abundance of '34 -500 &1000

There seems to be a strange amount of 1934 $500 & $1000 notes on eBay from the Chicago district, like half a dozen or so of each. Did someone just sell a large amount at auction? Do you guys think that's strange too ?
Looking for Nationals, specifically Fort Dearborn, Chicago IL. Charter Number 3698

Comments

  • luckybucksluckybucks Posts: 3,552 ✭✭✭
    I am noticing this in general, across the board for the Chicago notes.

    Regarding the Chicago notes, for some reason on the early series, they generally have a very high survival rate compares to other districts. I am seeing the same thing on the 1934 $500 and $1000 notes that I am seeing on the 1928 and 1934 stars for all denominations. Chicago has double or even triple survival rates compared to other common districts like New York.
    “Whoever would overthrow the liberty of a nation must begin by subduing the freeness of speech.” Benjamin Franklin
  • Jim61Jim61 Posts: 4,443 ✭✭✭
    The latest Stack's Auction.


    Jim61

    Looking for $1 CU FRN radar 16566561 - NOT ANY MORE, THANK YOU delistamps and TheRock!

    Looking for $1 CU FRN radar 16977961.

    Looking for $1 CU FRN 99999961 - NOT ANY MORE, THANK YOU delistamps!

    Looking for $50 FRN 00000061
  • underbidderunderbidder Posts: 1,349 ✭✭✭
    At this moment I have 25 $500 and $1000 Chicagos on eBay. It is the easiest district. This is not uncommon at all. On the order of a third of all high denoms are probably Chicago.
    "Most men lead lives of quiet desperation and go to the grave with the song still in them." Henry David Thoreau
    twitter: @ActionCurrency
    web: www.actioncurrency.com
  • Do an Ebay search for 1928A $100's and see how many Chicago notes are listed.


    Montani Semper Liberi (Mountaineers are always free)
  • I'm with you on the 1928s, it just seemed abnormally high the larger denominations. I appreciate the Feedback
    Looking for Nationals, specifically Fort Dearborn, Chicago IL. Charter Number 3698
  • underbidderunderbidder Posts: 1,349 ✭✭✭


    << <i>Do an Ebay search for 1928A $100's and see how many Chicago notes are listed. >>

    There were roughly as many 1928A $100 Chicago districts printed as all other districts combined. Chicago had 2,000,000 notes. All other districts had a few hundred thousand at most.
    "Most men lead lives of quiet desperation and go to the grave with the song still in them." Henry David Thoreau
    twitter: @ActionCurrency
    web: www.actioncurrency.com
  • MEC2MEC2 Posts: 2,416 ✭✭


    << <i>On the order of a third of all high denoms are probably Chicago. >>



    Thank you, organized crime...


  • << <i>

    << <i>On the order of a third of all high denoms are probably Chicago. >>



    Thank you, organized crime... >>



    You're welcome.
  • amrysamrys Posts: 417
    But all that notes are DGS, right?

    No LGS in higher grades, or have I missed a note?
  • mbwizkidmbwizkid Posts: 2,593 ✭✭✭
    I checked my one and only $500, and sure enough it's a Chicago District DGS note.

    image

  • SmallSizedGuySmallSizedGuy Posts: 5,736 ✭✭✭
    Chicago $500s and $1000s have been plentiful as long as I can remember. Rumor has it that when the Continental Bank failed in the 1980s the bank had large hoards of these notes.
    Jim Hodgson



    Collector of US Small Size currency, Atlanta FRNs, and Georgia nationals since 1977. Researcher of small size US type - seeking serial number data for all FRN star notes, Series 1928 to 1934-D. Life member SPMC.



  • I still remember an older gentleman at a coin show in early 1990, offered an AU $1000 to a dealer for $1035, the dealer would not buy it. What generated the sudden interest of these notes, especially if the supply has increased due to the hoard resulting from the closure of the Continental Bank in Chicago?


