5,000 francs type 1934 Victoire

New sales record for a current but graded banknote!

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Graded banknotes popular?

A 5,000 francs type 1934 Victoire banknote (Ref. Fayette-Dessal: # F.46.08 or Pick: # 97a) dated "20-07-1939", numbered "Y.237-184" and slab "PMG 64 Choice Uncirculated" realized the price of $ 601 (€ 510) on ebay on July 25, 2020 (eBay item number # 224084818429).



This is the second time this year that a note dated "20-07-1939" has reached such a high price after the record set at $ 1225 for the copy "Y.237-672" and graded "PMG 66 Gem UNC EPQ”! We would like to point out that this reference is only listed at € 180 in AU grade and is not listed at all in UNC grade (1) because these banknotes all have a pinhole! The date is made up of 24 alphabets divided between the alphabet "229" and the alphabet "252" and 166 copies are currently listed in the inventory (2), ie the second largest number of banknotes after the 171 copies of the date of "18-03-1943" (Ref. # F.46.49).

The outcome of the sale was skewed by ghost auctions and by the fact that the note is certainly pinned. But we still noticed a premium for graded notes. Following this sale and out of curiosity, we therefore analyzed the 177 sales archives available on Numizon.com for this banknote of July 20, 1939 and more particularly for the alphabet "Y.237", of which you will find a summary of the 45 known copies in the table below:

P-097a / F.46.08Y.237-031PCGS 63 Choice New$ 3602018Stack's Bowers (lot #31166)
P-097a / F.46.08Y.237-045AU€ 2052014cgb.fr (lot #p28_0270)
P-097a / F.46.08Y.237-047AU€ 180?cgb.fr (lot #b94_0339)
P-097a / F.46.08Y.237-052XF/AU€ 2172003cgb.fr (lot #p03_0923)
P-097a / F.46.08Y.237-063AU€ 180?cgb.fr (lot #b94_0340)
P-097a / F.46.08Y.237-064XF/AU€ 160?cgb.fr (lot #b94_0439)
P-097a / F.46.08Y.237-065AU€ 180?cgb.fr (lot #b94_5490)
P-097a / F.46.08Y.237-089AU€ 180?cgb.fr (lot #b62_1904)
P-097a / F.46.08Y.237-131UNC (w/o pinholes!)€ 2312019Sincona (lot #6209)
P-097a / F.46.08Y.237-135XF/AU€ 1502004cgb.fr (lot #b37_2602)
P-097a / F.46.08Y.237-164AU€ 180?cgb.fr (lot #b94_6870)
P-097a / F.46.08Y.237-172AU€ 180?cgb.fr (lot #b94_1023)
P-097a / F.46.08Y.237-173XF/AU (pinholes)?2020cgb.fr (lot #4400231)
P-097a / F.46.08Y.237-184PMG 64 Choice UNC (w/o pinholes!)$ 6012020ebay (lot #224084818429)
P-097a / F.46.08Y.237-187AU€ 2102018cgb.fr (lot #4230121)
P-097a / F.46.08Y.237-206AU€ 2472005cgb.fr (lot #p07_0221)
P-097a / F.46.08Y.237-207AU€ 146,502001cgb.fr (lot #p02_1188)
P-097a / F.46.08Y.237-241XF/AU (pinholes)€ 912018cgb.fr (lot #4240143)
P-097a / F.46.08Y.237-261AU€ 1002019cgb.fr (lot #4340059)
P-097a / F.46.08Y.237-272AU€ 1802006cgb.fr (lot #b43_3271)
P-097a / F.46.08Y.237-295AU€ 1102018cgb.fr (lot #4260086)
P-097a / F.46.08Y.237-362UNC (w/o pinholes!)€ 4162020Numizon (lot #233965)
P-097a / F.46.08Y.237-380AU€ 1802007cgb.fr (lot #b47_0862)
P-097a / F.46.08Y.237-392XF/AU€ 1612001cgb.fr (lot #p02_1188)
P-097a / F.46.08Y.237-402AU (pinholes)€ 1802008cgb.fr (lot #p11_0333)
P-097a / F.46.08Y.237-405AU€ 1502015cgb.fr (lot #4030149)
P-097a / F.46.08Y.237-414AU€ 1652014cgb.fr (lot #p27_0343)
P-097a / F.46.08Y.237-415AU€ 2302010cgb.fr (lot #p17_0237)
P-097a / F.46.08Y.237-529AU€ 180?cgb.fr (lot #b95_5966)
P-097a / F.46.08Y.237-582aUNC (w/o pinholes!)€ 1802020Auktionshaus Christoph Gärtner (lot #8507)
P-097a / F.46.08Y.237-670AU+€ 1652015cgb.fr (lot #4020159)
P-097a / F.46.08Y.237-672PMG 66 Gem UNC EPQ$ 12252020ebay (lot #223840922954)
P-097a / F.46.08Y.237-680PCGS 64 Choice UNC (pinholes)€ 1402019Gadoury (lot #16)
P-097a / F.46.08Y.237-699About UNC?2016International Coin Exchange Ldt (lot #295)
P-097a / F.46.08Y.237-707AU€ 1772014cgb.fr (lot #p29_0314)
P-097a / F.46.08Y.237-725AU€ 2182013cgb.fr (lot #p25_0238)
P-097a / F.46.08Y.237-727AU€ 180?cgb.fr (lot #b94_5491)
P-097a / F.46.08Y.237-787AU€ 1502002cgb.fr (lot #b30_2784)
P-097a / F.46.08Y.237-792PCGS 64 Very Choice New (pinholes)$ 6502020Numizon (lot #128877)
P-097a / F.46.08Y.237-797AU€ 180cgb.fr (lot #b94_2376)
P-097a / F.46.08Y.237-804AU€ 1952010cgb.fr (lot #p16_0358)
P-097a / F.46.08Y.237-862AU€ 180?cgb.fr (lot #b72_1730)
P-097a / F.46.08Y.237-950AU€ 180?cgb.fr (lot #b94_2377)
P-097a / F.46.08Y.237-983AU€ 1862011cgb.fr (lot #p21_0457)
P-097a / F.46.08Y.237-993PMG 64 Choice UNC (pinholes)?2017Spink (lot #63)

A banknote regularly on sale for 20 years!

By observing the figures collected, we can see that this note has been regularly put on sale for almost 20 years for an observed average price of € 165 (3). Finally, the regularity of the list of numbers suggests a very big find of at least 1000 banknotes in AU or almost AU? And as it is unlikely that this note could exist in UNC grade, be careful when you are offered a note marked as such!

Banknotes on sale

3 notes dated 20-07-1939 are currently available for sale. Here is the list:

  • Y.237-173 at the starting price of € 100 at cgb.fr, Internet Auction Banknotes of August 2020, lot #4400231,
  • Y.237-362 for sale at $ 490 on ebay through Numizon (lot #233965),
  • Y.237-792 for sale for $ 650 on ebay through Numizon (lot #128877).


(1) « La cote des billets », 2019 edition by MM. Claude Fayette and Jean-Marc Dessal (cf. pages 278 to 281).
(2) Source : Kajacques numismatique.
(3) The 7 banknotes numbered Y.237-031, Y.237-173, Y.237-184, Y.237-362, Y.237-672, Y.237-699, Y.237-792 and Y .237-993 were not included in the calculation of the average price for a number of reasons (graded note, unknown sale price, banknote currently on sale or record price achieved that could distort the result of the calculation).


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