Old US Paper Money: What You Have and Whether It Matters

Is my old bill still legal money?

Yes. Every piece of US paper money issued since 1861 is still legal tender at face value, including silver certificates, red seal United States notes and the big notes your great-grandparents used. A bank should accept them, though a teller who has never seen a gold certificate may need to ask a supervisor.

That safety net matters. You can never lose by keeping an old note, so there is no rush to spend it before you know what it is. Silver certificates can no longer be traded for silver, though. That exchange ended in June 1968.

Large size or small size: the first thing to check

US notes changed size in 1929. Everything printed before then is large size, roughly 7.4 by 3.1 inches. Notes from Series 1928 onward are small size, about 6.14 by 2.61 inches, the same size as the bills in your wallet. Lay your note on top of a modern bill. If it is more than an inch longer and noticeably taller, you have a large-size note.

Large-size notes are the old "horse blankets" with ornate engraving, often with a date in the 1800s or early 1900s. Almost every genuine large note is worth more than face value, even when worn, because none have circulated for nearly a century. Small-size notes are where most finds land. With those, the details decide everything.

What the seal color tells you on small-size notes

The Treasury seal usually sits on the right side of the face, though many Series 1928 notes have it on the left. Its color tells you what kind of note you have. Read the words across the top of the note as well, because they confirm the type.

• Blue seal: silver certificates, mostly $1 notes with some $5 and $10 notes, Series 1928 through 1957. The top reads "Silver Certificate." Common, especially Series 1935 and 1957 $1 notes.
• Red seal: United States notes, also called legal tender notes. Mostly $2 and $5 notes through Series 1963, plus Series 1928 $1 notes and a $100 of Series 1966. The top reads "United States Note."
• Gold seal: gold certificates of Series 1928 and 1934. The top reads "Gold Certificate." Owning them was restricted from 1933 until 1964. Collectors may hold them freely now.
• Brown seal: Federal Reserve Bank notes of Series 1929, issued in 1933, which read "National Currency" across the top with the name of one Federal Reserve Bank. National bank notes of Series 1929 also have brown seals, along with the 1942 Hawaii notes overprinted "HAWAII."
• Yellow seal: World War II notes for troops in North Africa and Europe, $1, $5 and $10 silver certificates with a bright yellow seal instead of blue.
• Green seal: Federal Reserve notes, the ordinary money issued since Series 1928. Nearly all of them are face value unless the serial number or an error makes them special.

Check your note: a step by step routine

Run every note through the same checks in the same order. It keeps you from getting excited over a date while missing the thing that matters.

• Size. Compare it to a modern bill. Large size goes straight to the "show someone" pile.
• Type and seal. Read the top line and note the seal color using the list above.
• Series. Find the word "Series" and the year, plus any letter after it (Series 1957B, for example). The series year is when the design or signature combination began, not the year your note was printed.
• Serial number. Look for a star at either end, a very low number like 00000042 or a pattern such as 12344321. Check that both serial numbers on the face match.
• Errors. Look for misaligned printing, a missing seal or serial, a fold that ran through the press or a cut that shows part of the next note.
• Condition. Count the folds, feel for crispness and look for stains, tears, writing or tape. Be honest. Most old notes in drawers have circulated hard.
• Decide the band. Face value, small premium, collector premium or significant rarity. The pages linked below explain where each feature puts a note.

Which old notes are usually just face value?

Circulated Series 1935 and 1957 $1 silver certificates turn up by the thousands. Worn ones bring a small premium at best. Red seal $2 and $5 notes of Series 1953 and 1963 are in the same boat when folded and soft. The 1976 $2 bill, which many people save, is face value in circulated condition. Green seal Federal Reserve notes from the 1960s onward are face value unless they carry a star, a fancy serial or an error.

None of that means you should throw them out. A crisp, uncirculated example of any of these can step up a band. A star note version may step up again. But if yours is worn, limp and folded, think of it as a nice keepsake rather than a find.

Which features move a note up?

Condition comes first for small-size notes. An uncirculated note with sharp corners and no folds can sit a full band above the same note with a single crease. After condition, look at scarce types (gold certificates, yellow seals, Hawaii overprints, Series 1928 issues), star notes from small print runs, low or patterned serial numbers and genuine printing errors.

For large-size notes the type matters as much as condition. Some designs, like the 1896 Educational series or the 1899 "Black Eagle" $1, are famous in their own right. National bank notes add a further layer: the bank and town printed on the note can matter more than anything else.

A note about handling what you found

Don't try to flatten, wash or iron a note. Never tape a tear. Collectors and graders spot all of these. Each one cuts desirability. Slip each note into a plain paper envelope or, better, a polyester sleeve. Keep them flat until you know what you have. Write any family history about a note on the envelope, not on the bill.

Frequently asked questions