I've been trying to get a higher quality scan but have not been having any luck. Anyway I have a 1950D series and 1934 series $100 along with a 1934 series and 1928 series $50. This is the best quality scan I have right now so hopefully you guys can give me an accurate assessment on what you think they are worth.
Ok, so what are they called? I am more into coins than paper currency and I know that these bills predate the removal of the US dollars from hard currency.
The 1928 $50 may be the only one valued above face according to the book I have and the condition of the notes. They are Federal Reserve Notes not Silver Certificates. Silver Certs say so and have blue seals.
The 1928 50 says "Redeemable in gold on demand." Does that mean this is technically a gold certificate? I know it lacks the orange seal, but is it still considered a gold certificate or just another reserve note?
No, all currency from this time was technically redeemable in gold...but FRNs weren't backed by gold. That is the difference. For every gold certificate issued, there was physical gold that backed it. You have to remember, when these notes were issued...gold coins were still being minted. You could go to the bank with 20 $1 notes (even $1 silver certificates) and get a $20 double eagle.
I don't think many collect circulated higher denomination banknotes....tough sell ( IMO) and I doubt a dealer would want them. Sell them ( if you can) or spend them.
They were redeemable in any legal currency of the time...which included gold. However, my understanding is there wasn't actual gold deposited in the Treasury to cover all the federal reserve notes.
