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The 1934A $100 Federal Reserve Note graded Choice Uncirculated 64EPQ by PMG is an exceptionally well-preserved and visually impressive example of a high-denomination U.S. banknote issued during the transformative years of the Great Depression and its aftermath. This note, produced in the wake of sweeping monetary reform under President Franklin D. Roosevelt, reflects the transition from gold-backed currency to the modern fiat system. With its classical design, historical context, and Exceptional Paper Quality designation, it stands as a coveted piece of numismatic and economic history, offering both aesthetic beauty and collector-grade preservation.
The Series 1934A $100 Federal Reserve Notes were introduced following the Gold Reserve Act of 1934, which removed the gold redemption clause from circulating paper currency and prohibited the private ownership of gold. The legal obligation on this note reflects the shift: “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.” The removal of any reference to gold marked a major turning point in U.S. monetary policy, and the 1934A series embodies this new fiat currency era. Though the note was no longer exchangeable for gold, it still carried the full backing of the federal government and the Federal Reserve System, helping to rebuild public confidence in paper money during an economically uncertain time.
The obverse design of the note features a commanding portrait of Benjamin Franklin, one of America’s Founding Fathers and a widely respected symbol of innovation, diplomacy, and civic responsibility. Franklin’s likeness, facing right, is rendered with remarkable detail, surrounded by ornamental scrollwork and classical border designs. The black Federal Reserve District seal is placed to the left of the portrait, while the green U.S. Treasury seal appears to the right. The serial numbers, printed in dark green ink, are positioned in the upper right and lower left corners. In PMG 64EPQ condition, these features remain exceptionally bold and clear, with deep inking and near-perfect alignment.
The reverse of the note displays an intricate and finely engraved image of Independence Hall in Philadelphia, the site where both the Declaration of Independence and the U.S. Constitution were debated and signed. This historic building is depicted in a detailed landscape, framed by inscriptions that read “THE UNITED STATES OF AMERICA” at the top and “ONE HUNDRED DOLLARS” at the bottom. The large numeral 100s in each corner and stylized scrollwork provide balance and symmetry to the layout. In this grade, the reverse is crisp and vibrant, with all engraved elements remaining sharp, clean, and free of any visual distraction.
PMG’s grade of Choice Uncirculated 64EPQ signifies a note that has never been in circulation and exhibits outstanding quality, falling just shy of Gem Uncirculated due to a minor handling mark or a slightly off-center margin. The EPQ designation—Exceptional Paper Quality—adds further confidence by certifying that the paper is wholly original, unaltered, and free of pressing, cleaning, or chemical treatments. The note retains its natural wave, embossing, and brightness, all of which are key traits for collectors who value originality and authenticity alongside condition.
The 1934A $100 Federal Reserve Notes were printed for all twelve Federal Reserve Districts. Each note carries a black seal and corresponding letter indicating the issuing district, ranging from A for Boston to L for San Francisco. While these notes were widely circulated, especially among banks, businesses, and financial institutions, their large denomination meant that relatively few were retained by individuals during their time of issue. As a result, high-grade, uncirculated survivors—particularly those certified with EPQ by PMG—are increasingly sought after by collectors today.
As a $100 note from the 1930s, this piece holds exceptional historical relevance. It represents not only a financial instrument but also a symbol of America’s economic stabilization following the turmoil of the banking crises and the collapse of the gold standard. These notes were trusted by institutions to conduct large transactions and were often held in bank reserves. Their role in commerce during the Depression and wartime years underscores their importance in American economic development and recovery policy.
For collectors, a PMG 64EPQ example of the 1934A $100 note presents an excellent value proposition. While not as rare or costly as a Gem 65 or Superb Gem 66 example, a 64EPQ note still exhibits nearly flawless eye appeal, full originality, and strong detail. The certification ensures that the note meets the rigorous criteria of the market's leading paper money grading service. It appeals to collectors building type sets, assembling full Federal Reserve district collections, or focusing on Depression-era fiscal history through original notes of significant denominations.
Beyond its numismatic value, the 1934A $100 note is a cultural and artistic artifact. The classic design elements, with their clean symmetry, bold engraving, and historic imagery, are a testament to the era’s commitment to craftsmanship and national symbolism in currency. The engraving of Independence Hall complements Franklin’s portrait on the front, linking the note’s physical beauty with the ideals of American independence, unity, and democratic governance.
The Certified 1934A $100 Federal Reserve Note graded Choice Uncirculated 64EPQ by PMG is a high-denomination collectible of exceptional appeal and historical weight. With its original paper integrity, sharp engraving, and association with one of the most consequential eras in U.S. economic history, it serves as both an aesthetically refined artifact and a compelling acquisition for the informed collector. Whether held as part of a long-term collection or a tangible piece of Depression-era monetary legacy, it offers both visual distinction and enduring significance.