  • << <i>I still remember an older gentleman at a coin show in early 1990, offered an AU $1000 to a dealer for $1035, the dealer would not buy it. What generated the sudden interest of these notes, especially if the supply has increased due to the hoard resulting from the closure of the Continental Bank in Chicago? >>



    Market demand. In 1990 a lot of collectors were alive when $500's and $1000's were no harder to find than a $2 bill, and werent particularly impressive. Nowadays, new, younger collectors have entered the market to whom these high denominations are a real novelty.

  • Despite the large supply of these notes, prices have been going skyward lately for higher grades. There are about 3 collectors with deep pockets who are hoarding notes in grades 58 and up. Add market speculation to the increased popularity, and you've got escalating prices - even when supply is relatively fruitful.
  • MR168MR168 Posts: 182 ✭✭


    << <i>Despite the large supply of these notes, prices have been going skyward lately for higher grades. There are about 3 collectors with deep pockets who are hoarding notes in grades 58 and up. Add market speculation to the increased popularity, and you've got escalating prices - even when supply is relatively fruitful. >>


    I think one of them is "Mr.Green".



  • << <i>There are about 3 collectors with deep pockets >>


    even for face, $1000 is a lot of money to tie up.


    Montani Semper Liberi (Mountaineers are always free)
  • luckybucksluckybucks Posts: 3,552 ✭✭✭


    << <i>

    << <i>There are about 3 collectors with deep pockets >>


    even for face, $1000 is a lot of money to tie up. >>



    When he says deep, he means Grand Canyon deep. Money is no object to those collectors.
    “Whoever would overthrow the liberty of a nation must begin by subduing the freeness of speech.” Benjamin Franklin
  • RenoTommyRenoTommy Posts: 3,861
    Just my opinion, it seems to me those are "speculators" than collectors. I won't be surprised prices of those hi denoms may tumbling down in a couple of years or less, just like the nationals and the super high grade "Morgans". I can't see any logical reasons why hoarding something that is NOT rare (except for the $5000 and $10,000) only to tie up the money. "Deep pocket" people didn't get where they are for being "dumb".
  • numbersmannumbersman Posts: 2,934 ✭✭✭
    I had shared this pic with the class back a few months ago (about 40% were Chicago).At the FUN 70% of these in the pic sold.Maybe it had something to do with my great prices or impressive sales technics (that's a big maybe).That stated,they are,at least in the present tense,very popular,especially in the more reasonably priced mid-grades.

    image
    Collector of numeral seals.That's the 1928 and 1928A series of FRNs with a number rather than a letter in the district seal. Owner/operator of Bottom Line Currency


  • << <i>

    << <i>

    << <i>There are about 3 collectors with deep pockets >>


    even for face, $1000 is a lot of money to tie up. >>



    When he says deep, he means Grand Canyon deep. Money is no object to those collectors. >>



    Indeed. I spoke with one dealer who explained the following to me:

    - An anonymous buyer has been acquiring every high grade $500 and $1,000 that he could get, grades 58 and up
    - The dealer sold to the buyer's agent, and never dealt with the buyer directly - the buyer never haggled over the price.
    - The buyer's goal was to acquire every single high grade $500 and $1,000 in existence (!!!)
    - The buyer was supposedly wealthy enough to do so (high 9-figure net worth)

    I don't think this buyer could do it, even if there weren't other hoarders trying to do the same. When demand is for far skewed, prices will sky rocket, making it a near-impossible goal, in addition to collectors who won't sell at any price.
  • amrysamrys Posts: 417
    I've heard too that a few collectors are hoarding the higher denoms.
    Does anyone know more about them?

    Mr. Green could be one of them?

