After being presumed long gone from Treasury reserves, a 1934A $1,000 Federal Reserve Note recently surfaced at auction—stunning collectors.
Known as Series 1934A, this high-denomination note features President Grover Cleveland and was printed for large-value interbank use until the series’ discontinuation in 1945.
These notes were gradually removed from circulation and officially discontinued in 1969 due to anti-money laundering initiatives. Collectors long believed most were redeemed and destroyed—making this resurgence a major event.
History & Significance of the 1934A $1,000 Bill
- Series & Issuance: Printed from 1934 with updates in 1934A under Federal Reserve Board of Governors Julian-Morgenthau signature .
- Denomination Function: Used primarily for interbank transfers and large transactions—not public circulation.
- Discontinuation: While still legal tender, these bills ceased production in 1945 and were officially withdrawn by 1969 to combat illicit use.
Why It “Vanished” From Treasury Records
- Redemption and Destruction: Most were surrendered to Federal Reserve branches and shredded.
- Scarcity in the Wild: Only a few thousand remain among collectors; few reach the public eye.
- Lack of Documentation: Incomplete accounting during recalls means many are unrecorded, fostering myths of “lost” notes.
Grading & Recent Auction Discovery
The newly surfaced note is a 1934A G-Chicago Federal Reserve Note, graded PMG 64 EPQ (Exceptional Paper Quality)—a high grade indicating strong eye appeal and sharp detail.
PMG certification confirms authenticity, condition, and supply verification. At auction, this example sold for $12,000, well above typical value—signaling exceptional demand for high-grade 1934A notes.
1934A $1,000 Federal Reserve Note Population & Value
| Feature | Details |
|---|---|
| Series | 1934A |
| Portrait | President Grover Cleveland |
| Minted | Starting 1934, multiple Federal Reserve districts |
| Discontinued | Ceased in 1945, withdrawn by 1969 |
| Surviving Examples | Estimated 2,000–4,000 in collectors’ hands |
| PMG 64 EPQ Value | ~$10,000–$15,000 (today’s demand) |
| PMG 58–60 Value | $4,500–$8,000 |
| Auction Record | $12,000 for the Chicago PMG 64 EPQ example |
Why the Market Went Wild
- High Grade (64 EPQ): Few notes survive in premium condition.
- Scarce Series: 1934A has fewer survivors than 1934 due to shorter print runs.
- Mystique of Rediscovery: A “lost” note emerging after presumed destruction captivates collectors.
- PMG Authentication: Validated condition and rarity ensure buy-side confidence.
Comparative Series Value Ranges
| Series | Condition | Typical Value |
|---|---|---|
| 1934 | AU–UNC | $4,500–$8,000 |
| 1934A | VF–XF | $2,250–$4,500 |
| 1934A | AU–UNC | $4,500–$10,000+ |
| 1934A | PMG 64 EPQ | $10,000–$15,000+ |
| Dealer high-end | PMG 66+ EPQ | $15,000–$25,000+ |
| Rare notes | Mule or Busy boxes | Up to $36,000+ |
How to Identify a 1934A $1,000 Note
- Series year “1934A” printed below the portrait.
- Chicago district seal + FR Board signatures.
- Federal Reserve seal, serials, and Treasury indicators.
- PMG grading offers thorough inspection and encapsulation for collectors.
Collecting Strategy for High-Denom Bills
- Look for PMG/PCGS certified notes above PMG 64 for premium value.
- Choose your district seal—some (e.g., Boston or Dallas) are rarer.
- Inspect serial numbers—low, star, or unique serials are more valuable.
- Avoid cut-cancelled or damaged examples—condition is crucial.
- Track auction sites and dealer offerings for market trends and availability.
The reemergence of a PMG 64 EPQ 1934A $1,000 note at auction for $12,000 highlights the ongoing fascination with vanishing high-denomination currency. Scarcity, condition, certification, and story all contribute to its allure.
As legal tender with significant historical value, these notes represent a rare crossroads of monetary history and collectible prestige. For collectors, this is more than paper—it’s a rediscovered relic of fiscal heritage.
FAQs
Q1: Are 1934A $1,000 notes still legal tender?
Yes. Legally they’re redeemable at face value, but their collectible worth far exceeds $1,000.
Q2: Why is the Chicago series special?
Chicago (FR22) prints are less common in high grades, making the PMG 64 EPQ find particularly notable.
Q3: Should I seek PMG certification?
Absolutely. Certification validates condition, confirms authenticity, and significantly increases marketability.