You probably found it in an old envelope. Or maybe your grandpa tucked it into a birthday card years ago and told you to "keep it because it’s special." Now you’re looking at that red seal, the weirdly placed "2" symbols, and you're wondering: how much is a 1928 two dollar bill worth anyway?
Honestly? It depends.
Most people think old money is an instant lottery ticket. It’s not. But the 1928 series—the first year of the "small-size" notes we use today—occupies a strange, lucrative corner of American numismatics. While a beat-up bill from a common print run might only buy you a cup of coffee, a rare star note or a specific "letter" variety can sell for thousands. We’re going to look at the grit and the gold of these red-seal notes.
The Red Seal Mystery
If you look at a modern two dollar bill, the seal and serial numbers are green. On a 1928 bill, they are a vivid, blood red. This isn't just a design choice. Back then, these were "United States Notes," also known as Legal Tender Notes. Unlike Federal Reserve Notes, which are essentially IOUs from the central bank, these were issued directly by the U.S. Treasury.
Does the red ink make it valuable? Sorta.
It makes it collectible, but because the Treasury pumped out millions of these during the Great Depression, rarity varies wildly. You have to look at the tiny letter sitting next to the year. Is it a 1928A? A 1928F? That little character changes everything.
Breaking Down the 1928 Series Varieties
Currency collectors are obsessive about letters. If your bill just says "Series of 1928" with no letter, it’s the first run. These are common. In circulated condition—meaning it’s been through a few wallets and has some creases—you’re looking at maybe $10 to $20.
Then things get spicy.
Take the 1928B variety. Most of these are worth about the same as the others ($15–$25), but there’s a specific version where the "2" on the back is slightly different, or it comes from a specific district. Actually, the real treasure in the B series involves the signatures. If you find one with the signatures of Woods and Mellon, and it’s in crisp, uncirculated condition, the price jumps.
The Heavy Hitters: 1928C, D, and E
The 1928C, 1928D, and 1928E series are the ones that make collectors sweat. These were printed in much smaller quantities.
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- A 1928C in decent shape can easily fetch $50. If it’s perfect? Think $300.
- The 1928D is even tougher to find. Even a "mid-grade" note can hit $80 or $100.
- 1928E notes are the kings of the standard issues. Finding one that isn't torn or stained is a chore, and collectors will pay $150 to $400 for a nice one.
Why the difference? Survival rates. During the 1930s, people actually spent their money because they had to. Very few people had the luxury of tucking a two dollar bill away in a drawer for eighty years. Most of the 1928C and D notes were circulated until they literally fell apart and were destroyed by the Treasury.
Star Notes: The Holy Grail
Look at the serial number. Does it start or end with a little star symbol instead of a letter?
If yes, stop touching it. Put it in a plastic sleeve.
Star notes are replacement bills. If a sheet was misprinted at the Bureau of Engraving and Printing, they couldn't just print the same serial number again easily. They replaced the bad bill with a "star note." These are significantly rarer.
A 1928 star note is almost always worth at least $50, even if it looks like it’s been through a washing machine. If you have a 1928B star note in high-grade condition, you are looking at a value that can climb into the $2,000 to $5,000 range. At an auction held by Heritage Auctions or Stack’s Bowers, these things cause bidding wars.
Grading: The Difference Between $20 and $2,000
Condition is everything. In the world of paper money, we use a 70-point scale established by organizations like PMG (Paper Money Guaranty) or PCGS.
- Very Good (VG 8-10): The bill is intact but heavily used. Lots of folds, maybe some dirt. It’s worth the baseline price.
- Extremely Fine (EF 40-45): It looks clean. It has maybe one or two light folds. The paper is still somewhat crisp.
- Gem Uncirculated (65-70): This bill looks like it was printed yesterday. No folds. Perfectly centered. Sharp corners.
