Why Two Different Portraits on the 2006 $5

I just know that this has probably been discussed a million times, but I tried to search the posts and came up with zero. So here goes:

$5 bills from 2003 and 2006 have Lincoln's picture smaller and within an oval. And here's my confusion, also, there are 2006 $5 designs in which Lincoln's portrait is enlarged and is no longer within an oval.

Are the bills with the oval (I assume an older design) more collectible than the newer versions with the upgraded anti-counterfeiting measures? Thanks for your answers. I hope I haven't disproved the idea that there are no stupid questions. Jack

 

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It shouldn't be confusing. They simply changed the design. I'm not familiar with the values/demand between these two, but for the most part the older design is usually more desired by collectors. Since these series were the transition, it's possible that some 2006 runs are more desired. You would have to study the print run numbers and sale prices.

 

Endeavor - Thanks. That was my guess, but I needed to know for sure. I appreciate you taking time to help. Jack

 

1995 was the last series $5 with the small Lincoln portrait. Series 1999, 2001,2003,2003A, and early 2006 the Lincoln portrait was larger and bordered within an oval. The early 2006 $5's were only printed for 6 months before the BEP introduced the new design with a pink hue and removed the oval border around Lincoln's portrait. The early 2006 $5's were only issued for 3 districts, Atlanta, Chicago, and Minneapolis. No star notes were issued.

All $5's, $10's, $20's, and $50's transitioned to a new "Colorized" design around this time period, with the $100 being the last to change. As far as values go, I believe it is still to early to tell how many uncirculated examples of the early $5's survived. The BEP only printed 409 million of them compared to over 2 Billion of the later 2006 series. Checking prices realized for both early and late 2006 $5's show the late 2006 $5 star notes are selling for more than the early 2006 series, although the early 2006 $5's had uncut sheets printed that sell pretty good.

 

Steve - Thanks very much for the in-depth answer. I'm in California and was surprised to grab a couple of the early 2006 $5 notes from circulation. I don't regularly collect notes, but these caught my eye and so I snagged them.

It sounds like it's too early to determine any market for the early 2006 version. But, according to the great information you've shared with me, it sounds like there might be a potential for them sometime in the future. My best regards, Jack

 

Here is what the Non-colorized version looks like....:

 

VB - Thanks for spending time to provide such excellent photos. You have a really outstanding photo set up. Great pics. Jack

 

I saw this as an anomaly back in 2008-2009 and bought as many uncirculated examples of early 2006 $5 notes and sheets as I could get my hands on.

 

I hope your "Spidey" sense pays off for both of us. Jack

 

Series 2006:

 

Thanks for information, I sometimes miss out on just simple differences.

 

This has happened several times with coins - see 1909 Indian Head Cent and 1909 Lincoln Cent.

The mint (or in this case the Treasury) sometimes changes designs mid-year.

In the case of paper money, it doesn't go by year, but rather by series. Notice how it went from 2003A to 2006 for 5 dollar bills, and didn't change years until 2009.

So the green 2006 bills are likely from 2006 and the earlier part of the 2006-2009 series run, while the others are from a later date within the run.

I always keep the green ones just because they're getting so much harder to find now.