    If any of these collectors will sell his hoard in the future the market will be flooded with notes.
    Like the last Manifest auction was flooded with $500 St. Louis LGS...
  • rbethearbethea Posts: 737 ✭✭
    Maybe this is who you're referring to, but isn't Floyd Mayweather a huge fan of the high denomination US notes - he's worth 9 figures.
    Check out my world paper money collection at papermoney.x10.mx
  • bkzoopapabkzoopapa Posts: 168 ✭✭✭
    Chicago was always a town with many neighborhood banks, more National banks than most others. People also frequently used their favorite Serta Bank and Trust in Us Only for storing cash. We have had many large cash hordes turn up here, with the Continental Bank horde being the largest. I remember going into the cash vault there and seeing a large trunk in the center of the room filled with $500 to $10,000 notes. This was their cash reserve that was kept in high denominations to avoid counting large amounts of smaller bills during audits. When they went under this all came out at 10% over face, when not enough could be purchased, fast enough (I believe you had to buy at least $100,000 face at a time) they ended up sending around $13 Million in face back to the Fed. When I purchased a choice unc 1928 $5000 in 1991 just before the ANA that year, I asked the elderly gentleman that sold it how he came about it. He said he had been the cashier at a North Shore bank and when that note came in it was so nice that he kept it in 1949. He said that the bank always kept a lot of high denomination notes on hand because the gangsters wanted them. We bought another horde in 2008 from the old Continental Bank that an elderly woman who had not opened her bank box since 1962, it had $180,000 in cash with 49 $1000 and 99 $500 in it and nothing beyond 1934 series notes but a few 1950's. They were products of the depression and clipped coupons off bonds every month and took the cash to the vault in small bond coupon envelopes. After sorting the notes out there was also a complete pack of 1934 $50s and half a pack of $100s. Another large horde was just sold here in town last month, although I don't think it has hit the market yet.
  • Come on Mr. Green. Show your stuff this week.
    Coast Guard Craig

    Looking for gem 1929 FRBNs and FRBN Stars in decent grades. Please offer.
  • I always loved seeing that display numbersman. So cool to see that many $500/$1,000 together. I love seeing circulated "packs" of 1917 $1 LT, 1923 $1 SC, 1914 $5 FRNs etc. Not worth that much over face but just plain cool seeing 50 to 100 of each type together in circulated grade. Great way to show people that they are not rare at all.
    Coast Guard Craig

    Looking for gem 1929 FRBNs and FRBN Stars in decent grades. Please offer.
  • MR168MR168 Posts: 182 ✭✭


    << <i>I've heard too that a few collectors are hoarding the higher denoms.
    Does anyone know more about them?

    Mr. Green could be one of them?

    If any of these collectors will sell his hoard in the future the market will be flooded with notes.
    Like the last Manifest auction was flooded with $500 St. Louis LGS... >>



    I think MR. Green also collect small size FRN and GC.
  • Numbersman that is simple ridiculous my man
    Looking for Nationals, specifically Fort Dearborn, Chicago IL. Charter Number 3698
  • luckybucksluckybucks Posts: 3,552 ✭✭✭


    << <i>I always loved seeing that display numbersman. So cool to see that many $500/$1,000 together. I love seeing circulated "packs" of 1917 $1 LT, 1923 $1 SC, 1914 $5 FRNs etc. Not worth that much over face but just plain cool seeing 50 to 100 of each type together in circulated grade. Great way to show people that they are not rare at all. >>



    Some of those notes are 1928's, and there looks like a good chunk of 1934 YGS notes in there. Both varieties are worth more than the 1934 BGS notes. Not sure on grades, but from what I can see they look mostly VF to EF, but some may be higher or lower.
    “Whoever would overthrow the liberty of a nation must begin by subduing the freeness of speech.” Benjamin Franklin
  • amrysamrys Posts: 417


    << <i>I had shared this pic with the class back a few months ago (about 40% were Chicago).At the FUN 70% of these in the pic sold.Maybe it had something to do with my great prices or impressive sales technics (that's a big maybe).That stated,they are,at least in the present tense,very popular,especially in the more reasonably priced mid-grades.

    image >>



    I love this pic!
    What a real pleasure to see so many higher denoms!image
  • amrysamrys Posts: 417