The price gap is insane. A common 1928G note might be worth $12 in "Very Good" condition. That same bill in "Gem Uncirculated 66" could sell for $150. This is why you should never iron your bills to make them look flat. Collectors can tell. Ironing damages the fibers and kills the value instantly.
How Much is a 1928 Two Dollar Bill Worth Right Now?
Let’s get into some real-world numbers. If you walked into a coin shop today, here is what you would likely see for raw (un-graded) notes:
For the standard 1928, 1928A, and 1928G series, expect a dealer to offer you $5 to $10, and expect to see them for sale at $15 to $25. They are common. Millions were made.
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If you have a 1928C, D, or E, the price floors are higher. You’re looking at $40 minimum for a 1928D in average condition. If it’s a 1928E, don't let it go for less than $100 unless it’s literally torn in half.
And then there’s the weird stuff. Fancy serial numbers.
If your serial number is "00000001," you’ve hit the jackpot. Low serial numbers (under 100) add hundreds or thousands of dollars to the value, regardless of the series letter. Solid serial numbers (like 22222222) or "ladders" (12345678) also command huge premiums.
Misconceptions and Red Herrings
People often think the "Red Seal" means it’s gold-backed. It’s not. Gold certificates had yellow or orange seals. Others think the 1928 bill is rare because "they don't make two dollar bills anymore."
Wrong.
The Treasury still prints two dollar bills. They just don't circulate much because people hoard them thinking they're rare, which creates a self-fulfilling prophecy where nobody ever sees them in the wild.
Another big mistake? Cleaning. I’ve seen people use erasers or even mild bleach to try and "clean" a 1928 note. Please, don't. Any chemical alteration is visible under UV light or a microscope. A "dirty" original note is always worth more than a "clean" ruined one.
Where to Sell Your Bill
Don't go to a pawn shop. They’ll offer you $3.
If you think you have a high-value note—specifically a 1928C, D, E, or any star note—your best bet is a dedicated numismatic auction house or a reputable local coin dealer who belongs to the American Numismatic Association (ANA).
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For common 1928 or 1928A notes, eBay is actually a decent barometer. Look at "Sold" listings, not "Active" listings. Anyone can ask for $10,000 for a common bill; it doesn't mean they’re getting it. See what people are actually paying.
Actionable Steps for Your 1928 Two Dollar Bill
First, identify the series. Look for that letter next to "Series of 1928." If there’s no letter, it’s the base series.
Second, check for a star. If there’s a star in the serial number, your value just tripled at a minimum.
Third, assess the "eye appeal." Is it bright? Are the corners sharp? If it looks like it just came off the press, it’s worth paying a professional grading service like PMG to encapsulate it. This "sets" the grade and makes it much easier to sell for top dollar.
Lastly, keep it flat. Don't fold it. Put it in a PVC-free plastic currency sleeve. Every new crease or finger oil stain literally wipes dollars off the value.
The 1928 series is a beautiful piece of American history. It survived the Depression, several wars, and the shift from large-sized money to the smaller bills we carry today. Whether it’s worth $10 or $1,000, it’s a tangible link to a very different era of American finance.
Check the back of the bill. You’ll see Monticello, Thomas Jefferson’s home. On these 1928 notes, it looks a bit different than modern ones. That’s because the engraving was refreshed later. These little quirks are what make the 1928 series a favorite for specialized collectors. If you're sitting on one, take five minutes to look at it under a magnifying glass. You might find a star or a rare series letter that turns a $2 curiosity into a serious investment.
Look for ink smears or "gutter folds"—places where the paper was folded before it was printed. These "error notes" from 1928 are incredibly rare and can easily fetch $500+. The 1928 series was the wild west of the new small-size currency, and mistakes happened. If your bill looks "wrong," it might actually be very right for your bank account.
To maximize your return, avoid selling during economic dips when hobby spending slows down. Instead, watch the auction results for major currency shows like the Central States Numismatic Convention. When prices for "Red Seals" start trending up in those circles, that’s your window to list yours.