Looking back at the year thus far, as I write this in mid-November, we see a market that is still quite healthy from a collector perspective. Prices have certainly leveled off and we have not seen the surges that were commonplace from 2022 through 2024. The most important aspect is that even as prices for many popular types have come off their recently made highs, where they settled is still higher than the previous market cycle. Thus, we have the classic “stair step” market growth that marks other asset classes. The same can be applied to the world paper money market, although there are marked differences. It is challenging to determine the number of worldwide paper money collectors, but it seems from peripheral observations that after years of growth this number may have leveled off, or least did not expand as much as the prior four years. The number of auctions provide significant supply and small cracks are beginning to show in the middle of the market. Truly rare and spectacular world notes will continue to bring record prices, mainly because they were so hugely undervalued for such a long time. However, notes in the middle tier of the market, mostly in the $100 to $1,000 range show wavering demand. There are always exceptions, as the auctions held in Hong Kong are continually strong. The Stack’s Bowers October Hong Kong Showcase sale had a China 1953 10 Yuan graded PMG VF30 EPQ sell for $114,000 against a $50,000 high estimate, for example. There were many other notes in that particular sale that sold for more than $10,000. I personally think that 2026 is an important year for the world paper money market in light of heightened foreign exchange rate volatility and higher fees for cross-border transactions.

One of the final major sales of U.S. paper money in 2025 was the Heritage GACC Signature auction, with realized a total of $11.65 million from 2,144 lots offered. As will all Signature sales, the offerings were broad and featured many interesting items. Perhaps the most interesting was a run of packs of Fractional Currency that were originally stored at the National Bank of Athens, Georgia in the 1870s. The packs had resided in the vaults of this bank ever since, despite changes in location and ownership. The packs were all notes from the Fifth Issue in the denominations of 10 cents (Fr.-1266), 25 cents (Fr.-1309), and 50 cents (Fr.-1381). There were a pair of 50 cent bundles of 200 total notes each that lead the way, selling for $55,200 and $43,200. The two available 25 cent bundles were not far away, as they brought identical prices of $40,800. On a per-note basis, these prices represent a strong premium over a “normal” note, but the originality and rarity of an original pack justifies this. Looking at the GACC sale overall there were seven notes that sold for more than $100,000, with four of those being high denomination Federal Reserve Notes. The sale topper was a Series 1928 $5,000 FRN (Fr.-2220G) in a PCGS Banknote Choice Unc 64 PPQ holder which sold for $360,000. The equivalent Friedberg number, but a different note, in a PMG CU64 holder sold in January for $456,000. A further 194 lots sold for between $10,000 and $100,000. Also featured was a run of serial number 1 notes all from the San Francisco branch of the Federal Reserve. The top lot among these was a 1914 $100 Red Seal Federal Reserve Note (Fr.-1063a) at $186,000. Among many others, a lot that stood out in this sale was a PMG certified Superb Gem 67 Series 1907 $10 Gold Certificate (Fr.-1171) that realized $36,000. Sold as the finest known at PMG, just six months prior in April the same note sold in a PCGS Currency holder for $5,520. This illustrates the buyer perception when it comes to high grade U.S. paper money. Right or wrong, the results in the (virtual) auction room tell the story. This will be an ongoing theme in 2026, as the market becomes more selective and bifurcated.

As always, we thank all subscribers for their support throughout the year. We aim to make our two flagship paper money products, the Greensheet and The Banknote Book the industry standard for pricing and information. We are always appreciative of the feedback we receive and look to improve every year. On the Whitman Publishing side of things, keep your eyes peeled for upcoming paper money books to be released in 2026. We are working on some exciting projects!