Value of 1922 $10 Gold Certificate Bill

Series of 1922 $10 Gold Certificate – Hillegas Note

History:  It is hard to believe that large size ten dollar gold certificates were only issued in 1907 and 1922.  The United States first printed gold certificates in the early 1860s.  For some reason they never printed the ten dollar denomination until 1907.  We are specifically looking at the 1922 examples here.  It was of course also the last large size ten dollar gold certificate printed.  In 1928 paper money was changed to the size we are accustomed to seeing today.  The portrait of Alexander Hamilton was used instead of the virtually unknown Michael Hillegas.  Hillegas was the first treasurer of The United States.  Perhaps if Hillegas had died in a duel then he would be better remembered today.

Nickname:  To our knowledge there is not really a nickname for a 1922 $10 bill.  Some people might call it a Hillegas note in reference to the portrait of Michael Hillegas who appears on the front of both 1907 and 1922 bills.  Some new collectors reference the “sunburst” on the reverse of these notes.  However, that certainly isn’t an accepted nickname.  Sadly though, there is no catchy nickname for this note otherwise.  That is probably part of the reason why this issue isn’t terribly popular despite being really unique and different.

Other Facts:  All 1922 $10 gold certificates were signed by Speelman and White.  Interestingly enough, there is a small variety for the series.  Some notes have smaller serial numbers than the standard numbers.  The small serial number notes do command a slight premium, especially in higher grades.  The note we have pictured for the Very Fine grade has the small serial numbers.  The other examples have the standard size serial numbers.  All 1922 $10 bills should have a gold seal and serial number.  There is also a gold X on the left hand side of each bill.

Values and Grading:  Tens of millions of 1922 $10 gold certificates were issued during the short period they were in production.  When you are dealing with a massed produced issue like that the value really all comes down to condition.  Our grading guide below has a lot more information about condition, grades, and values.  We do need to mention that star notes were also printed.  Star notes are also relatively common (at least in terms of large size star notes).  Their value is also largely based on condition.  As with regular issues, any serial number under 100 commands a premium, and there are some low number notes out there.

Choice Uncirculated or Better:  From our experience, many 1922 $10 gold certificates are plagued with really tight upper and lower margins.  That means that it is difficult for these notes to grade much higher than about 65.  Anything grading as a gem uncirculated 66 or higher should be considered especially difficult to locate.  The grade of 63 to 65 is not uncommon.  As we said above, tens of millions of 1922 $10 bills were printed.  Hundreds have been saved in perfect condition.  It is pretty easy to find a nice example.  If you are building a collection you just need to be aware of some of the centering issues and wait for one that works for you.

This High Grade 1922 $10 Gold Certificate Should Be Worth $1,000

Extremely Fine to About Uncirculated:  We see lots of very nice 1922 $10 gold certificates, most of which aren’t quite good enough to be uncirculated.  Therefore, they fall into the XF or AU range.  1922 $10 bills in this range tend to have really great crispy white paper, or the note has been messed with somewhere in the past and the paper has been ruined.  Lots of unscrupulous dealers will take XF and AU notes, apply chemicals to them, and press them out so that they look nicer than they are.  However, a trained eye can easily spot that tampering.  The paper gets flat and slick and the rich colors can look a little bit washed out.  Most notes in this grade range sell for between $300 and $500.

Close Inspection Shows A Few Light Folds On This 1922 $10 Gold Certificate

Fine to Very Fine:  1922 $10 gold certificates can pretty much be bought at will in the grades of Fine 12 to Very Fine 35.  Prices range from about $90 to $250.  Prices for these notes have been about 50% higher in the past.  When the market was really strong there was a lot of demand for 1922 $10 bills.  Now that things have cooled some, most people are starting to remember that these are very common issues.  Expect to find folds, somewhat softer paper, and signs of light circulation.  Notes should still be fully intact and at least somewhat colorful and attractive.

A 1922 $10 Bill In The Fine/VF Grade Like This Should Sell For Around $125

Very Good and Lower:  1922 $10 gold certificates in this grade are going to be heavily circulated.  Sadly, most notes in this grade will have lost a lot of that color and visual pop that higher grade examples have.  You can usually buy a 1922 $10 bill in this condition for around $50, more or less based on eye appeal and condition issues that may or may not be present.

This 1922 $10 Bill Is Actually Pretty Nice For The Very Good Grade. Most Have Less Color.

Need an Appraisal or Offer?  We buy pretty much any and all 1922 $10 gold certificates.  Just send us an email with pictures of what you have available and I would be happy to make an offer.  We will respond quickly with our opinion.