As a seasoned currency collector and numismatic expert, I‘ve long been fascinated by the 1934 series of $5 silver certificates. These iconic notes, with their striking portrait of Abraham Lincoln and bold blue seals and serial numbers, are a perennial favorite among collectors.
But while 1934 $5 bills are readily available and affordable in most grades, there is surprising depth and complexity to this series for those who take the time to study it. Rare varieties, condition rarities, and intriguing history all combine to make 1934 $5 silver certificates a rich area of specialization.
In this in-depth guide, we‘ll explore what makes these Depression-era notes so collectible, reveal the most valuable types, and show you how to assemble a high-grade set of your own. Whether you‘re a seasoned collector or just starting out, read on to discover the full story of 1934 $5 silver certificates.
The Origins of 1934 $5 Silver Certificates
To understand 1934 $5 bills, it‘s important to put them in historical context. In 1934, the United States was in the depths of the Great Depression. Unemployment had reached a staggering 25%, industrial output was cut in half, and the national income and money supply had plummeted.[^1]
President Franklin D. Roosevelt took drastic actions to stabilize the economy, including taking the U.S. off the gold standard and nationalizing the country‘s gold supply through the 1934 Gold Reserve Act. But he didn‘t stop there.
In June of 1934, Roosevelt also signed the Silver Purchase Act into law. This controversial legislation authorized the U.S. Treasury to purchase large quantities of silver, which at the time was trading at historically low prices around 45 cents per ounce.[^2]
The government acquired silver through a 50% tax on profits from silver mining, as well as direct purchases on the open market. This silver was then monetized as coins, bullion, and silver certificates like the 1934 $5 bill.[^3]
Backed by the physical silver now held in Treasury vaults, over $1 billion in $1, $5, and $10 silver certificates were issued between 1934-1935.[^4] The $5 denomination saw the widest use in circulation, although the purpose was more to expand the money supply than to actually redeem the notes for silver.
While silver certificates are no longer printed today, their legacy lives on with collectors. 1934 $5 silver certificates in particular have earned an enduring place in numismatic history.
Key Features of 1934 $5 Silver Certificates
1934 $5 silver certificates are widely considered to be one of the most attractive designs in all of U.S. currency. The centerpiece of the note is the striking portrait of Abraham Lincoln based on an 1864 photograph by famed Civil War photographer Mathew Brady.
The imposing yet thoughtful close-up image captures the 16th president near the end of his life and his immense historical struggles. It‘s an artistic treasure that belongs in any collection of Lincoln memorabilia.
The back of the note is equally impressive, featuring a large engraved "5" superimposed over the Lincoln Memorial. With its classical columns and clean lines, the memorial design adds to the bill‘s powerful symbolism.
1934 $5 silver certificates were printed in five different series, all with signature combinations of Treasurer W.A. Julian and Secretary of the Treasury Henry Morgenthau:
- 1934
- 1934A
- 1934B
- 1934C
- 1934D
While the series are very similar in appearance, each has its own variations and rarities for specialists to pursue. The notes also include blue treasury seals and serial numbers printed at the Bureau of Engraving and Printing facilities in Washington, D.C. and Chicago.
How Rare Are 1934 $5 Silver Certificates?
With over 885 million notes printed in total, 1934 $5 silver certificates are easily the most common $5 bills of the era.[^5] In circulated condition, they are readily available to collectors at little cost over their $5 face value.
However, within this huge supply are several scarce series and varieties that can bring significant premiums in higher grades. Here are some of the key rarities and their approximate surviving populations and values:
| Variety | Estimated Surviving Population | Value in VF-20 | Value in MS-65 |
|---|---|---|---|
| 1934 $5 Star Note | 25,000-50,000 | $50-$75 | $400-$600 |
| 1934A $5 North Africa | 5,000-10,000 | $125-$175 | $1,000-$1,500 |
| 1934B $5 Star Note | 1,000-2,000 | $300-$500 | $10,000-$15,000 |
| 1934D Wide I $5 | 50,000-100,000 | $40-$60 | $200-$300 |
As you can see, star notes (replacement bills) and error types like the 1934D Wide I are highly sought after by collectors. The 1934A North Africa yellow seal variety, used by Allied troops during World War II, is also very popular.
But perhaps the ultimate 1934 $5 rarity is the 1934B star note. With an estimated 1,000-2,000 surviving examples, this replacement note can easily bring five figures in gem uncirculated condition. One particularly pristine example graded MS-67 by PCGS sold for $16,800 at a 2022 Heritage Auctions sale.[^8]
Grading 1934 $5 Silver Certificates
As with all collectible currency, condition is paramount when determining the value of a 1934 $5 silver certificate. Most collectors and dealers use the internationally recognized Sheldon grading scale, which ranges from 1 (poor) to 70 (perfect uncirculated).
Here are the most commonly used grades for 1934 $5 bills and their characteristics:
-
Very Fine (VF-20 to VF-35): Strong overall detail, but with light soiling, creasing, or folds from circulation. A typical "collector grade" note.
-
Extremely Fine (XF-40 to XF-45): Excellent eye appeal with only minor signs of handling. Suitable for a high-grade circulated set.
-
About Uncirculated (AU-50 to AU-58): Virtually no wear, but with slight traces of circulation like light wallet marks or bends. Popular for type collecting.
-
Uncirculated (MS-60 to MS-70): Original, mint-fresh notes with no evidence of circulation. The highest quality for the issue, often with sharp corners, bright colors, and strong embossing. Gem examples (MS-65+) are especially desirable.
