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The 1922 $10 Gold Certificate graded AU58 by PMG (Paper Money Guaranty) is a stunning and highly desirable piece of U.S. currency history from the early 20th century. As one of the last large-size $10 gold certificates issued by the United States before the transition to small-size notes in 1928 and the eventual withdrawal of gold-backed currency in the 1930s, this note occupies a prominent place in numismatics. The AU58 grade signifies a note that is just shy of Uncirculated, with crisp paper, bright color, and only the faintest signs of circulation—typically a single light corner fold or touch of handling that keeps it from achieving Mint State status.
The front of the 1922 $10 Gold Certificate showcases an imposing portrait of Michael Hillegas, the first Treasurer of the United States, who served from 1775 to 1789. Hillegas is depicted in classical style, facing slightly right, with detailed facial features and a dignified presence. His name is inscribed beneath the portrait in small letters. The portrait is surrounded by a bold frame of intricate engraving and guilloché patterns, with the inscription “GOLD CERTIFICATE” across the top in large block letters. To the right of the portrait, the distinctive gold Treasury Seal is printed in rich orange-yellow ink, matching the overprinted serial numbers and denomination seals, which give the note its characteristic visual appeal.
Prominently featured in the center is the denomination expressed as “TEN DOLLARS IN GOLD COIN,” referencing the note’s original backing by gold held by the U.S. Treasury. The legal tender clause reads: “This certifies that there have been deposited in the Treasury of the United States of America Ten Dollars in Gold Coin payable to the bearer on demand.” This statement reflects the note's original convertibility to physical gold coin, underscoring the gold standard system under which it was issued. The text is surrounded by ornate scrollwork and flanked by large numeral “10” devices in gold ink on both lower corners.
The back of the note is equally striking, printed entirely in vibrant orange ink—a color unique to gold certificates and one of the main features distinguishing them from other contemporary currency types like Silver Certificates or Legal Tender Notes. The central inscription “THE UNITED STATES OF AMERICA TEN DOLLARS” is surrounded by elaborate scrollwork, with two large “X” numerals representing the Roman numeral for ten. The back design is symmetrical and fills nearly the entire note, leaving no wasted space and providing a bold visual experience. The vibrant orange reverse has earned gold certificates the popular nickname “Goldbacks” among collectors.
Physically, the 1922 $10 Gold Certificate is a large-size note, measuring approximately 7.375 x 3.125 inches. It was printed on high-quality rag paper made from cotton and linen fibers, which has helped many examples survive in excellent condition despite their age. The AU58 grade from PMG means the note is nearly flawless, with full originality, strong embossing, bright paper, and deep color saturation. Only minor evidence of handling—such as a corner tip fold or slight press—prevents a higher grade. This level of preservation makes AU58 notes a sweet spot for many collectors seeking top-tier eye appeal at a more accessible price than fully uncirculated notes.
The 1922 $10 Gold Certificate was part of the last issue of large-size gold certificates authorized under the Acts of March 14, 1900, and March 4, 1907. These notes were produced in large numbers, but their survival in higher grades is relatively limited due to their extensive circulation during a period when gold certificates were common in banking and commercial transactions. After 1933, during the Great Depression, the U.S. government discontinued gold redemption and recalled gold certificates from circulation under Executive Order 6102. Although it became illegal to redeem them for gold, these notes remained legal to own after the restrictions were lifted in 1964.
Collectors value the 1922 $10 Gold Certificate for its beauty, its color, and its direct connection to the gold standard era in U.S. monetary history. Hillegas, while a lesser-known figure than others featured on currency, represents the early American financial system and brings historical depth to the note. The bold orange and black contrast, combined with large-size engraving and detailed artistry, makes the note one of the most attractive types from the early 20th century. In AU58, it retains nearly all of its original brilliance and paper strength, offering visual impact equal to many uncirculated examples.
PMG’s encapsulation of the note ensures its authenticity and protects its condition. Notes graded AU58 by PMG are labeled as “About Uncirculated” with the precise numerical designation that indicates only the faintest wear under magnification. These notes are often chosen by advanced collectors looking for strong eye appeal without paying the premium for uncirculated grades. An AU58 example will often exhibit bold color, tight margins, and excellent centering, and may display original embossing, giving it much of the aesthetic charm of a Mint State note.
On the market, 1922 $10 Gold Certificates in AU58 are typically priced significantly above those in lower circulated grades such as VF or XF, due to the scarcity of notes with such minimal wear. While uncirculated examples (MS60 and above) command even higher premiums, AU58 offers a near-perfect presentation with only marginal handling, making it an appealing choice for budget-conscious collectors who still seek a pristine example. Notes with exceptional centering, fresh paper, and vibrant color often attract additional premium even within the same numerical grade.
In conclusion, the 1922 $10 Gold Certificate graded AU58 PMG is a magnificent and historically rich artifact from the golden era of U.S. paper money. Its bold design, vivid orange coloration, large format, and nearly uncirculated preservation combine to make it a highly desirable addition to any collection. As one of the most attractive and symbolic issues from the final chapter of gold-backed currency, it offers both aesthetic beauty and historical weight. Whether for its investment potential or its role as a tangible link to the gold standard, this note continues to shine brightly in the world of American numismatics.