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Why this 100,000 dollar note is illegal to held by collectors?


dbang1988
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because it is a 1934 gold certificate payable in gold, and the u.s. ended the gold standard in 1933. this note was only meant to make transfers between federal reserve banks easier. all gold certificates were illegal to own from 1933 until 1964, when the circulating denominations, (everything but the $100,000), were made legal for collectors again.

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They may have made the $10 and $20 gold certificates illegal to hold, but a lot of people must have broken the law because there are still quite a few of them around. You know a government is doing a good thing when all of a sudden it makes millions of it's citizens law breakers with a sweeping overnight law. :ninja:

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It's similar to the 1933 double eagles in the fact that it should be illegal to own according to law. But, if it was to find its way into the hands of a collector, with a lot of time and money to spend in court, it may be able to one day be privately owned. If not you can always buy a cheap copy of one, lol.

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yup, if someone has an original they have to keep it a big secret. unfortunately, there are lots of fakes out there. i find it highly doubtful that any legitimate $100,000 notes escaped the tightly controlled fed system. this note is too large of a denomination to "misplace", and none of them were ever intended to circulate. that puts them in a totally different category than the 1933 gold st gaudens, error notes, and other "escapees".

 

here's an old thread about the same subject. apparently, there are a lot of fakes in indonesia.

http://www.coinpeople.com/index.php?showtopic=13696

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I read a story once about a gentleman walking into a las vegas casino with a $100,000 note. the casino bought it for some low ball amount of chips.... and he lost it all... i don't remember specifics cause it has been a while since i read the story.....but i do remember reading it

 

 

It must have been a $10,000; they were the largest note actually circulated. Now there are only a couple of hundred of them known to be extent.

 

I have noticed the prices on the large denomination notes have risen considerably in the last couple of years, it used to be you could get a average circulated $500 for about $550-575 or so, now they start out at about $750-850. The $1000's usually start out at about $1850 on up.

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Didn't Binions have a "million dollar display" that contained 100 $10,000 bills?

 

 

Yes indeed, Ted Binion had purchased them over a period of time and then they were displayed. It is amazing to think that he probably had about 1/3 of all known extent notes.

 

I saw somewhere that there are approximately:

$500 about 300000 remain unredeemed

$1000 about 100000 remain unredeemed.

$5000 about 300 remain unredeemed

$10000 about 320 remain unredeemed.

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Too bad all the small sized 500-10000 notes are hidious, lol. Give me the $1-$5, and a plate of the $10 educational series anyday! Even if it's 10 times as common.

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I saw in one of my local coin store in Santa Barbara, CA, selling one 1,000 Dolalr green seal. Th econdition seems to be AU or UNC. and the price they sell I remember is range from 5,000 to 6,000 dollar. Would this be too high?

 

 

Depends on what year it is, 1928 or 1934, and the Federal Reserve District, and variables like the serial number etc.

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