author: 3rd Edition of the Sample Slabs book, https://www.sampleslabs.info/ |
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Pillar of the Community
United States
4637 Posts |
Quote:
Is it rare just because it sat untouched all this time?
Or because few packs were issued? This pack has a face value of $5,000, same as it did in 1931. Very few people, especially at that particular time had that much money. The average salary back then was under $2K annually. Additionally, the $50 note is not a very popular denomination. All of the notes back then, same as now are distributed in packs of 100. |
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Bedrock of the Community
United States
94367 Posts |
I'd be most reluctant to buy a nice example of this note with that kind of overhanging supply. I'll never look at one again.  |
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Pillar of the Community
United States
7613 Posts |
Quote:
I wonder if they deliberately put it all together in one lot because they don't want to flood the market for that star type. Nothing surprises me in this business in this day and age! |
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Bedrock of the Community
United States
94367 Posts |
It's now just an expensive curiosity for the wealthy, I guess. Are there similar packs out there for such early notes? In any event, it has certainly crippled the market for this particular note in higher grades
Edited by Coinfrog
11/10/2024 6:00 pm
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Moderator
United States
187702 Posts |
Very interesting. I have to agree with Frog's assessments here.
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Replies: 11 / Views: 1,156 |
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Posted 11/09/2024 7:50 pm