While evaluating 1934 $5 bills, pay particular attention to the portrait, treasury seal, and serial numbers. These focal points tend to reveal circulation and wear most readily. Proper storage and handling is also critical to prevent damage and preserve value.
If you are unsure of a note‘s grade, it‘s always best to have it professionally evaluated by a reputable third-party grading service like PMG or PCGS Currency. These companies have teams of experts who will authenticate, grade, and encapsulate your note in a tamper-evident holder for a small fee.
Collecting Strategies for 1934 $5 Silver Certificates
Putting together a collection of 1934 $5 silver certificates can be an enjoyable challenge for anyone fascinated by U.S. currency. There are a number of different ways to approach this series depending on your goals and budget:
Type Collecting:
Many hobbyists pursue 1934 $5 bills as part of a larger type set of 20th century U.S. currency. In this case, a single attractive example of the note is all that‘s required. An About Uncirculated example is often the best combination of quality and affordability for this approach.
Series/Variety Set:
For the specialist, assembling a complete set of all five signature combinations and major varieties can be a fun pursuit. Try to acquire the notes in similar grades for the most impressive display. Tracking down the scarcer 1934 and 1934B series will be the biggest challenge.
Star Note Set:
Star notes are replacement bills printed when the original note is deemed unfit for circulation due to a printing error or damage. These special notes feature a star symbol in place of a letter at the end of the serial number. A collection of all four series of 1934 $5 star notes would be the pride of any currency collector.
Numerical District Set:
From 1934-1945, 12 different district seals were used on U.S. currency to denote the Federal Reserve Bank from which they originated. Putting together a set of 1934 $5 bills with each district represented can be a satisfying goal. Just know that notes from the Atlanta district are much scarcer than the others.
Registry Set:
For the ultimate challenge, consider building a PCGS or PMG registry set of superb gem uncirculated 1934 $5 bills. These online platforms allow collectors to display images of their top-graded notes and compete with other hobbyists around the world. Expect to pay record prices for the finest known examples.
No matter which direction you choose, always buy the best condition you can afford from reputable dealers. Store your notes in acid-free currency holders, avoid excess light and moisture, and handle them sparingly by the edges to prevent oils and dirt from marring the paper surfaces.
The Future of 1934 $5 Silver Certificate Values
Like all collectibles, 1934 $5 silver certificate values are ultimately driven by supply and demand. While most circulated examples will likely remain affordable for the foreseeable future, I expect rare varieties and high-grade notes to appreciate steadily in the coming years.
The reason is simple: 1934 $5 bills are nearly 90 years old, and few have survived in pristine condition relative to the collector base. As more people enter the hobby and discover the challenge of assembling high-grade sets, competition for the finest examples will only increase.
Star notes, mules, errors, and other oddball varieties are especially likely to see gains as their true rarity becomes more widely appreciated. Registry set collecting and Internet price dissemination have also put wind in the sails of the top end of the market.
Of course, predicting the future is always a tricky business. But if you collect 1934 $5 silver certificates for the artistry, history, and satisfaction of the hunt, you‘ll never be disappointed. And who knows? That note with the cool serial number you cherrypicked for a few bucks just might turn out to be a key to a top registry set someday.
Final Thoughts
I hope this guide has given you a new appreciation for the beauty and complexity of 1934 $5 silver certificates. By combining an iconic design with intriguing varieties and historical significance, these notes have earned an enduring place in numismatics.
Whether you‘re drawn to the hunt for rare mules and star notes or simply enjoy owning an attractive piece of Depression-era history, 1934 $5 bills have much to offer the discerning collector. With some knowledge and patience, you can assemble a set that will bring pride and pleasure for years to come.
Do you have a favorite 1934 $5 silver certificate in your collection? Have you ever made an exciting discovery or assembled a complete series set? I‘d love to hear your experiences in the comments below.
Until next time, happy collecting!
[^1]: "Great Depression History." History.com, A&E Television Networks, 28 Oct. 2022, https://www.history.com/topics/great-depression/great-depression-history.[^2]: McMahon, C.J. "Silver Prices 1930-1939." OnlyGold.com, https://onlygold.com/silver/silver-prices-1930-1939/.
[^3]: McMahon, C.J. "Silver Purchase Act of 1934." OnlyGold.com, https://onlygold.com/silver/silver-purchase-act-of-1934/.
[^4]: "Silver Certificates." PMG Notes Registry, https://notes.www.collectors-society.com/registry/pmgnotes/PeopleSetCategoryCompliance.aspx?CategoryID=7073&Type.
[^5]: "Small Size Currency Production Tables." USPaperMoney.Info, https://www.uspapermoney.info/serials/f1650_34.html.
[^6]: "FR. 1650 1934 $5 Silver Certificate Star Note." Heritage Auctions, https://currency.ha.com/itm/fr-1650-1934-5-silver-certificate-star-note-pmg-choice-uncirculated-63-epq/a/161646-28222.s.
[^7]: "1934A $5 Yellow Seal North Africa PCGS 50." Curated Collectibles, 4 Sept. 2019, https://www.curatedcollectibles.com/blogs/curated-collectibles-blog/1934a-5-yellow-seal-north-africa-pcgs-50.
[^8]: "North Africa – WWII Emergency Issue, 1934A $5 Silver Certificate PCGS Very Choice New 64PPQ." Heritage Auctions, https://currency.ha.com/itm/world-currency/north-africa-wwii-emergency-issue-1934a-5-silver-certificate-pcgs-very-choice-new-64ppq/a/3593-28111.s.
