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Currency Appraisal and Old Paper Money Dealer
Greg Davis

Series 1928 High Denomination Federal Reserve Notes

In 1928 a new series of Federal Reserve notes were release that were 40% smaller than the previous series 1923.
This series of notes included the first small sized high denomination notes.
These high denominations were the 1928 $500, $1000, $5000 and $10000 dollar bills.
This series included what is called the "Gold Clause" which read the following.
"Redeemable in gold on demand at the United States Treasury or lawful money at any Federal Reserve Bank."
These notes are often called gold certificates in error. Gold certificates have a gold colored seal.
All districts issued star notes in this series and they are highly desirable.

1928 $500 Dollar Bill
1928 $500.00 St. Louis Federal Reserve Note.
Series 1928 $500.00 bill isn't uncommon and can be had from most districts readily.
The best districts are Boston, Richmond and Dallas. These are going to be more expensive.
A decent example of this note can be bought for $600 to $750.
A full range of values for this note would be from $550 for a rag to $1600 for an uncirculated note.
This note can be found in star form and they are very collectible.

1928 $1000 Dollar Bill
1928 $1000.00 Atlanta, GA Federal Reserve Note.
The 1928 $1000 bill in this series is still pretty easily acquired but can get expensive for some districts or grades.
The toughest district is Kansas City followed closely by Dallas.
This note can run the range from 1200 for a wallet piece to $4000 for a flawless example.
People often buy these to carry in a wallet to show off, giving us the term "Wallet Piece"
This note also came with stars near the serial number.

1928 $5000 Dollar Bill.
1928 Five Thousand Dollar Bill Federal Reserve Note
The $5000 dollar note in this series is in a whole different league than the $500 and $1000.
This is rarified air where a tired example can reach high five figures and easil into six figures for above average examples. A common well worn example is still costly and easily reaches five figures.

1928 $10000 Dollar Bill.
1928 $10000.00 Atlanta, GA Federal Reserve Note.
The King of small sized high denominations, the 1928 $10000 bill is kind of a surreal note.
When it was issued it carried the purchasing power of 132,000 today.
I would love to know the kinds of things people were using this for.
Anyway, These notes are very rare and even a tired example will be worth mid five figures.
Half the known population of these notes came from one source,the Binion Hoard.
Benny Binion's Horseshoe Casino had a display of 100 of the notes. A million dollar wall. If you have a $10000 bill please contact me for an evaluation.