The 1928 $1 Red Seal: The Only Small-Size $1 United States Note

How do I know I have a 1928 $1 United States note?

Check three things. The seal on the left side of the face is red, not blue. The top of the note reads UNITED STATES NOTE rather than SILVER CERTIFICATE. And the signatures at the bottom read Woods on the left and Woodin on the right. If all three line up, you have the note.

Many people mistake a blue seal 1928 $1 silver certificate for this one, because the two share the same back design. The silver certificates come in several series letters with blue seals. The United States note comes only as plain Series 1928 with a red seal and that one signature pair.

Why is the signature combination so unusual?

William H. Woodin served as Secretary of the Treasury for only a few months in 1933, early in the Roosevelt administration, before ill health forced him out. Walter O. Woods was Treasurer from 1929 to 1933. Their names appear together on only a few small-size notes and this $1 is the one most people will ever see. The short Woodin term is one reason the signature pair catches collectors' eyes.

Why were these notes stored for so long?

The 1928 $1 United States note was printed and given a brief release in 1933, during the banking crisis of the Depression. Most of the run didn't go out then. The notes sat in storage for years and were finally released in Puerto Rico in 1948 and 1949. Because they went into everyday use on the island, many surviving notes show heavy circulation.

That history explains why you find them in two very different states: well-worn notes that passed through many hands and crisp notes that someone set aside early on.

What does the back look like?

The back has a large ornate ONE in the center, with ONE DOLLAR spelled out and THE UNITED STATES OF AMERICA above. There's no Great Seal and no motto, which were added to the $1 back years later. Collectors often call this back design the funnyback, a nickname that comes from the 1928 silver certificates that share it. If your red seal $1 has the eagle and pyramid on the back, it isn't this note.

What affects the value of a 1928 $1 red seal?

Every genuine example carries a collector premium, so the question is how much. Condition does most of the work. A note that has been folded many times, has soft paper and shows stains will be at the lower end of the band. A note with a fold or two but bright paper is in the middle. A crisp uncirculated note with good margins is at the top for a regular note.

• Folds: count them; one hard center fold matters more than you'd think
• Paper: crisp versus limp is obvious when you hold it
• Margins: all four sides should show white border; a note cut into the design grades lower
• Problems: pinholes, writing, tape, tears and stains all pull value down
• Star notes: a star at the front of the serial number marks a replacement note and these are very scarce for this issue

Could it be a fake?

Copies of old notes are common, sold as souvenirs or printed for display. Most are easy to spot. Real notes are printed on currency paper that feels like cloth and shows tiny red and blue fibers scattered through it. The engraving is sharp, with fine lines in the portrait and border that hold together under a magnifier. A copy printed on ordinary paper tends to look flat, with blurry lines and a bright white surface.

Also check the size. Genuine small-size notes measure about 6.14 by 2.61 inches. A note that's noticeably larger or smaller, or that says COPY or REPLICA anywhere, isn't real.

What should I do with mine?

Keep it out of your wallet and put it in a currency sleeve. Don't press out folds or try to clean marks. If it's worn, it's still a nice note to own and a local dealer can make you an offer. If it's crisp or has a star, ask more than one dealer, or consider having it graded by a third-party grading service before selling. It's legal tender, but spending it would hand someone else the collector premium.

Frequently asked questions