Quite the profit! $10,000 Depression-era bill sells for $480,000 - with $20 coin minted in 1899 fetching $468,000

An extremely rare $10,000 bill from the Great Depression era has sold for a record price of $480,000 at an auction in Dallas.

The previous record was held by a ten grand bill from 1934 that was sold for $384,000 in September 2020.

The rare bill sold on Friday by Heritage Auctions features the face of Salmon P. Chase who was Secretary of the Treasury under Abraham Lincoln.

The $10,000 notes were the highest to ever go into circulation as the US grappled with red hot inflation after the economy crashed. Bills of $500 and higher were discontinued in 1969 due to lack of use.

A $20 'double eagle' gold coin dating from 1899 was sold for $468,000 the day before. The coin features a portrait of the head of Lady Liberty. 

An extremely rare $10,000 bill from the Great Depression era has sold for a record price of $480,000 

The rare bill sold features the face of Salmon P. Chase who was Secretary of the Treasury under Abraham Lincoln

A $20 'double eagle' gold coin dating from 1899 was sold for $468,000 the day before. The coin features a portrait of the head of Lady Liberty

The auction house said there were only 84 of the special coins ever created and only 30 are thought to still be around.

The Executive Vice President at Heritage Auctions Todd Imhof said: 'It takes an extraordinary coin to rise to the top of an auction with such consistent high quality, and this 1899 double eagle is that kind of coin.

'It is such an exceptional rarity - the recorded original mintage was just 84 proofs - and over time, that total is dwindled, to somewhere around 30.

'Of the survivors, this example carries the highest grade, and that includes the one that is in the Smithsonian Institution.

'The winning bidder acquired an exceptional trophy-level coin that immediately becomes a collection centerpiece.' 

Interest in the 1934, $10,000 banknote did not come as a 'huge surprise', Heritage Auctions said in a separate statement.

A $20 'double eagle' gold coin dating from 1899 was sold by Heritage Auctions for $468,000 the day before

The extremely rare coin features a portrait of the head of Lady Liberty

Dustin Johnston, vice president of currency at Heritage Auctions, said that 'large-denomination notes always have drawn the interest of collectors of all levels.' 

He added that in terms of value and rank by the Paper Money Guaranty (PMG), the $10,000 banknote 'trails only the $100,000 gold certificate issued in 1934, and of the 18 examples graded by PMG, this example is tied for the highest-graded.' 

Chase, who features on the note, was later nominated and confirmed as chief justice, serving in the role for eight years. 

The note features a front-facing Green Seal and the words, 'The United States of America,' on its back vignette.