United States 1928 1000 Dollars P# 426 Very Fine (Repaired Tear)
The 1928 $1,000 is far rarer than those dated 1934.
$3,500.00
1 In Stock
Recent Sales in this Category
United States 1928 1000 Dollars P# 426 Very Fine (Repaired Tear)
Front: President Grover Cleveland at centre, denomination in each corner
Back: Denomination at centre and in each corner
Serials: L 00020259 A
Federal Reserve Branch: San Francisco / California
Signatures: Woods / Mellon
The 1928 $1,000 is far rarer than those dated 1934.
Large denomination notes such as this were primarily intended for large transactions between banks and financial institutions, as the general public rarely handled such high denominations.
In 1928, $1,000 had the equivalent purchasing power of approximately $17,000 to $18,000 in 2024 dollars, adjusted for inflation.
To put this into perspective:
1. Housing:
• The average cost of a home in 1928 was around $2,500 to $3,000, meaning a $1,000 note could cover roughly a third to half of a home’s cost.
2. Automobiles:
• A new Ford Model A, a popular car in 1928, cost about $385, so a $1,000 note could buy two cars and leave you with change.
3. Daily Essentials:
• A loaf of bread cost around 10 cents, meaning $1,000 could buy 10,000 loaves of bread.
• Gasoline averaged around 21 cents per gallon, so $1,000 could purchase nearly 4,800 gallons of fuel.
4. Education:
• Annual tuition at prestigious universities like Harvard was about $400, so $1,000 could cover over two years of tuition.
5. Labor Wages:
• The average annual salary for a worker was approximately $1,300, meaning $1,000 was nearly a year’s wages for many people.
This particular note has great paper - the white remains reasonably bright and the intaglio colours remain vivid. The note exhibits a reasonable degree of folding, there is a decent tear in the top edge that runs well into the design.
This is an affordable example of a truly rare and historic US note.
SKU: 214361
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| SKU | 214361 |
| Shipping Weight | 0.0200kg |
| Shipping Width | 0.215m |
| Shipping Height | 0.001m |
| Shipping Length | 0.140m |
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