$10,000 casino banknote highlights Heritage FUN Convention sale

Lucky Strike

Lucky Strike

2016-01-04 16:05:07

A rare banknote once displayed in a famous Las Vegas casino could bring up to $175,000 in Florida this month. 

The uncirculated $10,000 'Binion Horshoe' banknote will lead a stellar line-up as part of Heritage Auctions' sale at the FUN (Florida United Numismatists) convention in Tampa.

The $10,000 note is the largest denomination banknote ever issued for public use in the United States, first printed in 1928 and then again in 1934 featuring an image of Chief Justice of the United States Salmon P. Chase.

Less than 63,000 of the notes were ever produced, and it's reported that fewer than 200 remain in circulation. Surprisingly, these federal reserve notes are still legal tender, although today they're worth more as collector's items than they are as currency.

The most famous group of these notes was the 'Binion hoard' – 100 notes equalling $1 million, owned by casino mogul Benny Binion and displayed at the Binion's Horseshoe casino in Las Vegas in the 1960s. The display became a popular tourist attraction for years, with people flocking to have their picture taken with a million dollars.

To date several notes from the Las Vegas display have appeared at auction, with prices realized in 2015 ranging from $112,500 up to $188,000.

The example set to cross the block this month is graded PMG 64, the highest-graded Binion note ever offered at Heritage, and comes with an estimate of $125,000-$175,000.

"It's fitting that one of the largest FUN Currency Auctions Heritage has ever held features one of the highest-graded $10,000 notes we've ever offered," said Dustin Johnston, Director of Currency Auctions at Heritage. "This auction is ideal for both the specialist and those seeking unique finds from nearly every state in the nation."

Further highlights from the 5,590+ lot-sale will include a Series 1928 $100 Gold Certificate in Gem Uncirculated 66 EPQ condition, estimated at $100,000+; a 1918 Serial Number 1 Battleship Deuce Bank Note, graded PMG Choice Uncirculated 64, valued at $50,000+; a newly discovered Serial Number 1 San Diego Brown Back estimated at $40,000+; and a $2 1976 Federal Reserve Note, Serial Number L00000001A, the very first $2 note for the San Francisco district, priced at $15,000+.

The Heritage Auctions' Florida United Numismatists Currency Signature Auction takes place in Tampa, Florida on January 6-12.

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