Fr. 2201-Clgs. 1934 $500 Federal Reserve Note. Philadelphia. PMG Gem Uncirculated 66 EPQ. 1934 Light Green Seal $500s were issued on bright white paper for a short time in the mid-30s before the existing LGS ink supply was exhausted & a new pale blue/green ink adopted the Bureau of Engraving & Printing. These early LGS notes circulated hard & many had to be removed from circulation & destroyed due to heavy wear. Philadelphia LGS notes are available in circulated grades, but Gems are prohibitively rare. The Top Pop 1934 Philly LGS Gem $500 we have in our auction tonight - one of three known with none finer - is in a spectacular state of preservation, brimming with originality vibrant color & extraordinary eye appeal. Top Pop 1934 LGS Gem $500s like this Philly 66EPQ & the 1934 LGS Kansas City 66EPQ which is also in our auction tonight have become highly prized "Blue Chip" notes as awareness of their extreme rarity has spread; recent auction realizations underscore just how desirable these notes have become. In March 2021, a 1934 LGS $500 in 66EPQ from the St. Louis district - the most common district for gem LGS $500s - fetched $19,200 at auction. Back in August 2020 we sold a different Philly $500 LGS in 66EPQ for $19,200 & feel it may well blow-by that number tonight! PMG Pop 3/none finer.
