Fr. 2201-Glgs. 1934 $500 Federal Reserve Note. PCGS Currency Superb Gem New 68 PPQ.Our consignor, an acknowledged expert on Light Green Seal high-denomination Federal Reserve Notes, confided in us that in the 1990s when he began his quest to assemble a Gem District Set of 1934 $500 Light Green Seals, he never dared dream that a 1934 $500 LGS from any district existed in Superb Gem 68. PCGS/PMG population data gives reason for such skepticism, as almost 400,000 notes have been graded by the two currency grading services over the dozen+ years since they were established, & only one Gem LGS 68 for any of the 12 federal Reserve Districts, the 68PPQ Chicago offered here, has been graded. A few years back, we at Stacks-Bowers gained first hand evidence of the rarity of $500 Super Gem LGS $500s when we acquired a consignment consisting of an original pack of 1934 St. Louis $500 LGS. When graded, the pack yielded a dozen 66s & 65s & 64s in quantity, but not one note was even close to the superb gem quality of the 68PPQ Chicago to be sold in our auction tonight.ppProviding auction estimates for stupendous rarities like our 68PPQ LGS Chicago $500 is always challenging, as such notes are prized & fervently pursued by savvy, affluent collectors for the long term vis a vis to "flip" short-term as is common with generic material that appears frequently at auction. No comparable Finest Known 1934 Gem LGS $500s have been sold at auction, so we turn to recent auction results for Finest Known Top Pop $1000 LGS for guidance. In our August 2018 ANA Sale, a 2211-I $1000 LGS graded 66EPQ - Finest Known/None equal or better - hammered for $57, 600. ppOur beguiling $500 Chicago 68PPQ LGS grades a full two points higher than the two Top Pop LGS gems that have sold recently, & it presents as a symphony of dazzling color, impeccable centering & miraculous originality, a Rembrandt of eye appeal in a class by itself.pFrom the Stradivarius Collection.
