How do I find the series letter?
Look on the face near Jefferson's portrait. You'll see the words SERIES OF 1928, sometimes followed by a capital letter from A to G. That letter matters. The date itself never changed, even though notes with this design were still being printed into the early 1950s. Each new letter marks a change, usually a new Treasurer or Secretary of the Treasury.
Then check the two signatures at the bottom of the face. The Treasurer of the United States signs on the left and the Secretary of the Treasury on the right. They should match the table above. If the series reads 1928D and the signatures read Julian and Morgenthau, you're looking at exactly what you should be.
Series 1928 $2 United States notes: signatures by series letter
| Series | Treasurer | Secretary of the Treasury | Notes |
|---|---|---|---|
| 1928 | H. T. Tate | A. W. Mellon | First small-size $2 |
| 1928A | W. O. Woods | A. W. Mellon | |
| 1928B | W. O. Woods | Ogden L. Mills | Small printing; a key to the set |
| 1928C | W. A. Julian | Henry Morgenthau Jr. | Mules exist |
| 1928D | W. A. Julian | Henry Morgenthau Jr. | Largest printing; mules exist |
| 1928E | W. A. Julian | Fred M. Vinson | Very small printing; stars are very rare |
| 1928F | W. A. Julian | John W. Snyder | |
| 1928G | Georgia Neese Clark | John W. Snyder | Last of the 1928 design |
What makes the 1928 design different from later red seal $2s?
On the 1928 notes the red Treasury seal sits on the left side of the note, printed over the black text that declares the note legal tender. A big gray word TWO fills the space on the right. In 1953 the Treasury shrank the seal and moved it to the right, so a left-side seal is the fastest way to recognize the 1928 design without reading anything.
The back shows Monticello, Thomas Jefferson's house in Virginia, with no motto. IN GOD WE TRUST did not appear on the back until Series 1963.
Which 1928 series letters are scarce?
Two letters stand out. The 1928B, signed by Woods and Mills, had a printing of around nine million notes, a fraction of the letters around it. The 1928E, signed by Julian and Vinson, was smaller still. The Julian and Vinson pairing only lasted about a year, which kept that printing short.
The plain 1928 with Tate and Mellon signatures also gets extra attention because it is the first small-size $2. The 1928C, 1928D, 1928F and 1928G are the common letters. The 1928D in particular was printed in enormous numbers and is the one most families find.
What is a mule note?
Look at the tiny plate number printed in the lower right corner of the face and the one on the back. During the 1930s the BEP changed the size of these plate numbers. Notes that paired a face plate from one system with a back plate from the other are called mules. Some 1928C and 1928D $2 notes are mules. They are a specialist variety and a dealer who handles small-size notes can confirm one for you.
How much does condition matter?
More than anything else. A 1928 $2 that has been folded into a wallet, carried for years and stained is still a red seal note. It will usually sell for a small premium. The same series in crisp condition, with original sheen, sharp corners and no folds, belongs in a different band entirely.
Here's how collectors sort them in plain terms. Heavily circulated notes are soft, limp and creased everywhere. Lightly circulated notes are still fairly crisp but have a fold or two. Uncirculated notes have never been folded. Their paper has the stiffness and surface of a new bill. Be honest about which one you have. A single center fold drops a note out of uncirculated.
- Never press, iron or wash a note to remove folds; collectors can tell and it hurts value
- Don't tape tears; leave the damage as it is
- Keep the note flat in a currency sleeve made without PVC
What does a star in the serial number mean?
On a red seal $2 the star sits at the front of the serial number in place of the first letter. It means the note replaced a damaged sheet during printing. Star notes exist for most 1928 letters and all of them are scarcer than the regular notes of the same letter. A 1928B or 1928E star is a real rarity. If yours has a star, keep it flat and get an opinion from a paper money dealer before selling.
Is it still legal tender and what should I do with it?
Yes. United States notes remain legal tender at face value, so in theory you could spend it. Don't. Even a well-worn example is worth more to a collector than two dollars.
If yours is a common letter in worn condition, keep it as a family piece or offer it to a local coin shop that buys paper money. If it's a 1928B, 1928E, a star note or a crisp note, compare offers from more than one dealer. For a high-end note, a third-party grading service can grade and encapsulate it, which makes it easier to sell to collectors who are not in the room with you.
Frequently asked questions
How much is a 1928 $2 bill worth?
A worn 1928 $2 red seal is usually worth a small premium over face value. The 1928B and 1928E letters, star notes and crisp uncirculated notes are in the collector premium range or higher.
Why does my 1928 $2 bill have a letter after the date?
The letter marks a later printing with a change, most often a new Treasurer or Secretary of the Treasury. The 1928 design ran from plain 1928 through 1928G.
Which 1928 $2 is the rarest?
Among regular notes, 1928E and 1928B had the smallest printings. Star notes of those two letters are rarer still.
Is a 1928 $2 bill silver certificate?
No. Every small-size $2 with a red seal is a United States note. There were no small-size $2 silver certificates.
Sources: United States two-dollar bill (Wikipedia) · Paper Money of the United States, small-size legal tender notes (Neil Berman) · Series (United States currency) (Wikipedia) · A rare 1928E $2 star note (CoinWeek)