RZM Fine Arts and Antiques Inc Presents: Ask the Appraiser

Hello and Greetings Jon. Several months ago, you had appraised a $500 bill for a reader. Reading the article, it reminded me that we have a similar item in our safe deposit box that we havenโ€™t looked at in many years. You canโ€™t imagine my surprise when we went to the bank, opened our box and found out that what we have is not a $500 dollar bill but a $1000 bill! My wife and I almost passed out. Can you tell us about this item and as you did with the $500 bill for the other reader? Please inform us how much it could be worth. Thank you for your time and your extensive knowledge. We really enjoy your column every week.

Richard Jacob 

Iโ€™m happy you read this newspaper column each week. Congratulations on your forgotten treasure. And it really is a treasure. This is the story on your Series 1934A $1000 Dollar Federal Reserve Note. Last issued over 80 years ago, these $1000 notes are not easily found today. Meant primarily for large cash transactions between banks before the days of electronic banking, these large notes were never really intended for general circulation. The US Federal Reserve began taking these large notes out of circulation in 1969. As we all know, the largest denomination printed today is the $100 Federal Reserve note, so owning one of these rare large-denomination notes is quite an accomplishment among collectors. Another interesting fact relative to your $1000 note. Initially the portrait of Alexander Hamilton decorated the $1000 note. However, owing to the fact Hamilton was, and still is on the $10 dollar note, he was on two different denominations at the same time. Hence, his portrait was removed from the $1000 note and replaced by President Grover Cleveland. Like I mentioned relative to the $500 note, the $1000 note would seem to have a lot more use today than it did in 1969, when it was discontinued. This is due to inflation. Please follow me here. In 1969 the Consumer Price Index was at an estimated 36.8 %. As of January 2022, the Consumer Price Index sat at 281.9! A $1000 note today would be equivalent to a modest $130 in spending power. To me, it doesnโ€™t make any sense that weโ€™ve lost the larger denominations as the value of the dollar has gotten progressively smaller. Just go food shopping if you doubt me. The United States Treasury argues that keeping the denominations inconveniently small minimizes the possibility of money laundering. Yes, there is a great deal of truth in that preventive measure which the Treasury has taken. On the other hand, the collector demand for large denominational currency is currently unprecedented. Market demand is through the roof. That being said, hold on to your $1,000 note that found its way into your possession because it currently has a value $3,000 USD to $3,500 USD. Way to go Rich!

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