1928 $2 Red Seal Bill Value
The 1928 $2 is the first small-size two dollar note, printed after the 1928 currency redesign shrank US paper money to the dimensions we use today. It is a red seal United States Note with Jefferson on the face and Monticello on the back, and it is the oldest $2 most people will ever hold.
Value depends heavily on the series letter. The series ran from 1928 through 1928G, and the print runs were far from even. A plain 1928 in worn condition is a $10 to $25 note. Some of the letters in high grade reach several hundred.
Quick facts
- Type
- United States Note, small size
- Series
- 1928 through 1928G
- Seal and serials
- Red
- Back
- Monticello, no motto
- Scarce letters
- 1928B and 1928C are the toughest in high grade
1928 $2 Red Seal value by condition
| Condition | Estimated value | Notes |
|---|---|---|
| Well worn, common letters | $10 to $20 | |
| Lightly circulated | $20 to $40 | |
| About uncirculated | $50 to $90 | |
| Crisp uncirculated | $90 to $250 | |
| 1928B, circulated | $40 to $120 | Smallest regular print run of the series |
| 1928B, uncirculated | $400 to $1,200+ | |
| Star note, any letter | $75 to $2,000+ | Depends entirely on the letter |
The spread within this series is wider than in any other small-size $2. Identify the series letter before comparing to any price you find online.
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- Reads the series, seal type, and signatures from a photo
- Flags star notes and collectible serial number patterns
- Estimates a value range by condition
- Works on US and world banknotes
Identify the series letter first
The series year and its letter sit to the right of the portrait. 1928 with no letter is the original printing. Letters A through G follow, each tied to a different Treasury signature combination and a different production window stretching into the 1950s.
1928B is the key. Its print run was a fraction of the others and uncirculated examples are genuinely scarce. 1928C and 1928D are also harder than the common letters. 1928, 1928A, 1928F, and 1928G are the ones you will see most often.
No motto on the back
The 1928 series predates the In God We Trust requirement, so the reverse shows Monticello with no motto above it. That is a fast way to confirm you have an early series rather than a 1963.
The face design also differs slightly from later small-size twos in the placement of the Treasury seal and the wording of the obligation clause.
Grading matters more as the value climbs
For a $10 note, a fold or two changes little. For a 1928B, the difference between about uncirculated and true uncirculated can be several hundred dollars, which is why notes at that level are usually sold in third-party grading holders.
If you believe you have a scarce letter in high grade, do not handle it further. Sleeve it and get an opinion before deciding whether professional grading is worth the fee.
Before you do anything else
- Read the series letter under good light. On worn notes it can be faint and easy to misread.
- A pinhole, a rust stain, or a trimmed edge moves a note into the problem category and cuts value sharply.
- For anything you think is 1928B or a star note, get a second opinion before selling.
Frequently asked questions
What is the most valuable 1928 $2 bill?
Uncirculated 1928B notes and star notes from the scarcer letters are the top of the series. A high-grade 1928B star can reach four figures. Common letters in circulated condition stay in the tens of dollars.
Is a 1928 $2 bill rare?
The series as a whole is not rare, but individual letters and star combinations are. Circulated common letters turn up regularly; uncirculated 1928B does not.
Why is there no In God We Trust on my 1928 $2?
The motto was not required on paper currency until a 1955 law, and the $2 plates were not updated until the 1963 series. Its absence is correct for a 1928 note, not a sign of a problem.