The 1928 Red Seal $2 bill is one of the most recognizable and desirable pieces of U.S. currency. It marks the first time the United States introduced the modern small-size $2 note, replacing the earlier large-format bills.
Its bold red seal, crisp design, and limited surviving supply make it a popular item among both new and experienced collectors.
Over the years, this bill has seen a steady rise in value due to rarity, condition, and specific printing varieties.
A Closer Look at Its Design
The design of the 1928 Red Seal $2 bill highlights some of the most iconic features in early American currency:
Front Side
- A centered portrait of Thomas Jefferson
- A large, bright red Treasury seal
- Red serial numbers printed on both sides
- The label United States Note, identifying its legal tender type
- Black and green engraving elements
Back Side
The reverse displays a detailed engraving of Monticello, Jefferson’s Virginia estate. The artwork is carefully lined, showing architectural detail that collectors appreciate.
Paper & Size
- Made with 75% cotton and 25% linen
- Standardized modern currency size: 6.14 × 2.61 inches
These details make the bill visually distinct from both older and newer $2 notes.
Series Breakdown (1928 to 1928-G)
The 1928 Red Seal $2 bill was printed in eight official series, each defined by changes in Treasury signatures.
The series include:
- 1928
- 1928A
- 1928B
- 1928C
- 1928D
- 1928E
- 1928F
- 1928G
Certain series are extremely common, while others—especially star notes and mule varieties—are significantly harder to find.
Current Market Value
The value of a 1928 Red Seal $2 bill depends on several factors: overall condition, series letter, presence of a star symbol, and whether the note is a mule variety.
Below is the typical price range seen in today’s collector market:
Common Values
- Circulated bills: $5 – $175
- Uncirculated bills: $200 – $600+
Star Notes
Star notes replace spoiled sheets and were printed in smaller quantities, making them more valuable:
- Common star notes: Several hundred dollars
- Scarcer series like some 1928B or 1928C stars: Can reach thousands of dollars
Mule Notes
These were printed with mismatched front and back plates, making them a specialty variety:
- Mule notes often sell for noticeable premiums
Exceptional High-Grade Examples
Uncirculated notes with perfect paper quality, deep ink colors, and crisp corners can command significant collector premiums.
Why Some Notes Are Worth More
Collectors judge value based on a combination of features:
1. Condition (Grade)
This is the most important factor.
- Crisp Uncirculated notes (no folds or marks): Highest value
- Notes with heavy wear, tears, stains: Lower value
2. Star Symbol
A star at the end of the serial number increases rarity and value.
3. Series Letter
Some series, especially those with lower print runs, are much harder to find today.
4. Serial Numbers
Collectors pay extra for:
- Low numbers (e.g., 00000123)
- Repeaters (e.g., 34343434)
- Solids (e.g., 55555555)
5. Mule Varieties
These printing oddities attract specialists and often sell above standard price ranges.
Quick Reference
| Feature / Type | Description | Typical Value Range |
|---|---|---|
| Circulated Notes | Common wear, everyday condition | $5 – $175 |
| Uncirculated Notes | Crisp, no folds | $200 – $600+ |
| Star Notes | Replacement notes, low print quantities | Hundreds – thousands |
| Rare Series (e.g., 1928B) | Scarce in high grade | Higher premiums |
| Mule Notes | Plate-variety issues | Increased premiums |
The 1928 Red Seal $2 bill remains one of the most exciting and rewarding U.S. notes for collectors.
Its historical significance, attractive red seal, and wide range of rare varieties make it more than just a small-denomination currency—it’s a valuable piece of American monetary history.
Whether you own a circulated example or a rare star or mule note, this bill continues to show strong demand and rising value in the market. Safely storing, grading, or having your bill professionally evaluated can help you understand its true worth.
FAQs
Yes, it is still legal tender, but collectors will pay far more than face value for most notes, especially those in good condition.
Check for a star symbol, series letter, condition, and any special serial number patterns. These factors greatly influence value.
No. Cleaning or flattening damages the paper and reduces value. Keep the bill in a protective sleeve.
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