Why di9d we make a $1. red seal note?

Went on Google but can't find any history on the $1. 1928 red seal note. Why did we make it?

 

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I'm not up on paper as much as I am on coins. We have made many different colored seals on bills. There are bills with red, blue, green, yellow, and i think orange. I would have to do some research to match the color to the note. I think blue was silver certificate, though I don't know what red is. Maybe someone else can help.

 

Source: Schwartz/Lindquist 8th Edition Small Size Note:

"United States Notes, also called Legal Tender Notes, are the longest lived of US Currency, first authorized in the Act of Congress May,3 1878.
The Act required that an outstanding amount of $346,681,016 be maintained.
Small LT notes have been issued in $1, $2, $5, and $100. Printed but not issued were the $10 and $20 notes.
Only 1 issue of small size $1 notes were issued in 1928 Woods/Woodin.
On Aug 10, 1966 it was announced that no longer would $2 notes be printed!"
The $100 note was printed in Series 1966. All small size US Notes have Red Seals.


Hope this helps!!


RickieB

 

Because somebody wasn't thinking ahead, basically.

In 1933 there was a need for the amount of currency in circulation to be quickly increased, in order to shore up the economy. One result was the brown-seal Federal Reserve Bank Notes of Series 1929; notes of that type hadn't been issued in years, but the law allowing them was still on the books, and there weren't as many legal restrictions on their issue as there were on some other currency types. So a whole bunch of them were quickly printed and circulated, using the existing National Currency printing plates due to the need for haste (which is why the notes say 1929 rather than 1933).

But the Nationals only went down to the $5 denomination. The only $1's circulating in 1933 were Silver Certificates, and the Treasury couldn't quickly issue a bunch of extra SCs because they didn't have the silver handy to back them. So they printed up a bunch of $1 USNs instead, with another previously prepared but unused design (hence the 1928 date). Only belatedly did they realise that, due to the cap on the total value of USNs that could be outstanding at any one time, they wouldn't be able to dump enough of these red-seal $1's into circulation to make much difference anyway. So the printing was called off.

About 1.8 million of the red-seal $1's had already been printed, but essentially none had been placed in circulation. Those notes sat in a Treasury vault until the late '40s, when somebody decided to go ahead and issue them as a cost-saving measure. In order to avoid confusing the public, which was used to seeing only blue-seal $1's, all of the red-seal $1's were shipped to Puerto Rico and placed in circulation through banks there, the idea being that very few would make it back to the mainland.

Incidentally, something like half of those brown-seal 1929 FRBNs also went unused in 1933, and ended up sitting in a vault for years and then being issued in the '40s. But in that case, the public was already familiar with the brown-seal notes since many had been paid out in 1933, so the Treasury didn't try to ship them to the middle of nowhere.

 

So the blue sealed '28 Silver Cert. aren't worth as much ?
rzage

 

This is my 1928 U.S. Note

 

nice note SCNuss, is it as crisp as it looks in the scan? It looks just superb!

 

Yes, it is. I bought that for $35.00..................................over 20 years ago. It is probably the most valuable piece of paper money in my collection.

 

BTW, here is the 1928 Silver Certificate. No, the U.S. Note is worth more.

 

I think this is correct, and pertains only to small-size notes. Red are U.S. Notes, Blue are Silver Certificates, Green are Federal Reserve Notes, Yellow are North Africa Notes (WWII-Europe issue), Brown are Hawaii Notes (WWII-Pacific issue, also over-printed with "HAWAII"), Brown are also National Currency, and National Bank Notes. And the "orange" seals are Gold Certificates, though some FRNs have a note added, saying they are backed by gold, if I remember correctly.

There are some U.S. Notes with yellow seals offered for sale. They were originally red seals, but are chemically altered to turn yellow.

 

NUMBERS...You answered my question. Thankyou, Ed

 

wow sweet

 

Similarly in 1923, the blue seal S/C's were printed in huge numbers, but there are also much less common 1923 red seal US notes.

 

I have one of each of the 1923 $1 notes, one red, one blue.

BTW, if you are looking for a lower-priced 1928 $1 U.S. Note, check this one:

http://cgi.ebay.com/1928-1-Funny-Ba...hash=item250273612453&_trksid=p3286.m14.l1318

BTW, I don't know the seller, I just wanted to help you find one of these. There are a few more on eBay, including a really rough example that should go for a low price.

 

betcha never seen one THIS worn out

 

actually mike, i think that is the scan of my note i have a few just like that lol

 

MIKENOODLE.....I'll give you a dollar for it...

 

Maybe not as much wear, but more abuse:



By the way, a dealer sold that to me for $6.25, three or four years ago.

 

The Gold Certificates' seals are basically yellow too. It's approximately the same yellow as on the later North Africa notes, though who knows whether they used the exact same ink formula after a ten-year gap.

The 1928-series FRNs have a gold clause, which tends to get them listed in the "Gold Certificates" category on Ebay more often than you'd think....

Many of the later issues of large-size notes follow the same color conventions, at least for the USNs, SCs, and GCs. But the color-coding isn't universal on the large-size notes; in particular, the large-size FRNs come in red-seal and blue-seal varieties, but no green seals.

Some of the earlier large-size notes have color-coded backs instead. Most large-size GCs have orange backs rather than green, and the first couple series of large-size SCs had distinctive dark brown backs which were later discontinued for some reason or other. Some large-size Nationals had (lighter) brown backs as well, which may be part of the reason why the color brown was later chosen for the seals of the small-size Nationals.

 

you win, numbers... yours is worse by far. at least I can make out a serial number if I squint!