You’ve probably seen the "new" two-dollar bills. Those crisp, green notes with Thomas Jefferson on the front and the signing of the Declaration of Independence on the back. They're common. Honestly, most people just use them as tooth fairy money or a quirky tip at a bar. But the 1917 2 dollar bill is a completely different animal.
It's large. It's colorful. It looks like it belongs in a museum, not a wallet.
Back then, money was art. If you're holding a legal tender note from 1917, you aren't just holding currency; you're holding a "horseblanket." That’s what collectors call these because they are significantly larger than the bills we carry today. About 25% larger, actually. When the government switched to "small size" notes in 1928, the era of these beautiful, sprawling engravings ended.
What Makes the 1917 2 Dollar Bill So Special?
The first thing you notice is Thomas Jefferson. He's there, but he’s shifted over to the left side of the note. This is the last year the United States issued a $2 bill as a "Legal Tender Note" (also called United States Notes) in this large-scale format.
Look at the center. There’s a vignette of the Capitol building. It’s incredibly detailed. If you have a magnifying glass, you can see the individual columns. To the right, you'll see a large, ornate "2" and a red seal. That red seal is vital. It’s the hallmark of United States Notes, which were backed directly by the Treasury rather than by gold or silver held in a bank.
The colors are wild.
Collectors often refer to these as "rainbow notes." While the 1869 version is the true Rainbow Note, the 1917 series kept some of that DNA with its blue tints and red fibers. It feels high-stakes. It feels like money.
Most of these were signed by Teehee and Burke. Those names—Houston B. Teehee and John Burke—are printed on almost every surviving 1917 note. Teehee was the Register of the Treasury and Burke was the Treasurer. Occasionally, you’ll find a variant with Elliott and Burke, but those are the outliers.
Valuation: Don't Quit Your Job Just Yet
I get asked this all the time: "I found a 1917 two-dollar bill, am I rich?"
Probably not. But you're definitely doing better than two dollars.
Value is dictated by the cruel mistress of "Condition." In the world of numismatics (coin and paper money collecting), we use a 70-point scale. A bill that has been folded a hundred times, has pinholes from being tacked to a bar wall, or is literally taped together might only fetch $50 or $60. It’s still a 2,500% return on investment, which isn't bad!
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However, if that bill is "Choice Uncirculated"—meaning it looks like it was printed yesterday, has sharp corners, and zero folds—you're looking at $500 to $1,000.
The Serial Number Factor
Serial numbers matter. A lot.
Basically, collectors love "fancies." If your 1917 2 dollar bill has a low serial number—think something like 00000123—the price triples. If it has a star at the end of the serial number, you’ve hit a minor jackpot. Star notes were replacement bills used when the original sheet was damaged during printing. They are much rarer.
Check for the suffix. Most 1917 notes have an "A" at the end. If yours has a "B", it's slightly scarcer. It’s these tiny, ink-heavy details that drive the market at major auction houses like Heritage Auctions or Stack’s Bowers.
Why the Red Seal Matters
There’s a lot of confusion about seal colors.
In 1917, the red seal was a promise. It was the government saying, "This note is a debt of the United States." Unlike Silver Certificates (which usually had blue seals) or Gold Certificates (yellow/orange), the red seal meant this was a United States Note.
During World War I, the economy was in a weird spot. People were hoarding hard metal—gold and silver. The government needed paper to circulate to keep trade moving. The 1917 series was the workhorse of the American pocketbook during the Great War.
Interestingly, the back of the bill is just as famous as the front. It features a bright, forest-green engraving. It’s busy. It’s complicated. It was designed that way specifically to make it a nightmare for counterfeiters to replicate using the technology of the time.
Common Misconceptions and Red Flags
People think because it's old, it must be worth thousands.
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That’s a myth.
The Treasury printed millions of these. Many survived because people thought they were beautiful and tucked them into Bibles or drawers. High supply keeps the "average" circulated note affordable.
Watch out for "restored" bills. Some shady sellers will take a dirty, wrinkled bill and "wash" it or press it to make it look crisp. Expert collectors can smell the chemicals or see the lack of original paper "embossing." If the paper feels like a modern photocopy—limp and smooth—it might have been doctored.
Also, look for "pinholes." Back in the day, bankers would literally pin stacks of money together. Hold your bill up to a bright light. If you see tiny stars of light shining through, the grade drops significantly.
The Collector’s Market in 2026
The market for paper money is actually heating up. As we move closer to a cashless society, these physical artifacts of the "Big Note" era are becoming more desirable to younger collectors who find modern digital banking boring.
If you're looking to buy or sell, don't go to a pawn shop. They’ll offer you 30% of the value because they need to flip it. Go to a dedicated paper money show or use a reputable online dealer.
Nuance is everything here. A "Fine 12" grade note and a "Very Fine 25" grade note look almost identical to the untrained eye, but the price difference can be a couple of hundred bucks. Getting your note graded by a third-party service like PMG (Paper Money Guaranty) or PCGS is the only way to "lock in" a value. They seal it in a plastic slab and give it an official score.
How to Handle Your Bill
If you just found one, stop touching it. Seriously.
The oils on your skin can degrade the 100-year-old paper. Put it in a PVC-free plastic sleeve. Don’t use a paper envelope; the acids in the paper can cause yellowing over time.
Keep it out of the sun. The red ink in that famous seal is prone to fading. A faded seal turns a $300 bill into a $100 bill faster than you can say "inflation."
Verifying Authenticity
Is it real? Most likely. Counterfeiting a 1917 2 dollar bill today would cost more than the bill is worth.
But check the paper. Real U.S. currency is printed on a blend of linen and cotton. It shouldn't feel like wood-pulp paper. Look for the tiny red and blue silk fibers embedded inside the paper. They shouldn't be printed on the paper; they should be part of it.
The detail in Jefferson’s hair and the lines in the Capitol dome should be razor-sharp. If the lines look blurry or "bloated," you might be looking at a contemporary counterfeit or a poor reproduction.
Actionable Steps for Owners and Collectors
If you have a 1917 $2 bill, here is exactly what you should do next to maximize its value:
- The Light Test: Hold the note up to a 100-watt bulb or a bright flashlight. Check for "washes" (discoloration from cleaning) and pinholes. Note every fold.
- Identify the Signatures: Look at the bottom left and bottom right. If you see Elliott-Burke, you have a slightly rarer variant. If it’s Teehee-Burke, it’s the standard (but still valuable) issue.
- Check the Serial Number: If it starts with a "0" or has a star symbol, do not sell it for "common" prices. Take it to an expert immediately.
- Buy a Mylar Sleeve: Spend the $2 to buy a professional-grade, acid-free currency holder. It preserves the current condition and prevents further degradation.
- Check Auction Realized Prices: Go to a site like Heritage Auctions and search "1917 $2 Legal Tender." Don't look at what people are asking for on eBay; look at what people actually paid in recent months. This gives you the real market value.
- Decide on Grading: If you think your note is "About Uncirculated" or better (meaning it has at most one light fold), spend the $40-$60 to have it professionally graded by PMG. A graded note is much easier to sell for top dollar.
The 1917 2 dollar bill represents a pivot point in American history—the end of the large-format currency and the height of the red-seal era. Whether it's a family heirloom or a flea market find, treat it with the respect a century-old piece of art deserves.