1928 $5 Red Seal United States Notes

How do I read the series and signatures?

The series is printed to the right of Lincoln's portrait as SERIES OF 1928, with a letter after it on later printings. Check the signatures along the bottom: the Treasurer on the left, the Secretary of the Treasury on the right. Match them to the table. Note that the signature pairs don't line up with the $2 notes of the same letter. A 1928B $5 is signed Julian and Morgenthau, while a 1928B $2 is signed Woods and Mills. Always go by the denomination you're holding.

Series 1928 $5 United States notes: signatures by series letter

What does the 1928 design look like?

Lincoln faces you in the center. The red Treasury seal sits on the left, over the black legal tender wording and the serial numbers are printed in red. The back shows the Lincoln Memorial in Washington, the same back used on $5 Federal Reserve notes and silver certificates of the period.

In 1953 the Treasury reworked the face: the seal got smaller and moved to the right. So if the seal on your red $5 is on the left, it's a 1928 series note. If it's on the right, see the 1953 and 1963 page.

Which 1928 $5 letters are scarce?

The 1928D, signed by Julian and Vinson, stands apart. Its printing was only a small fraction of the 1928C before it or the 1928E after it, because Fred Vinson's time as Secretary was short. Even worn 1928D notes are worth looking at closely.

The 1928A, signed by Woods and Mills, also had a smaller printing than the common letters. The plain 1928, 1928B, 1928C, 1928E and 1928F were printed in the hundreds of millions combined and are the ones you're most likely to have.

What is a mule $5?

Each note carries small plate numbers: one on the face at lower right, one on the back. In the late 1930s the BEP switched from tiny plate numbers to larger ones. Notes printed with one style on the face and the other on the back are called mules. Mules are known on several 1928 letters, including 1928B, 1928C, 1928D and 1928E. They're a specialist interest and a magnifier plus a reference catalog will tell you if yours qualifies.

How does condition change the value?

For common letters, condition is almost everything. A worn, folded 1928C $5 is a small premium note. The same note uncirculated, with crisp paper and good margins, sits higher in the band. Here's a rough way to judge yours:

• Heavily circulated: limp paper, many folds, rounded corners, maybe stains or small tears
• Lightly circulated: still crisp, three or fewer folds, corners mostly sharp
• About uncirculated: looks new but has a single light fold or corner bend
• Uncirculated: never folded, original surface, sharp corners

How do star notes work on red seal $5s?

On these notes a star sits at the front of the serial number, where a letter would normally be. It marks a note printed to replace a defective one. Every 1928 letter has stars. All of them are scarcer than regular notes. A 1928D star is a true rarity. Even a star from a common letter is worth setting aside.

Should I spend it?

No. It's legal tender for five dollars, but collectors pay more for nearly every red seal $5. If you have a single worn common note, keep it as a piece of history or sell it to a local dealer. If you have a 1928D, a star, a mule or a crisp note, get offers from more than one dealer. Store it flat in a currency sleeve, out of sunlight and don't write on it or stick anything to it.

Frequently asked questions