1928 $5 Federal Reserve Note Fr. 1950-K PCGS 63 Choice New ― Numeral 11 For Sale

Available is a 1928$5 Federal Reserve Note green seal bank note from the scarce Dallas FederalReserve Bank featuring the portrait of the sixteenth U.S. President AbrahamLincoln. It bears Friedberg Catalogue number Fr. 1950-K and Plate Position “D.” Likeall Series 1928 FRNs, it contains a numeral rather than a letter for its bankdesignation. FRNs from the 1928B series onward to the present day use a letterdesignation for each of the 12 Federal Reserve Banks. The note has been graded PCGS63 Choice New.

Normally because Dallas inthe 1928 issuance year commanded nowhere near the scale of commercial activitycharacteristic of much later years, Dallas currency issuances were typically smaller than for other money-center banks and thus, Dallas FRNs in most denominations are relatively scarce comparedto remaining notes from much bigger banks like Boston, New York, Philadelphia,Chicago, and St. Louis. That holds especially true for 1928 Series FRNs inhigh states of preservation like this PCGS 63 Choice New specimen.

However, in 2015, a brick of 100 $5 FRNs dated 1928 from the Fr. 1950-K series were tendered to PMG for grading and later saleed by Stacks & Bowers Galleries in that same year. Those notes bore consecutiveSerial numbers beginning with K01711401A and running through K01711500A.

Several additional packs of 100 $5 Fr. 1950-K notes were subsequently tendered to PMG for grading and authentication. The current PMG population shows a staggering 521 specimens of Fr. 1950-K in the census. The next largest bank population (Fr. 1950-G for the Chicago FRB) shows only 125 notes having been authenticated and graded.

PCGS does not as yet provide census figures for Currency, which in this Seller\'s view, represents a major shortcoming in their service offering. In all likelihood, the PCGS census population of Fr. 1950-K notes shows a very low population count, although that is pure speculation on this Seller\'s part.

This note boastssharp corners without any noticeable rounding. It carries less than adequatecentering on the obverse. Boardwalk margins with adequate centering highlightthe note’s reverse. Punch-through embossing is clearly evident on both frontand reverse scans (note how deeply the green serial numbering and green seal explodeout onto the reverse scan). The pancake-flat note does not possess any of thecharacteristic paper weave common for Federal Reserve Notes of the early smallsize banknotes era. The note shows slight traces of plate ink in the front marginwhich doesn’t materially detract from its visual appeal. There is no evidenceof any creases. A few ink fibers in the fields and margins help amplify thespecimen’s overall appearance. The colors are vibrant in this note that wasprinted at the BEP more than 95 years ago.

This banknotebears the Serial Number K01709980A. Like all 1928 series Federal Reserve $5 Notes,it carries the signatures of Tate and Mellon.

PCGS Item #80561253

* * * A Noteon 3rd Party Grading and Authentication:

Technical gradingis more art than science as it can be, and often is, highly subjective. Anungraded note that appears in pristine Crisp Uncirculated condition can oftenearn a much lower grading designation once tendered to PCGS or PMG, the twoleading 3rd Party Grading services. This Seller’s bitter experience withcollecting ungraded notes that failed to earn their claimed condition afterbeing tendered to PCGS or PMG, even banknotes acquired from some of the mostprominent sale houses and industry-leading professional numismatists servingthe industry, attest to the truth of this claim.

Only a smallfraction of ungraded notes acquired will ultimately match theiroriginally-claimed technical grades once professionally graded. This Seller’sexperience over many decades suggests only about one of every seven or eightbanknotes tendered for professional grading and authentication ended upmatching their originally advertised grade, a small percentage indeed. Asstated, that reality applies even to ungraded banknotes acquired from reputableand well-known numismatic sale houses and industry-leading professionalnumismatists.

There arenumerous 3rd Party grading services that have performed banknote grading andauthentication services over recent decades. Like with coins, banknote valuesare highly dependent upon condition and technical merit. Irrespective of one’sopinion on the subject, PCGS and PMG have become the recognized industrystandard for a banknote’s condition, and thus its value. The numismaticcollecting market has come to accept these two grading services asauthoritative and interchangeable. That is, a technical grade such as PCGS 58PPQChoice About New will be viewed as directly comparable in condition and valueto the same note from PMG in identical condition, all else being equal.

As with coins,Banknotes that reside in PMG and PCGS holders will nearly always command farhigher prices at prominent numismatic sale sites than identicallygrade-assigned notes that do not carry the PCGS or PMG designations. Sometimesthose price premiums accorded PCGS and PMG designations can exceed 2X the valueof identically-assessed ungraded notes.

Buyers shouldrecognize that the best method to minimize technical grading risk is to acquirealready-graded notes from PCGS or PMG. This will assure that technical gradesonce assigned will hold up over time even as census population counts,valuations, and collecting fashions evolve.