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Originally posted by AugustusMasonicus
Originally posted by Bilk22
I don't own one, but just look it up on Wiki. They are no longer illegal to own. However I do not know about the red notes, but people collect gold certificates and they are not illegal to have in your possession.
Since you obviously missed it: ALL 1934 series gold certificates (the orange-colored notes) in large denominations ($500, $1,000, $5,000, $10,000 and $100,000) are illegal to own. They never have been, nor or they now legal to own. The only bills that are legal to own are treasury notes which are not orange. If you have evidence to the contrary (sales, collectors, auctions, literature) please post them. You will not find them in currency guides with any trade value indicated as they are not available.
The United States Treasury website makes this point very clear.
Originally posted by Bilk22
Well someone has them. There's pics of them all over the internet. Are you saying all those people have printing presses? Or is it maybe something else?
Originally posted by AugustusMasonicus
Originally posted by Bilk22
Well someone has them. There's pics of them all over the internet. Are you saying all those people have printing presses? Or is it maybe something else?
They are fakes. Look at a copy of ANY United States paper currency guide. Inside you will find ZERO entries for 1934 series gold certificates. Ask yourself why this is? Because they are all hidden in the Phillipines or maybe that there are none in private collectors hands? Which makes more sense?
No private citizen possesses a 1934 large denomination gold certificate, they were and still are illegal to own, sell or buy. If you still think this is not correct (and have no desire to look at a currency guide) then maybe you can tell us, via a recorded auction, what any of these have sold for previously. Here is a clue, there are none.
Originally posted by bigfatfurrytexan
Wait...but the premise of this is that the box was obtained from a person who might have the ability to, in 1934, handle these notes. A high ranking banker type. It would be the same type of person to possess a "Bluebook" copy.
www.courthousenews.com...
Originally posted by bigfatfurrytexan
Wait...but the premise of this is that the box was obtained from a person who might have the ability to, in 1934, handle these notes. A high ranking banker type. It would be the same type of person to possess a "Bluebook" copy.
It is important to understand that $100,000 Gold Certificates (like the one pictured) were intended for use in FISCAL CHANNELS ONLY. They were never issued for general circulation. The notes are strictly government property and are not legal to collect or own.
Of the 42,000 notes printed, there are no notes outstanding. In other words, all the notes that were printed are accounted for. The note pictured above for example is housed at the Federal Reserve Bank of San Francisco. It is genuine, and is one of only a handful of survivors. The vast majority of 100K notes have been destroyed. Other examples can be seen from time to time when the Bureau of Engraving and Printing sets up their displays at major coin and currrency shows. The Display generally consists of an entire sheet of perforation cancelled one hundred thousands. Quite a site if you've never seen this before. All remaining survivors (like the examples mentioned above) are institutionalized. None are in public hands.
To reiterate: These notes were never issued to the public. Even if they were, all surviving examples are accounted for and each one of those surviving notes is in Government hands. Therefore, these notes can not, and do not exist within the general population. - If you think that you have a genuine $100,000 Gold Certificate, I assure you that it is not genuine. Any such items that are in public hands are play money, and not genuine United States currency. Such copies have no monetary value and cannot be redeemed. I apologize in advance to readers who find this information unfavorable. source
ALL 1934 series gold certificates (the orange-colored notes) in large denominations ($500, $1,000, $5,000, $10,000 and $100,000) are illegal to own.
Originally posted by loveguy
We had 4.2 billion for all the world banks to trade between each other, in 1934?
Originally posted by AugustusMasonicus
Originally posted by loveguy
We had 4.2 billion for all the world banks to trade between each other, in 1934?
No, just the twelve Federal Reserve Banks. It really is not that much considering it was supposed to be used to buy back all the gold from the Federal Reserve and transfer it to the Treasury.
Federal Reserve notes are not redeemable in gold, silver, or any other commodity. Federal Reserve notes have not been redeemable in gold since January 30, 1934, when the Congress amended Section 16 of the Federal Reserve Act to read: "The said [Federal Reserve] notes shall be obligations of the United States….They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank." Federal Reserve notes have not been redeemable in silver since the 1960s.
The Congress has specified that Federal Reserve Banks must hold collateral equal in value to the Federal Reserve notes that the Federal Reserve Bank puts in to circulation. This collateral is chiefly held in the form of U.S. Treasury, federal agency, and government-sponsored enterprise securities.
Originally posted by loveguy
I'm uneducated in this respect so forgive my ignorance while asking you this...?
Is US currency still backed by gold?
So, not only are they (OPs) fake, even if they were real---
Would they be worthless?
Originally posted by OrphenFire
Okay. To my understanding, they are not TECHNICALLY illegal to own. But they would have been illegal to ACQUIRE. After gold certificates became legal to own again in 1964, that applied to series 1934, too. However, there was never a legal way to acquire the uncirculated notes (and as you said, none of the 1934's were ever put into circulation or released publicly).
1934: similar to above, gold back, for bank use only to settle gold balances. "As authorized by law" replaced "in gold coin" in the promise to pay. Still not legal to privately own. source
The Gold Reserve Act of Jan 31, 1934 recalled all Gold Certificates only months after they had issued many of them, and made withholding any of them a crime. On April 24, 1964, this restriction was lifted for collectors' sake, but only applied to certificates issued on or before Jan 30, 1934. Gold Certificates released after Jan 30, 1934 are illegal to own still to this day. source
not private banks
Originally posted by Komodo
hmmmmmm.....
and you're saying the Fed isn't a private bank ??
Originally posted by Komodo
right... it's not about the $$$$$$$ ... it's about the men/people who are in the book.. the $$$$ is a side point.. isn't.
Originally posted by AugustusMasonicus
To me if they are stupid enough to try and hoax $100,000 gold certificates which were never circulated then what else was fabricated.
I was a rare currency specialist for a very prestigious auction house in Dallas, TX. Those bills and that box look like the real deal.