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The 1934A $5 Mule Silver Certificate graded 64PPQ by PCGS is a fascinating and highly collectible piece of American currency that combines historical significance, exceptional condition, and a sought-after printing anomaly. Mule notes—those created using mismatched back and face plates from different series—are a key area of interest for advanced paper money collectors. The 1934A $5 Silver Certificate Mule stands out not only because of its rare mule variety but also because it has been preserved in Choice Uncirculated condition with Premium Paper Quality (PPQ), making it one of the most desirable examples available of mid-20th-century U.S. silver-backed currency.
Silver Certificates were a form of U.S. paper money first introduced in the late 19th century, originally redeemable in silver dollars and later in silver bullion. By the time of the Series 1934 and 1934A issues, these notes served as a key part of the American money supply, trusted by the public due to their explicit promise that they were backed by silver held by the U.S. Treasury. The 1934A series was printed during a tumultuous economic time following the Great Depression, and these notes continued to circulate well into the 1950s, remaining redeemable in silver until June 24, 1968.
The obverse of the 1934A $5 Silver Certificate features a bold portrait of Abraham Lincoln, taken from a design by Bureau of Engraving and Printing engraver Charles Burt. The portrait is surrounded by classic engraving flourishes and bordered by the inscriptions “Silver Certificate,” “The United States of America,” and “Five Dollars.” The most notable textual feature is the statement below the seal: “This certifies that there is on deposit in the Treasury of the United States of America five dollars in silver payable to the bearer on demand.” The Treasury seal and serial numbers are printed in vivid blue ink, distinguishing this note as a silver certificate rather than a Federal Reserve Note.
What makes this note a “Mule” is the pairing of a face plate from the 1934A series with a back plate originally used for the 1934 series. Mule notes typically arise during periods when printing plates from two different series are used together, often during transitions or due to printing economy. For this particular issue, the Mule variety is identified by a small back plate number of 930 or lower on a 1934A face—an indicator that an earlier back plate was used on a newer series front. Such notes were not recognized by most collectors until the 1960s and 1970s, but they have since become highly desirable for their rarity and historical printing significance.
The reverse of the note showcases the classic Lincoln Memorial design, rendered in high detail with bold architectural lines and clean symmetry. The engraving remains unchanged from earlier series and prominently features the denomination “Five Dollars” in each corner and in large text across the bottom. This back design was created to emphasize both security and authority in American currency and has remained a favorite among collectors of pre-small size notes. On this mule example, the back plate number located near the lower right corner of the note’s reverse is the telltale feature confirming its mule status, specifically when paired with the correct face plate numbering.
Graded Choice Uncirculated 64PPQ by PCGS, this note falls just short of gem uncirculated status but is nonetheless of exceptionally high quality. The “64” numeric grade indicates a note with sharp corners, strong embossing, and rich original color, marred only by very minor handling or a trivial printing flaw visible only under magnification. The “PPQ” (Premium Paper Quality) designation is particularly important—it confirms that the note exhibits original paper wave, strong ink embossing, and has not been pressed, cleaned, or otherwise altered. In the world of currency grading, PPQ notes command substantial premiums over non-PPQ counterparts at the same numeric grade.
The Bureau of Engraving and Printing printed millions of 1934 and 1934A $5 Silver Certificates, but the number of mule varieties—especially in high grades—is far lower. Most surviving mule notes are found in circulated grades, with only a fraction known in uncirculated or near-gem conditions. Mule varieties were not identified at the time of issue, meaning that most were spent into circulation and worn down long before collectors began actively seeking them. Today, Choice Uncirculated mule notes with PPQ are highly prized and relatively scarce, especially from certain block and plate combinations.
This note represents a convergence of collectibility factors: it is a Silver Certificate from a classic era of American currency, it is a mule—a printing curiosity that connects different production runs—and it has been preserved in top-tier condition, validated by one of the most respected grading services in the world. Such notes are often the centerpiece of type sets, mule variety collections, or Silver Certificate specialty albums. The premium nature of the 64PPQ grade ensures that the note will retain strong collector interest and market value over time.
Collectors often pursue mule notes across all denominations and series, and the 1934A $5 Silver Certificate mule is considered one of the most visually appealing and historically significant. While many collectors focus solely on star notes or low serial numbers, mule collectors value the behind-the-scenes story of the Bureau of Engraving and Printing’s evolving plate combinations. This particular note not only meets that curiosity but does so with outstanding visual appeal, offering full margins, sharp printing detail, and crisp, untouched paper.
In summary, the 1934A $5 Mule Silver Certificate graded Choice Uncirculated 64PPQ by PCGS is a rare and exceptional example of a transitional printing anomaly in U.S. currency history. Its bold Lincoln portrait, vibrant blue overprint, and beautifully engraved reverse speak to the craftsmanship of the era, while the mule plate combination and high-grade status offer collectors a premium item with both technical interest and aesthetic appeal. As one of the finest survivors of this variety, it makes an outstanding addition to any serious collection of U.S. paper money.