    << <i>Chicago was always a town with many neighborhood banks, more National banks than most others. People also frequently used their favorite Serta Bank and Trust in Us Only for storing cash. We have had many large cash hordes turn up here, with the Continental Bank horde being the largest. I remember going into the cash vault there and seeing a large trunk in the center of the room filled with $500 to $10,000 notes. This was their cash reserve that was kept in high denominations to avoid counting large amounts of smaller bills during audits. When they went under this all came out at 10% over face, when not enough could be purchased, fast enough (I believe you had to buy at least $100,000 face at a time) they ended up sending around $13 Million in face back to the Fed. When I purchased a choice unc 1928 $5000 in 1991 just before the ANA that year, I asked the elderly gentleman that sold it how he came about it. He said he had been the cashier at a North Shore bank and when that note came in it was so nice that he kept it in 1949. He said that the bank always kept a lot of high denomination notes on hand because the gangsters wanted them. We bought another horde in 2008 from the old Continental Bank that an elderly woman who had not opened her bank box since 1962, it had $180,000 in cash with 49 $1000 and 99 $500 in it and nothing beyond 1934 series notes but a few 1950's. They were products of the depression and clipped coupons off bonds every month and took the cash to the vault in small bond coupon envelopes. After sorting the notes out there was also a complete pack of 1934 $50s and half a pack of $100s. Another large horde was just sold here in town last month, although I don't think it has hit the market yet. >>



    Wow, where are all that $500 and $1000 notes now? Sold and dispersed?
    And what about this "other large hoard"?
    So many notes too, all from Chicago?
  • bkzoopapabkzoopapa Posts: 168 ✭✭✭
    The Continental hoard ended almost 20 years ago. Large amount of them went to Silvertown and another dealer who is no longer around that sold them to hard asset people, as they both did with the 100's of bags of silver dollars. If I remember right Pogue bought a pack of $500's and maybe the small pack of $5000 (it was either 5 or 10 notes).
  • bkzoopapabkzoopapa Posts: 168 ✭✭✭
    Also the other horde with the 49 $1000's and 99$ 500's, a large number of them went to China's emerging market, as did the pack of 1934 $50's and most of the $100's , many others went to the TV home shopping sellers that were just taking off. Today a large amount of the $500's are going to some east casinos for premiums and into punchboards as the main prize.
  • CaptHenwayCaptHenway Posts: 22,903 ✭✭✭✭

    @bkzoopapa said:
    Chicago was always a town with many neighborhood banks, more National banks than most others. People also frequently used their favorite Serta Bank and Trust in Us Only for storing cash. We have had many large cash hordes turn up here, with the Continental Bank horde being the largest. I remember going into the cash vault there and seeing a large trunk in the center of the room filled with $500 to $10,000 notes. This was their cash reserve that was kept in high denominations to avoid counting large amounts of smaller bills during audits. When they went under this all came out at 10% over face, when not enough could be purchased, fast enough (I believe you had to buy at least $100,000 face at a time) they ended up sending around $13 Million in face back to the Fed. When I purchased a choice unc 1928 $5000 in 1991 just before the ANA that year, I asked the elderly gentleman that sold it how he came about it. He said he had been the cashier at a North Shore bank and when that note came in it was so nice that he kept it in 1949. He said that the bank always kept a lot of high denomination notes on hand because the gangsters wanted them. We bought another horde in 2008 from the old Continental Bank that an elderly woman who had not opened her bank box since 1962, it had $180,000 in cash with 49 $1000 and 99 $500 in it and nothing beyond 1934 series notes but a few 1950's. They were products of the depression and clipped coupons off bonds every month and took the cash to the vault in small bond coupon envelopes. After sorting the notes out there was also a complete pack of 1934 $50s and half a pack of $100s. Another large horde was just sold here in town last month, although I don't think it has hit the market yet.

    Bump.

    Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety.--Ben Franklin
Sign In or Register to comment.