Fr. 2407. 1928 $500 Gold Certificate. PMG Gem Uncirculated 65 EPQ.Spared from an unremarkable fate brought about the authoritarian dictates of Executive Order 6102 during the opening weeks of Franklin Roosevelts tenure as President, this $500 Gold Certificate issued under the Series of 1928 offers an exceptional entry among a small number of surviving peers reflective of the very day it was printed. Bestowed with an assigned grade of Gem Uncirculated 65 EPQ by PMG, one may come to appreciate a sight that embodies what it means to be both "original" and "exceptional" to the very letter of the definition found in the dictionary. Here exceptional color reigns supreme and unimpeded by virtue of the yellow-gold Treasury overprint that beckons with an uncommon brilliance reflective of a fresh stock of ink while lifelike detail may be found among the engraved portrait of President McKinley. McKinleys placement on this type nonetheless reflects a fitting honor for a man whose accension to the office of President was directly tied to the effective proxy triumph of gold over silver in the presidential elections of 1896 and 1900 against populist forces that agitated for "free silver" in an effort to inflate the money supply that alienated skilled industrial workers and professionals.
Additional qualities such as richly detailed lathework found along the margins can be appreciated underscoring what was once at the bleeding edge of period anti-counterfeiting methods while design elements typically encountered upon contemporary (albeit evenly circulated) $500 Federal Reserve Notes can be appreciated against the distinct and eye-catching accoutrements of period Gold Certificates. The modified clauses seen along the top and bottom margins offer the most apparent of differences (not counting the Treasury overprint) with "FIVE HUNDRED DOLLARS IN GOLD COIN PAYABLE TO THE BEARER ON DEMAND" seen directly below McKinleys portrait which underscores in no uncertain terms the precious element that once backed this note before Roosevelts executive order arbitrarily stripped away that backing with the mere stroke of a pen.
Yet, the rarity of this piece goes beyond the type and denomination. Today less than 125 $500 Gold Certificates issued under the Series of 1928 are recorded by databases such as Track & Price while auction records are largely populated by circulated specimens that often carry comments for "Minor Repairs" or "Closed Pinholes." This phenomenon directly relates back to the grade assigned by PMG. Examples of this Friedberg Number at this grade level are nothing short of remarkable and essentially stand as outliers even among a population that is already an outlier by virtue of Executive Order 6102 and the redemption process that followed. Held together with the uncommon interest that already follows $500 and $1000 Gold Certificates, this is nothing short of a monumental opportunity and a treasure to be had for the collector who desires the best that money can buy at a given moment. Noted for "Exceptional Paper Quality, Great Embossing" by PMG. PMG Pop 3/1 Finer.From the Manhattan Beach Collection.
