Hi guys, Rookie question... why is the selling price of the $1.00 1928 United States Note (red seal) so large? I have been interested in picking up an example since it is the only $1.00 small size note of the legal tender variety, but the asking prices are blowing me away? What is the printing figure, I can't find it online on my (usual) free sources.
I don't know all of the particulars, but I know that 1,881,892 were mostly distributed in Porto Rico where the heat & humidity took it's toll on paper currency. Don't let the series date fool you. They sat for many years before being released. There was a great article about them in Paper Money magazine not too long ago....if I find it, I will post a link. Here is an uncirculated, very low serial number example of the note you are asking about.
That's a nice looking note, SteveInTampa... do you know the year(s) they were released in PR / why there and not in the continental United States? Just curious.
The notes were printed in early 1933, but not released until 1948/49. The Treasury Department expected a shortage in the supply of Silver Certificates that never materialized. They were placed in a vault until they could decide what to do with them. The complete article is at the SPMC website by viewing past journals (March/April 2012) but is not viewable unless you are a member, (which I recommend). Here is the link; https://www.spmc.org/journals/paper-money-vol-li-no-2-whole-no-278-march-april-2012
It's similar, but without a section with note values. Also, it comes every other month instead of monthly. It's good to get both because BNR covers the shows and major auctions better in detail, and Paper Money is more in depth in their varied assortment of articles. Technically, BNR is printed on "newspaper" stock and PMM is printed on conventional "glossy" magazine paper. Receiving PMM is just one of the bonuses of belonging to the SPMC, which is relatively affordable.
I was using the figure shown at Dan's Currency America's website, and mis-typed 1,871,892.......this is what Dan wrote; "With the first 120 notes release as sheets, note #A00000121A was the first $1 Legal Tender actually released into circulation. With most of these notes being distributed in Puerto Rico, the heat and humidity took a huge toll on them. Here before you is the lowest known survivor of the 1,871,892 notes tasked with enhancing commerce. " I'm not sure which figure is correct.....maybe I'll say over 1.8 million, and leave it at that. :yes:
The BEP printed 1,872,012. The odd 12 were a special-order sheet printed in late-1933 or early-1934. The Treasury released just under 3,000 notes in the spring of 1933, and the balance in Puerto Rico in 1948-49.
