This Rare $10 Bill Is Legal Tender Today – But Collectors Value It At $3 Million

Among the ordinary currency in circulation, one particular $10 note stands out as both legal tender and a million-dollar collectible.

Known among collectors as the 1863 $10 Legal Tender Note, or the “Jackass Note,” this rare piece can fetch up to $3 million at auction if in exceptional condition. Let’s uncover what makes this bill so valuable, how to recognize it, and what influences its worth.

What Is the “Jackass Note”?

• The 1863 $10 Legal Tender Note earned the nickname “Jackass Note” due to an optical illusion: when viewed upside-down, Abraham Lincoln’s portrait appears to resemble a mule or jackass.
• These notes were issued during the Civil War as part of a new series of United States Notes—fiat currency introduced to fund war efforts.
• Despite their age, these notes remain legal tender, meaning they can still be used to pay debts, though their face value is far below what collectors would pay.

Why It’s So Valuable

The staggering value of up to $3 million comes down to a few key factors:

• Rarity: These notes were printed in limited quantities, and very few survived in high-grade condition.
• Condition: The value skyrockets for notes that are crisp, uncirculated, and well-preserved.
• Collector Demand: Historical designs and rarity make them highly sought-after in numismatic circles.
• Authentication: Proper grading and verification from trusted agencies add significantly to market value.

Rare $10 Notes Comparison

Here’s how the “Jackass Note” stacks up against other valuable $10 bills:

Note Type	Era/Issue	Legal Tender Status	Key Value Factor	Estimated Value
1863 “Jackass Note”	Civil War Period	Yes	Rare, unique illusion effect, condition	Up to $3 million
1880 $10 Legal Tender (Daniel Webster)	Late 19th Century	Yes	Extremely rare, historic design	High five-figure to six-figure
1923 $10 Star Note	Early 20th Century	Yes	Star note rarity, mint condition	Tens of thousands
1934–1957 Silver Certificates	Mid 20th Century	Yes	Condition, series variations	$2 to $4 (common); thousands if rare

Recognizing the “Jackass Note”

To spot a potentially million-dollar note:

• Look for clear “1863 Legal Tender” labeling and features of the Civil War-era design.
• Rotate the note—does Lincoln’s portrait appear to resemble a mule? That illusion defines the “Jackass Note.”
• Examine the condition—folds, tears, or discoloration drastically lower value.
• Seek authentication and grading from reputable numismatic agencies to confirm legitimacy and grade.

It’s Still Legal Tender

Thanks to U.S. law, even these historic notes remain legal tender—meaning they can settle debts despite being out of general circulation. Of course, spending one for $10 would be financially ill-advised given their true collectible value.

The 1863 $10 “Jackass Note” is a striking example of how ordinary money can become extraordinary. While it still holds legal tender status, collectors prize it for its rarity, historical quirks, and condition—qualities that can drive its market into the million-dollar range.

If you stumble upon one in your possession, you could be holding a remarkable piece of history rather than just spare change.

FAQs