A scarce American $500 banknote. HANSONS AUCTIONEERS VIA SWNS.
A collection of old American banknotes found at a UK house is set to fetch more than £6,000 at auction – including a rare $500 bill from 1934.
The amazing hoard of rare US currency was found by experts during a recent visit to a property in Wales.
It features an ultra-scarce 90-year-old $500 note which could double its face value and is even still considered legal tender in the United States.
Printed in 1934, the note, featuring William McKinley, the 25th president of the USA , would have been used for large-scale purchases like a house or land.
It’s set to go under the hammer at Hansons Auctioneers with a guide price of £800-£1,000 on June 26 while the entire collection could fetch in excess of £6,000.
William Hayward, coin and banknote valuer at Hanson’s, said: “This $500 note is scarce for a number reasons, not least because having a $500 note in your pocket in 1934 would have been extremely unusual.
“Converted into today’s dollar value, back then it would have been like having $11,619.17 – in one note – in your wallet.
“Nearly a century ago, notes like this were sometimes used for making large purchases such as buying land or a house.
“It’s also unusual because it hasn’t been redeemed. They are still legal tender. $500 dollars is still $500 dollars at the end of the day.
“The United States no longer issues bills in larger denominations, such as $500, $1,000, $5,000, and $10,000 bills but some may still be in circulation.
“The $500 was officially discontinued by the US Congress in 1969 and the Bureau of Engraving and Printing (BEP) has not printed one since 1945.
“The most common $500 bill is the 1934 Federal Reserve Note featuring William McKinley, as this note does.
“McKinley was the 25th president of the United States from 1897 until his assassination in 1901.
“Over 900,000 of these bills were printed.
“However, this example will particularly appeal to collectors as it was among 28,800 issued by the Cleveland branch of the Federal Bank.
“That’s a small issue by American standards.
“The circulated $500 note (series of 1934 A) is part of an amazing collection of more than 100 American bank notes which have been passed down through a family in Wales.
“Together they could achieve in excess of £6,000 at auction.”
Other rare notes included in the ‘major collection’ date back to the 18th and 19th centuries.
An American 1782 promissory note for £17 Eighteen Shillings and Eight Pence from the Treasury Office, State of Connecticut could fetch £150-£200.
An American Provincial $3 banknote from Nebraska, Omaha City, ‘The Western Exchange, Fire & Marine Insurance Co’, dated November 2, 1857, is also expected to make £150-200.
William added: “It is a truly exceptional collection. I’d urge anyone who comes across any old coins and banknotes gathering dust at home to gain a valuation.
“Money is a buoyant collectors’ market thanks to its historical value.”
Produced in association with SWNS Talker
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