Star Note - 1922 $10 Ten-Dollar U.S. Gold Certificate Large-Size Bank Note (PMG 12, NET)

Graded PMG 12 (Fine) NET. Please see the images for details on the condition of the bill.

The gold certificate was used from 1863 to 1933 in the United States as a form of paper currency. Each certificate gave its holder title to a corresponding amount of gold coin at the statutory rate of $20.67 per troy ounce established by the Coinage Act of 1834. Therefore, this type of paper currency was intended to represent actual gold coinage. In 1933 the practice of redeeming these notes for gold coins was ended by the U.S. government and until 1964 it was actually illegal to possess these notes. (In 1964 these restrictions were lifted, primarily to allow collectors to own examples legally; however, the issue technically converted to standard legal tender with no connection to gold.)

After the gold recall in 1933, gold certificates were withdrawn from circulation. As noted above, it was illegal to own them. That fact, and public fear that the notes would be devalued and made obsolete, resulted in the majority of circulating notes being retired. In general, the notes are scarce and valuable.

Star notes are used by the BEP (Bureau of Engraving and Printing) to replace misprinted/damaged currency before it goes into circulation. These replacement notes are printed just like normal notes, except there is a star printed in the serial number. They are used to maintain a correct count of notes in a serial number run. Star notes are more scarce than notes with a normal serial number, and as such, are widely collected by numismatists.

Due to the uniqueness of each item, please refer to the photos provided in this auction. We offer high resolution images of each item rather than a written description of condition.

This item is being shipped from the Pristine Auction warehouse.