1928 US Bills...

1928 was an interesting year for US bills. The variety is overwhelming. It was the first year of the small sized notes and the last year of gold certificates and "redeemable in gold on demand" verbiage. People's wallets, at least their bill contents, must have been fascinating. I don't have any great rarities, but, over the last few years, I've put together a modest set of denominations ranging from $1 to $20. The gold certificates, though not gorgeous, are "good enough" for me. The $50s and above start getting really pricey, even for average specimens, so I probably won't explore any further. But enough variations exist in the lower denominations to keep anyone busy for a while. If only that legal tender $1 red seal didn't come with such a premium.



Post your 1928s!

 

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You've got a good variety of types there, Legal Tenders, FRN and SC/GC. My only 1928 is the $20 GC. They most certainly don't make them like that now!

I wouldn't feel too bad about the $1 LTN since most were released in Puerto Rico - not in the US as I recall.

 

U.S currency now a days is so boring
no color and no story

 

Unlike coins, they kept the date series even after the calendar advanced -- I never understood that. Why did they do that ?

Here's a 1928 note I bought years ago, a Silver Certificate, not sure what I paid for it. I think I have more stashed in my safe, will check and report back.

 

Looks under graded to me, at minimum a 67 centering is better then a 66 to me having over 25 years in grading paper money.

 

If you mean why the dates on the bills have no pattern in their dates, or why didn't they just increment sequentially year by year, my understanding is that the years changed when one of the people who signed the bills changed, such as the Treasury Secretary or the Treasurer. That's why the 1964 "Barr notes" came and went so quickly. LBJ appointed Barr during the end of his presidential term and when LBJ left office, Barr was also replaced, so new bills were issued when the new administration started.

That's my understanding, at least. Others probably know more or have further details.

 

Another 1928 that I have. I really like the high-50's bills because even though they do have a crease/fold or two....their eye-appeal is usually better than bills in the low-60's. Unless you know HOW to look for the defect that got the bills below PMG-60 you'd swear the lower-gradeds were undergraded.

Not unlike some of the AU-58 coins with the slightest bit of rub on a high point and otherwise clean fields/devices and being 4-5 grades lower than a heavily-bag marked MS coin.

 

Most of the time you will find A/U 58,s
almost perfect, as with most CH/CU
the proof is in the boarders this allot of
the time determines the grade and is the first thing you look at.

 

Why does the 2 dollar bill have a different signature

 

Wish I had a change to collect mostly the reverse art. Old bills are amazing

 

That is a well printer 5

 

Ok, I'll play. None of mine are graded though.

 

Whaaaa? I would argue today's money in the US is more colorful than before. It may not be as memorable yet, but you can't say it's not colorful.

 

That is a nice selection of different colored seals by the OP. That is one thing that I like about small size, all the different seal combinations.
If you added one more year to 1929, you could add nationals, and a brown seal.

 

The change in the verbiage on debts/legal tender on the left side of the bills is fascinating. I never realized some of the notes were NOT good for custom duties and interest on the national debt !!

Does anybody havea good numismatic journal article that goes into all the different legaleses on the bills...what they meant...why they changed....etc ?

For instance, the language on the FRN talks about redeeming it for gold at the Treasury -- huh ? The Fed is saying pick up your gold at the Treasury ? Why not a FRB ? And aside from the color, how is that not sort of a "gold certificate?"

 

Honestly, I doubt John and Jane Q. Public cared. Money was money.

Until it wasn't (cue.: ominous music, darkening clouds in the sky - the depression looms)

Spiffy new gold coins were popular for gifts, but were quickly turned into spending money. Whether a given bill was specifically exchangeable for gold or not, people of means could always turn it in at a bank for gold.

$2.50 is roughly worth $45 today.

If your crazy rich aunt gives you $50 in holiday money today, what happens? Mom makes you put $20 into your savings account and you blow the remaining $30 on whatever.

 

This is what I find so fascinating about the 1928 series, the last series printed before the 1934 Gold Reserve Act. Did people actually turn in their "certificates" for metal? Probably, because the US Treasury had a room called "The Treasury Cash Room," in which, according to the Treasury's own site, "services were also offered to the public, including cashing of government checks, exchanging new money for old, redeeming silver certificates and gold certificates, and selling U.S. Treasury bonds."

So the government, at least, apparently expected people to turn in their paper for metal or at least considered it possible. Other sources I've read add that gold didn't really seem to circulate much in everyday financial transactions. Given that, making such an exchange might seem superfluous to many people. I think the entire point was that one could, in principle, make such an exchange and that gave confidence and weight to the value of the currency under the gold standard. In other words, the paper could convert into gold whether or not it made sense to actually do so. The practicality, at least for many people, probably remained questionable. But that past reality, and how the government worded its execution, makes early US paper money fascinating.

 

Interesting, I have not heard this before, but that might explain their relative high prices. Another forum had a discussion about these notes and one of the posts said:

"It is my understanding that the 1,872,012 Series 1928 $1 USN's which were printed in 1933 were not released into circulation until the recession of 1948 - 1949, and then were mostly released in Puerto Rico to avoid sorting problems at the Federal Reserve Banks on the mainland."

The "Red Book" of US Paper Money, the only US paper money book I have, makes no mention, at least none that I can find, of Puerto Rico and the 1928 $1 Red Seal. So I've never heard any of this before.

A little more searching and the US $1 Wikipedia says:

"In 1933, Series of 1928 $1 United States Notes were issued to supplement the supply of $1 Silver Certificates. Its Treasury seal and serial numbers were red and there was different wording on the obverse of the note. However, a month after their production, it was realized that there would be no real need for these notes and production was stopped. A small number of these $1 bills entered circulation and the rest were kept in Treasury vaults until 1949 when they were issued in Puerto Rico."

So, apparently these 1928 bills were not actually printed in 1928, but in 1933. And most didn't even circulate until the late 1940s. Wow. Another source mentioned that the majority of these specimens circulated heavily, so decent examples remain pretty tough to find and demand even higher premiums. I'm starting to understand this type's popularity and relatively high prices. It almost qualifies as a "novelty note." Interesting. Thanks for leading me down this path.