New ‘pack’ holder from PCGS

A full 100-note consecutively numbered pack of U.S. Series 1934A $500 federal reserve notes is the first submission under a new banknote pack-grading and encapsulation program from the Professional Coin Grading Service (PCGS).

“This is not only one of the oldest surviving intact packs of U.S. banknotes to surface but also the only pack of $500 notes believed to exist,” said PCGS President Stephanie Sabin, who added it “could be one of the rarest and most valuable banknote packs” in the world.

A Texas-based dealer known as U.S. Coins and Jewelry submitted the pack under a new PCGS service option offering encapsulation of 100- and 50-note consecutive packs of small-size U.S. banknotes, which are graded as a whole unit and provided a single grade based on the condition of the entire pack.

“The benefit of grading an entire pack of banknotes rather than individual notes has a lot to do with certain collectible characteristics that are unique to packs of banknotes, such as keeping together a run of notes with consecutive numbers, consecutive Star Notes and the like,” added Sabin.

“There are even cases where a pack of notes may be historical or collectible for other reasons, such as having an origin associated with a bank hoard, a notable collector or other numismatically significant factors.”

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