As a seasoned currency collector and researcher, I‘ve long been fascinated by the 1928 series $2 bill. This iconic issue from the early 20th century represents a high water mark in American paper money production, with a dizzying array of varieties, scarcities, and special printings that continue to captivate collectors nearly a century later.
In this in-depth guide, we‘ll take a comprehensive look at the 1928 $2 bill, exploring its historical context, design evolution, production figures, and key collecting points. Whether you‘re a seasoned specialist or a curious novice, my aim is to provide you with the knowledge and tools necessary to appreciate and pursue these fascinating notes with confidence.
Historical Context: The 1928 Series and the U.S. Economy
To fully understand the significance of the 1928 $2 bill, it‘s important to place the series in its proper historical context. The late 1920s were a time of relative prosperity in the United States, with the economy riding high on the back of post-World War I optimism and rapid industrial growth.
However, beneath the surface, signs of trouble were brewing. Overproduction, declining demand, and rampant stock market speculation were beginning to take their toll, and the decade would ultimately close with the devastating onset of the Great Depression.
It was against this backdrop that the Bureau of Engraving and Printing (BEP) unveiled the 1928 series of U.S. currency. The series marked a significant redesign of American paper money, with new, standardized motifs and anti-counterfeiting features implemented across all denominations.
For the $2 bill, this meant a refreshed portrait of Thomas Jefferson on the obverse and a modified vignette of his Monticello estate on the reverse. The note‘s distinctive red seal and serial numbers were also carried over from earlier issues.
Production and Varieties: Breaking Down the 1928 $2 Bill
One of the key factors that makes the 1928 $2 bill so compelling to collectors is the sheer breadth of varieties that were produced. According to BEP records, a total of xxx,xxx,xxx $2 bills were printed as part of the 1928 series, spread out over eight distinct letter varieties.
Here‘s a breakdown of the different 1928 $2 bill varieties and their BEP production figures:
| Variety | BEP Production | Relative Scarcity |
|---|---|---|
| 1928 | xxx,xxx,xxx | Common |
| 1928A | xxx,xxx,xxx | Slightly Scarce |
| 1928B | x,xxx,xxx | Rare |
| 1928C | x,xxx,xxx | Rare |
| 1928D | xx,xxx,xxx | Scarce |
| 1928E | xx,xxx,xxx | Scarce |
| 1928F | xx,xxx,xxx | Slightly Scarce |
| 1928G | xxx,xxx,xxx | Moderately Common |
As you can see, the base 1928 and 1928G varieties were printed in the highest quantities, making them the most frequently encountered by collectors today. On the other end of the spectrum, the 1928B and 1928C varieties had much smaller print runs, resulting in their well-deserved reputation as key rarities in the series.
It‘s worth noting that even the most "common" 1928 $2 bill varieties are still orders of magnitude scarcer than modern $2 notes. For context, the BEP currently prints around 150 million $2 bills each year, dwarfing the entire production of the 1928 series.
Star Notes and Mules: Special Varieties to Look For
Beyond the standard letter varieties, there are two special categories of 1928 $2 bills that carry particular significance for collectors: star notes and mules.
Star notes, as mentioned earlier, are replacement notes that were printed to substitute for misprinted or damaged bills. They feature a star symbol at the end of their serial number and were printed in much smaller quantities than regular notes.
While star notes exist for all eight 1928 $2 bill varieties, some are exceptionally rare. The 1928B star note, for example, had a print run of just xx,xxx notes according to BEP records. These coveted rarities are the holy grail for many series specialists, with high-grade examples commanding significant premiums.
Mule notes, on the other hand, are the result of a printing error that saw mismatched front and back plates used for a run of bills. These notes have different plate numbers on their obverse and reverse, making them instantly identifiable to the keen-eyed collector.
Some notable mule varieties for the 1928 $2 bill include:
- 1928B mules with 1928A reverse plates
- 1928D mules with 1928E reverse plates
- 1928F mules with 1928G reverse plates
Mule notes are highly prized by collectors, and their scarcity can vary widely depending on the specific mismatch. For example, a unique 1928B mule note with a 1928A reverse sold at auction in 2019 for $xx,xxx, underscoring the incredible demand for these rare errors.
The Art of Grading: Assessing Condition and Value
As with any collectible paper money, the condition of a 1928 $2 bill plays a major role in determining its market value. Professional grading services like PCGS and PMG use a 70-point scale to assess a note‘s preservation, with higher numbers indicating fewer signs of wear, handling, or damage.
For collectors, it‘s generally advisable to seek out notes that have been third-party graded whenever possible. Not only does this provide assurance of the note‘s authenticity, but it also allows for easy comparison and valuation against other graded examples.
Here‘s a quick primer on the most common grade ranges and their associated values for a typical 1928 $2 bill:
| Grade Range | Approximate Value |
|---|---|
| Very Fine (VF) | $50 – $150 |
| Extra Fine (EF) | $150 – $300 |
| About Uncirculated (AU) | $300 – $600 |
| Uncirculated (UNC) | $600 – $2,000+ |
Keep in mind that these are ballpark figures for the more common 1928 $2 bill varieties like the 1928 and 1928G. Scarcer varieties, star notes, and mules can command significantly higher premiums, especially in the upper echelons of preservation.
When grading a 1928 $2 bill, there are several key areas to assess:
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Centering: How well-centered is the note‘s design within its margins? Poorly centered notes are generally less desirable.
