April 2026 Greensheet Market Analysis: Spring Highlighted by World Paper Money

The Stack’s Bowers Spring Showcase auction is the most recent major United States paper money sale to have taken place, with four lots reaching six figures. Amazingly, the top ten lots by price realized were all Small Size notes, as were 16 of the top 18 lots. Three of the four top lots were Gold Certificates, led by a Series 1928 $500 (Fr.-2408) graded PMG Gem Uncirculated 65 EPQ which sold for $204,000. This price just missed being a record for the grade level, with a March 2023 sale at $218,000 holding that title. The overall record for this Friedberg number is $384,000 for a PMG Superb Gem 66 that sold in January 2024. The two other Gold Certificates were a Series 1928 $100 Star note (Fr.-2405*) that brought $192,000 and a $1,000 from the same series (Fr.-2408) at $132,000. In between these two trophy pieces came a very interesting lot, a Series 1934 $100 Federal Reserve Star note from the Cleveland district (Fr.-2152D*) sporting serial number D00000001*. When the bidding concluded, the price of $180,000 was well above its high estimate. The price trajectory of this special note has been spectacular: in 2004 it sold for $46,000 and then in 2013 it brought $88,125. This most recent sale is a 104% gain since that last public appearance. Another lot that set an overall record was a Series 1934 $5 Hawaii Mule Star note (Fr.-2301m*) that sold for $84,000. This note is certified PMG Gem 65 EPQ with the coveted Star designation, which does not come easily from PMG. According to our records, the next highest price for this catalog number is $43,200 which occurred in May 2024. It is certainly a welcome sight to see these rare Small Size notes shine, and while Large Size is still the heart of United States paper money collecting, Small Size notes are definitely gaining ground.

On the world paper money front, we have recently published multiple new chapters, in addition to important updates of previously published ones. We have recently published 25 chapters in the pre-1871 Germany complex, which the previous Standard Catalog inaccurately grouped together in a catch-all category called German States. The Banknote Book treats each of these territories as sovereign entities under their own title, which they were until the unification of Germany on January 18, 1871. Thus, notes issued by Anhalt, Lübeck, or Prussia (for example) prior to 1871 will be found in those respective BNB chapters. These chapters feature full color images of many very scarce to rare notes, giving collectors a unique opportunity to view and learn about these pieces without having to buy a specialized catalog, which only exists in the German language. It is important to understand that even after unification, these various duchies, principalities, and free cities continued to issue paper money, but the notes were now denominated in Marks, as opposed to the various monetary units in use prior such as gulden and thalers. As time progressed, more entities ceased issuance, although technically Imperial Germany did not officially legislate that they could not. The four biggest state banks issued currency well into the inflationary era of the 1920s. All of these banknotes issued after 1871, regardless of issuer, are found in the Germany chapter of The Banknote Book. We have also completed the Costa Rica chapter by adding coverage of the early notes of this heavily collected country. This includes the early Republic of Costa Rica issues, the International Bank of Costa Rica, The National Bank of Costa Rica, along with the ten private banks that issued paper money. Again, many of these very scarce notes are shown in full color, and has been thoroughly priced using the latest data. Aside from the Spanish language specialized catalog, this is the most comprehensive catalog available for Costa Rican paper money. Lastly, we have completely repriced the Mexico chapter. Mexican paper money has seen a surge in the number of collectors, and the prices have been updated to reflect this demand. It is certainly one of the hottest areas of world paper money at the moment.

As far as the world paper money market, Heritage has a quick succession of major sales, with a Signature sale of 527 lots taking place on March 26 followed by their Spring Hong Kong Showcase sale on April 5. The Hong Kong sale features 348 lots, highlighted by scarce notes from India, China, and British Colonies in southeast Asia.