Lauderdale by the Sea, FL (PRWEB) August 11, 2009
After wide-ranging negotiations, mediated by John Markis of Trusted Traditions, two mavens in the certified rare banknote hobby, agreed to the sale of the highest graded, $10,000 and $5,000, Series 1934, Federal Reserve Banknotes available anywhere in the world. The notes are authenticated and graded by PMG as 66 EPQ; which means 66 out of a possible 70; and EPQ - Exceptional Paper Quality. The reported transaction concluded at approximately mid-500 thousand dollars; with the exact number remaining off the record, as well as the collectors involved, due to confidentiality agreements. Both collectors were delighted with the sale and both reportedly compromised to consummate the transaction due to today's challenging economic conditions. Mr. Markis is quoted as saying, "They both saved a small fortune that an auction house would charge to transact such a sale. The majority of auction houses in the rare banknote field would have added between 15%-20% to the total sale, with both the buyer, and the seller, paying for the privilege of selling through an auction." Another benefit, especially for the seller, was the instant payment he received while most auctions pay-off their sales in 45-60 days.
The $5,000 note, issued from the Federal Reserve Bank in Dallas, Texas, printed in 1934, with only 2,400 notes were completed. Conversely, the $10,000 was issued by the Federal Reserve Bank in Chicago, Illinois and that note had only 3,840 produced. On July 14, 1969, the Treasury Department recalled all the high denomination notes - $500, $1,000, $5,000, and $10,000 - and therefore, their use discontinued immediately. If you were foolish enough to bring one of these notes into your local bank, they would still honor it at face value; it would then ship to the Federal Reserve for ultimate destruction. That would be unwise since even the $500 and $1000 are worth several times their face value in good condition. According to industry insiders at this time, there are only 197 - $10,000 notes; and 145 - $5,000 notes from all the eleven Federal Reserve Banks available for collectors today - hence the intrinsic high collecting value. John Markis candidly jokes, Check that attic, safety deposit box, or family bible, you never know what you might find.
Trusted Traditions has been supplying the collector community with its banknote requirements for over 15 years. John Markis was active in Sports Memorabilia and Coin Collecting before finding his preferred niche in Banknote sales. Trusted Traditions goal is to give the sophisticated collector a one-stop shop where they could buy, sell, or trade banknotes with full confidence, and the comfort of dealing with a well-informed, client-oriented staff.
Trusted Traditions is located in Lauderdale by the Sea, Florida, and John Maragoudakis may be contacted at the offices at 275 Commercial Blvd., Suite 275. The phone number is 954-938-9700. A partial selection of the available banknotes is on the company's web site - http://www.trustedtraditions.com. John is active on Facebook, Twitter, Linken and maintains his own blog site at http://www.JohnMarkis.com.