Bidding already at $5,500 for extremely rare double serial number error $5 note

Certified by Professional Coin Grading Service, this banknote has mismatched serial numbers and also some serial number digits are missing

Bidding has reached $5,500 for a strange Federal Reserve $5 note which was discovered by alert collector Alex Allis who submitted the weird error to Professional Coin Grading Service (PCGS). Bidding on the note with both mismatched serial numbers and multiple missing serial numbers will be closed on Sunday June 26at LargeCollections.

“Mistakes like this just don’t happen every day,” remarked the president of PCGS Stephanie Sabin. “Our graders were stunned when they found this remarkable error had occurred. It speaks volumes about the trust collectors place in our grading and error diagnosis team that PCGS was a priority for Ms. Allis during of his discovery of this incredible piece.

“I was a coin collector for many years,” says Allis, who said she started rummaging through banknotes during the pandemic when coin shortages stemmed the flow of coins for her to skim through. “The banks would give out a thousand $1 bills but not a single roll of coins. I kept my dollar bills that I received change in a separate box, but when I put the $5 in the box, it demanded my immediate attention.

She remembers this specimen of error feeling to the touch, just like a brand new bill.

“I watched it a thousand times. I checked all the usual signs of invoice authenticity. Of course, I didn’t sleep that night!

Recounting a flurry of runs that led her to land that unusual $5 error note, Allis notes, “That day, I went to the bank, the grocery store and a convenience store. I can’t be sure which establishment I received the bill from, but I assume it’s the convenience store.

She submitted the error grade to PCGS due to her positive impressions of the third-party grading company for attending coin shows.

“I chose PCGS because it’s the premier rating service. I’ve attended shows in the past, and everyone was happy to help out and build excitement for the collections.

Allis says that throughout the pandemic, she has tried to spark an interest in her children, which could lead them to study and collect coins and banknotes.

“Although I’ve had coins and change put away, the pandemic has reminded us all of how fragile life is – and how would my kids know what to do with my collection? They’re totally engaged now !

Almost a decade ago, the Bureau of Engraving and Printing (BEP) introduces new state-of-the-art banknote production equipment to increase production and strengthen quality control. Great review and printing equipment (Where LEPE systems, as they are called) were installed at both BEP facilities to increase Overprinting and Currency Processing Equipment (COPE) system capacity. This $5 error note in question is a product of the relatively new LEPE system, which was just approved for production of the $5 denomination in 2019.

With new technology comes the potential for generating new and mysterious errors, as evidenced here. Research into the complicated technical specifics that created the error note continues, although it has been determined that a configuration problem with the LEPE system was fundamentally to blame. While it is not yet certain whether this configuration glitch is digital or mechanical, accidental or intentional, or something else, what is still abundantly clear is that this type of $5 error is guaranteed to cause jaw-dropping, jaw-dropping, head-scratching reactions everywhere. It’s okay.

Laura J. Boyer