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The 1934 $50 Federal Reserve Note graded *Choice Uncirculated 64EPQ* by PMG is a beautifully preserved example of U.S. currency issued during one of the most pivotal periods in American financial history. Introduced in the wake of the Gold Reserve Act of 1934, this note represents a departure from the gold standard and the full embrace of fiat money backed solely by the credit of the federal government. With its bold portrait of Ulysses S. Grant, clean symmetrical layout, and expertly engraved designs, this $50 note reflects the strength and confidence of mid-Depression era economic reform—and in 64EPQ grade, it delivers outstanding originality and condition for collectors and historians alike.
The Series 1934 notes were created in response to major monetary legislation during President Franklin D. Roosevelt’s administration. In particular, the removal of the gold redemption clause from U.S. paper money was a transformative shift in policy. On the 1934 $50 note, the obligation reads: “This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury, or at any Federal Reserve Bank.” This language replaced earlier gold-backed obligations and marks this series as a defining issue in America’s transition to fiat currency, making it of high historical significance.
The obverse features a finely detailed engraved portrait of Ulysses S. Grant, the 18th President of the United States and a towering figure of the Civil War era. Grant faces slightly right, captured in classical style within an ornate oval frame surrounded by scrollwork. To the left of the portrait is the black seal of the issuing Federal Reserve Bank, and to the right is the green U.S. Treasury seal. Serial numbers are printed in green ink and appear at the upper right and lower left. In PMG 64EPQ grade, all of these elements are sharply printed, perfectly aligned, and free of any smudging, ink bleed, or fading.
The reverse of the note showcases the east front of the United States Capitol, rendered in remarkable architectural detail. Surrounding the vignette are inscriptions “THE UNITED STATES OF AMERICA” above and “FIFTY DOLLARS” below, with large corner numerals in each corner. The engraving includes trees, landscaping, and the Capitol dome, all executed with the deep, rich texture characteristic of the Bureau of Engraving and Printing’s finest work. In this grade, the green coloration remains vibrant and uniform, and the engraving lines are clean and unbroken, indicating no sign of circulation or mishandling.
PMG’s *Choice Uncirculated 64EPQ* designation confirms that the note is in pristine, original condition. The 64 grade is awarded to notes with strong margins, excellent centering, bold printing, and no folds or creases. While it may fall just short of Gem status due to an extremely minor alignment or corner variance, it is visually indistinguishable from many 65-graded notes. The EPQ (Exceptional Paper Quality) label ensures the paper has not been pressed, cleaned, or altered in any way, and that its surface, embossing, and brightness are entirely as issued. This designation adds considerable value and desirability for collectors who prioritize original surfaces and unhandled quality.
The 1934 $50 notes were issued across all 12 Federal Reserve Banks, with each note bearing a district seal and corresponding letter prefix in the serial number. Though the series was widely printed, the $50 denomination was not as heavily saved as lower denominations, as it was typically used for high-value business or banking transactions. As a result, high-grade, uncirculated examples—especially those certified with EPQ—are substantially scarcer than their lower-grade counterparts. A 64EPQ note offers a perfect blend of top-end appearance and relative affordability compared to 65 or higher grades, making it highly sought after among collectors of Depression-era currency.
Historically, the 1934 $50 note circulated during a time of economic experimentation, recovery, and reform. With the Roosevelt administration enacting sweeping changes in banking, labor, and government oversight, this note served as a physical embodiment of the new financial order. It is a product of its time—designed to restore public confidence in paper currency and backed by a Federal Reserve System that had become the cornerstone of American monetary policy. Owning such a note is not just about aesthetics; it is also about holding a tangible artifact of a critical economic turning point.
Collectors of small-size U.S. notes value the 1934 $50 for its design, rarity in higher grades, and transitional monetary language. Its commanding presence, large format, and bold portrait make it a favorite among denomination set builders and type note collectors alike. The 64EPQ grade places this note within the top-tier of available examples, providing the appeal of Gem quality without the premium pricing. It is also highly appealing to those building Federal Reserve district sets or focused on notes with historical signature combinations or printing anomalies.
As a display piece, the 1934 $50 note impresses with its balance of strength and elegance. From the stoic image of President Grant to the sweeping lines of the Capitol reverse, it reflects the finest design principles of early 20th-century American engraving. The large denomination, rich color, and perfect paper condition enhance its visual and tactile impact. Whether framed or housed in a premium holder, a 64EPQ example commands attention and respect among seasoned numismatists and newcomers alike.
The Certified 1934 $50 Federal Reserve Note graded *Choice Uncirculated 64EPQ* by PMG combines artistic refinement, historical relevance, and investment-level preservation. With exceptional print clarity, paper originality, and full visual integrity, it stands as one of the most compelling representatives of Depression-era U.S. currency. Whether acquired to complete a Federal Reserve series, enhance a type note set, or serve as a museum-grade artifact of America’s economic evolution, this note offers lasting value, timeless design, and collector-grade excellence.