can you buy these "gold coin" notes and would you want to own one?

[michael]

 

 

[michael]

reverse

[Zoins]

That is a very nice note and cool denomination. I would probably pass as my preference is generally for more classic designs like this double eagle note. That design is a bit too "modern" for my collector tastes.

[michael]

superb

[jtryka]

Those are not legal to own as they were issued after the gold recall and used only for transactions between the Federal Reserve Banks and Treasury. You would have a better chance of owning a 1933 Saint than one of these!

[1946hamm-migration]

These never circulated. They were used to transfer money between federal reserve banks before electronic transfers were possible. Once the electronic transfers became available they were recalled and not used.

 

The largest circulating notes were $5000 and $10000 notes.

 

Have a good day , Gary

[IGWT]

That's pretty dang cool.

[DC Dawg]

Those are not legal to own as they were issued after the gold recall and used only for transactions between the Federal Reserve Banks and Treasury. You would have a better chance of owning a 1933 Saint than one of these!

• As was pointed out, these notes were used for interbank transfers and not circulated.
• They were legal to own following the gold recall in 1933 as a numismatic collectible, which is defined by the law.
• They were demonitized in 1965 with the reform of the monetary system
• The notes were recalled with the gold recall. However, there are four known outside of the Smithsonian, two in banks.

Scott

[Conder101]

As was pointed out, these notes were used for interbank transfers and not circulated.

 

Only between the twelve Federal Reserve banks, not other banks in the banking system.

 

They were legal to own following the gold recall in 1933 as a numismatic collectible, which is defined by the law.

 

Actually being gold certificates they were NOT legal to own. The gold recall allowed gold COINS of numismatic value, but there was no exemption for gold certificates, they ALL had to be turned in for redemption and were liable for confiscation, and in some cases WERE confiscated.

 

They were demonitized in 1965 with the reform of the monetary system

 

I don't think the demonitization happened of these notes took place until 1968 or 69. (No sure on this, don't have good references.)

 

 

The notes were recalled with the gold recall. However, there are four known outside of the Smithsonian, two in banks.

 

As far as I know the Smithsonian doesn't have any of these, but the BEP has at least two SHEETS of them plus some single notes. They are part of their Billion dollar paper money display that they exhibit at shows. If there are any at a bank it would have to be one of the Federal Reserve banks and is probably used in an exhibit there. A regular bank would not have one since they were never released outside the Federal Reserve system.

[Zoins]

Are any of these owned by private individuals?

[Zoins]

I just ran across this coincommunity.com thread. Here's a summary:

• The Smithsonian has six.
• The BEP has two uncut sheets. 12 notes per sheet with each Fed Bank. Serial numbers 1 and 2.
• The serial numbers are very different for the survivors so there may have been many more made with many destroyed.
• "tradernick" wrote these are "not super rare" and has owned a few over the years but all were punch canceled. When he was in the market, he never sold one for more than $1000 but that was a while ago.

[jtryka]

This is from the BEP website:

 

What was the highest denomination note ever printed?

The largest note ever printed by the Bureau of Engraving and Printing was the $100,000 Gold Certificate, Series 1934. These notes were printed from December 18, 1934 through January 9, 1935 and were issued by the Treasurer of the United States to Federal Reserve Banks only against an equal amount of gold bullion held by the Treasury. The notes were used for transactions between FRBs and were not circulated among the general public.

 

So these were all printed and issued after the gold recall which occurred in May, 1933.

 

And this:

 

Series: 1934

Portrait: Woodrow Wilson

Back Vignette: The United States of America - 100,000 - One Hundred Thousand Dollars

 

The $100,000 Gold Certificate was never released into general circulation and was only used in fiscal channels. This note cannot be legally held by currency note collectors.

 

As seen here: http://www.moneyfactory.gov/document.cfm/5/42/1359

 

I am betting that what tradernick or whoever had was not a $100,000 gold certificate, but a $10,000 gold certificate which were cancelled and came out to collectors thanks to a fire at the treasury warehouse in 1935. These come up for sale regularly, and sell for considerably less than face. None are redeemable, cancelled or not, and there is still questions as to their legality for ownership given how they were released (through a filing cabinet thrown from a window). You can see one here: 1900 $10,000 Gold Certificate for Sale

[Zoins]

Thanks jtryka. The filing cabinet release method is pretty interesting. I'll have to look into that some more

[physics-fan3.14]

Thanks jtryka. The filing cabinet release method is pretty interesting. I'll have to look into that some more

 

I wouldn't mind if someone "released" a filing cabinet full of money as I walked by.

[jgrinz]

Surprised no one helped Michael out here

 

Here are the Pictures

 

 

 

[carson city]

You can buy anything made by man----Donald Trump

[rons]

The history lesson here is superb. The implications of future gov't grabs is scary. All of the note pictures are outstanding and I would be delighted to own any of them. Thanks for sharing.