June 2025 Greensheet Market Analysis: Heritage Central States Sale Brings Better than $9 Million

Coming quickly on the heels of the Stack’s Bowers Showcase U.S. currency auction was the Heritage Central States sale. When the dust settled, the auction garnered sales of $9.57 million from 1,541 lots. This relatively strong performance falls right between the prior two editions of this sale: in 2023 the total was $5.76 million and last year it was $12.62 million. This year’s sale totaled 11 six-figure lots, led once again by high denomination ($10,000 and $5,000) Small Size Federal Reserve Notes. In fact, all but three six-figure lots were in this category.

One less bright spot from the Central States sale that bears mentioning is the performance of Large Size Federal Reserve Bank Notes and to a lesser scale, Large Size Federal Reserve Notes. As I have written in the past, these series are replete with scarce and low population notes, but due to the monotonous and rather plain note designs the market can be thin at times. If there are not enough serious set builders actively bidding or active in general, some notes can see large price fluctuations. Depending on where one stands, some buyers got some screaming deals. As examples, we have four catalog numbers to analyze. A $5 FRBN from Kansas City (Fr.-801), an overall better district, in Gem Uncirculated 66 has an interesting trajectory: in 2008 at the peak of the market this century it sold for $25,300; in its next appearance in 2013, it brought $19,975; in the CSNS sale it sold for $12,000. One would think that the next time this note appears in auction it would bring greater than $12,000. The story of Fr.-822-1, a $20 FRBN from Atlanta is more compelling. Quite a scarce Friedberg number, an example graded PMG VF25 sold for $43,125 in 2008. Then in 2012 Lyn Knight sold a PCGS Currency VF30 for $19,550. The example sold this time around was a PMG VF35 which first appeared publicly in 2013 at a price of $15,275. This time around it sold for $6,600. Another very scarce $20 FRBN, this from Dallas (Fr.-828) is a note that is unknown in Uncirculated, thus a PCGS Currency AU58 is the finest available. Prior to being third-party graded, it sold in 2006 for $29,900. On its reappearance in 2012 it sold for $16,100 and now in 2025 for an even $6,000. Finally, we have the story of another $20 FRBN from Dallas (Fr.-830). With only four known examples, a PMG F15 sold for an eye-opening $103,500 in 2008. This specific note, serial K95077A, sold again in 2014 for $52,875. In the meantime, the note was upgraded to a PMG VF20 and then brought $12,000 in May. Even more interesting is a sister note, serial number K88250A. This note has gone from a PMG F15 holder in 2012, to a PMG VF20 in 2021, to a PMG VF25 in 2022, when it sold for $24,000. What conclusions can be drawn from such results? First, it is clear that these notes are not being properly promoted to the collecting community. Or could it be that this is simply the true value of these pieces, and the market is finding equilibrium. That would be counter to the trend of the overall paper money market of the past five to six years, which has seen prices for scarce pieces increase. In any case, long-term buyers would benefit from greater study of this series and its historic value in terms of American financial and economic history.

On the other side of the world, Stack’s Bowers held a monumental world paper money sale in Hong Kong that had total sales of $3.56 million, a very strong number for a sale in this category. The auction was anchored by a stunning selection of notes issued by the early private commercial banks operating in China and Hong Kong, many of which still operate today in some form. Two notes issued by the same institution, one under the name of the Russo-Chinese Bank and another the Russo-Asiatic Bank, both realized $45,600 to rank in the top five lots in the sale. Ten different examples of banknotes from the famous Deutch-Asiatische Bank sold for prices ranging from $19,200 up to $43,200. An impressive run of early issues from the Hong Kong Shanghai Banking Corporation (HSBC) were also in high demand, with notes achieving prices of $28,800, $14,400, and $9,000, amongst others. All told, 52 individual lots in the sale sold for $10,000 or greater. The only negative aspect of this sale is that occurred right in the middle of the initial tariff chaos, so bidders who were outside of the domestic Chinese market were at a distinct disadvantage, as the ever-changing tariff percentages deeply impacted bid levels. It was to a point, in theory, that a $1,000 bid became an over $2,500 final price with all fees and shipping added. Thankfully, such a situation has been clarified, and this is not the case.