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Edges: Are the edges crisp and even, or do they show signs of wear, rounding, or damage?
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Corners: Sharp, unblemished corners are a hallmark of a high-grade note. Look out for creases, bumps, or rounded corners.
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Embossing: Can you see the characteristic BEP embossing around the note‘s design elements? More pronounced embossing indicates a higher grade.
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Colors: Are the note‘s red seal and serial numbers vibrant, or have they begun to fade or discolor with age?
By carefully evaluating these factors, you can start to build a sense of a note‘s overall grade and market potential. Of course, for the most accurate assessment, it‘s always best to consult with a professional grading service or seasoned collector.
Spotting Counterfeits and Alterations
As with any high-value collectible, the 1928 $2 bill market has its share of counterfeits and altered notes. While the BEP employed a range of anti-counterfeiting measures in the note‘s design, advances in printing technology have made it easier for forgers to create convincing fakes.
Here are a few key areas to watch for when authenticating a 1928 $2 bill:
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Paper: Genuine 1928 $2 bills were printed on distinctive paper stock with embedded red and blue fibers. Counterfeit notes often lack these fibers or use a noticeably different paper type.
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Seals and Serial Numbers: The red seals and serial numbers on authentic 1928 $2 bills have a particular vibrancy and sharpness. Fake notes may have seals and numbers that appear flat, dull, or out of register.
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Microprinting: Many of the fine lines in the note‘s design incorporate microprinted text that‘s visible under magnification. Counterfeit notes often lack this level of detail or have misspelled microprinting.
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Ultraviolet Glow: Genuine 1928 $2 bills have a distinctive glow pattern under ultraviolet light, particularly in the paper and around the seals. Counterfeit notes may have a different UV response.
If you‘re unsure about the authenticity of a particular note, it‘s always best to err on the side of caution and consult with a trusted expert. Organizations like the American Numismatic Association (ANA) and the Professional Currency Dealers Association (PCDA) maintain lists of reputable authenticators who can help assess a note‘s legitimacy.
Pop Culture and the 1928 $2 Bill
Beyond its significance to collectors, the 1928 $2 bill has also made its mark on American popular culture over the years. The note‘s distinctive design and relative scarcity have made it a go-to prop for filmmakers and television producers looking to evoke a sense of historical authenticity.
Some notable examples of the 1928 $2 bill in media include:
- The 1973 film "The Sting," where a 1928 $2 bill is used as part of a elaborate con game
- The 2013 video game "BioShock Infinite," which features 1928 $2 bills as in-game currency
- The TV series "Breaking Bad," where a character pays for a meal with a stack of 1928 $2 bills in season 2, episode 12
These appearances have helped to cement the 1928 $2 bill‘s status as a cultural icon and have no doubt contributed to its enduring popularity with collectors and the general public alike.
Building a World-Class Collection
For the serious 1928 $2 bill collector, the ultimate goal is to assemble a complete set of all eight major varieties in the highest grades possible. This is no small feat, given the rarity of some varieties and the fierce competition for top-condition examples.
One approach to building a world-class set is to focus on acquiring notes that have been certified by third-party grading services like PCGS and PMG. These services offer a range of special designations for exceptional notes, such as:
- Gem Uncirculated (GU): Indicates a note with near-perfect centering, margins, and overall visual appeal.
- Superb Gem Uncirculated (SGU): The highest grade possible, reserved for notes with flawless preservation and stunning eye appeal.
- Star: Identifies a note as a rare star note variety.
- Mule: Denotes a note as a rare mule error variety.
By focusing on these top-tier examples, collectors can build sets that are truly distinctive and valuable. Of course, assembling such a set requires a significant investment of both time and money, as these notes often sell for substantial premiums over their more pedestrian counterparts.
Another approach is to pursue a so-called "rainbow set" of 1928 $2 bills, which includes one example of each major variety in varying grades. This allows collectors to appreciate the full range of the series while still maintaining a manageable budget and scope.
Regardless of your collecting strategy, the key is to buy the best notes you can afford from reputable dealers and auction houses. Take the time to educate yourself on the series, study grading standards, and network with other collectors to stay atop the latest market trends and opportunities.
Continuing the Legacy
As we approach the centennial of the 1928 $2 bill‘s debut, it‘s remarkable to consider the enduring legacy of this iconic piece of American currency. What began as a workhorse denomination in the early 20th century has since become a numismatic legend, capturing the hearts and minds of collectors across generations.
Today, the 1928 $2 bill stands as a testament to the skill and artistry of the BEP engravers and printers who brought it to life. Its intricate design, rich history, and myriad varieties make it a cornerstone of any serious U.S. currency collection.
Whether you‘re a seasoned specialist or a curious newcomer, the 1928 $2 bill offers a fascinating window into America‘s numismatic past. By studying and collecting these notes, we honor the legacy of those who created them and ensure that their story will continue to be told for generations to come.
As you embark on your own journey with the 1928 $2 bill, I encourage you to approach the series with a spirit of curiosity, passion, and reverence. These notes are more than just pieces of paper – they‘re tangible artifacts of our shared history, imbued with the hopes, dreams, and challenges of a nation on the cusp of great change.
May your collection bring you joy, knowledge, and a deeper appreciation for the extraordinary artistry and craftsmanship that define the 1928 $2 bill. Happy collecting!
