Three Coveted US Banknotes Re-graded by PMG

14 Mar 2019  Thu

Three exceptional US notes, earlier graded by PCGS Currency, auctioned by Stacks and Bowers Galleries on 28th February for a total of $5 million, were recently certified by PMG. An 1869 $500 “Rainbow” Legal Tender Note was graded PMG 55 EPQ About Uncirculated; an 1869 $1,000 “Rainbow” Legal Tender Note was graded PMG 53 About Uncirculated, and an 1891 $1,000 “Marcy” Silver Certificate was graded PMG 30 Very Fine.

PCGS Currency shut operations in early 2019. After several demands from collectors and dealers, the notes were submitted to PMG under its new CrossOver service, which allows notes encapsulated by PCGS Currency to be re-graded by PMG. The notes are now protected in an inert holder along with a guarantee of authenticity and grade.

Rare “Rainbow” Legal Tender Notes feature different colours such as red, green, blue and black. They were issued in various denominations like $100, $500 and $1,000 in 1869. The $500 “Rainbow” Legal Tender Note is the finest example out of the three known examples. The other two examples are a part of collections from Smithsonian Institution and the Federal Reserve Bank of Chicago. The $1,000 “Rainbow” Legal Tender Note is the finest out of the two known examples. The other note of this type is a part of a collection from Smithsonian Institution. The 1891 $1,000 “Marcy” Silver Certificate features a portrait of an American statesman named William L. Marcy. It is the only example in private hands while the other one is a part of Smithsonian Institution’s collection. All these three notes are considered to be one of the most sought after examples of US currency notes today.

Image Courtesy: Stacks and Bowers Galleries

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