If you’ve ever received a two-dollar bill, you know the feeling of excitement and joy it brings. A two-dollar bill, although on paper seems common, is actually kind of hard to come across and always carries this idea of perceived rarity. And for a reason; the bill is rarely used in the regular, day-to-day transactions, and even when it is, it is generally put away. People tend to use one- and five-dollar bills significantly more than the two-dollar ones.
Nevertheless, the two-dollar bill is one of those denominations that have a unique history and is a great contribution to the valuable collections around the States and the world. Sure enough, the bill is still in circulation, but this time around, we’re interested in a specific two-dollar bill; the one from 1928. This one is considered to be even more rare and scarce, and even on-collectors are seeking to find it, left and right.
Therefore, in the following paragraphs, we’ll share with you the most important information regarding the bill; its history and origin, special characteristics, current market value, and so much more. So, without further ado, let’s dive right in!
The 1928 $2 Bill: How Much Is it Worth Today
- Year: 1928
- Types: Legal Tender Notes (United States Bill)
- Denomination: Two Dollar Bill
- President: Thomas Jefferson
- Seal Color: Red
- Varieties: 1928, 1928A, 1928B, 1928C, 1928D, 1928E, 1928F, and 1928G
The History and Origin of The $2 Bill
The denomination of two dollars has been in use ever since July 1892. At first, the denomination was mainly used by the federal government, but then it was released into circulation and continued to be so until 1966. The United States Treasury Department stated that the $2 bill wasn’t really popular among regular folks, and as a result, the denomination has been discontinued.
A decade later, in 1976, the two-dollar denomination was resumed as a part of the United States Bicentennial ($2.00 is equal to two hundred cents). As such, the two-dollar denomination remained a current denomination ever since, despite not being reissued as frequently as the other denominations.
Unfortunately, even nowadays, the two-dollar denomination is rarely used. It is almost impossible to receive it in regular transactions. Because the bill is only printed according to demand, and because the demand is low, only 1% of all the printed denominations make for the two-dollar bill, which is only 0.001% of all currency in circulation. The bill is so rarely used, that even cashiers would not put the bill with the rest of the money, but rather place it aside, with the checks under the cash tray. Almost no vending machines accept the two-dollar bill, and as of late, even self-check-outs are ceasing to do so.
1928 $2 Bill Design
When it comes to the design and the appearance of the two-dollar bill, a few things need to be pointed out. On the obverse of the bill, there is the former U.S. President Thomas Jefferson. The obverse also features the denomination, the name of the country, and the 2 (dollars) numbers and words/inscriptions.
The reverse of the note features the depiction of Thomas Jefferson’s home, Monticello, engraved by Joachim C. Benzing. The reverse of the bill changed a bit in 1963 when the Treasury Department instructed the motto In God We Trust to be placed over the engraving of Monticello. This is the second oldest design of a U.S. denomination, having been adopted back in 1976, and still being in use to this very day.
What makes the 1928 two-dollar bill stand out, though, is the treasury seal on the note. The seal is bright red, and in 1928, it was placed on the very left side of the note. In 1953, the new note series had the seal moved to the right side. The seal would later change color as well, from red to green, starting with the note series in 1976.
The 1928 $2 Bill Varieties and Their Values
In 1928, the U.S. Treasury released several different varieties of the two-dollar bill. Those include the 1928A, 1928B, 1928C, 1928D, 1928E, 1928F, and the 1928G. The letter in the serial number of the bill tells us which variety of the two-dollar bill it is. The most common two-dollar bill from that year was the 1928G. All of the varieties were meant for circulation, but there were also those uncirculated ones as well. Those are, surely much rarer than the circulated notes, and the rarest out of those are the 1928A and 1928B, and as such carry the highest value.
Apart from highly valuable uncirculated notes, the 1928 two-dollar bill star notes are considered rare and valuable as well. The market demand is high, and these are primarily sought after by collectors. The difference between a regular two-dollar bill and a star note is the start symbol placed next to the serial number of the note.
The reason for the star lies in the need to replace the misprint at the Bureau of Engraving and Printing. Moreover, the star notes were used for people to replace their bills should they notice it was misprinted or otherwise defective. The rarest star note 1928 two-dollar bill is the 1928B series. This one was actually printed in 1932 and 1933 and is worth thousands of dollars in the current market.
What could add even more value to an already valuable 1928 two-dollar bill is its size. The so-called mule note is a two-dollar bill that has slightly different font sizes, for both the front and the back plate numbers. This isn’t really a big deal of a difference, but in some cases, it can increase the value of the bill quite significantly. For example, a star note 1928B series two-dollar bill, which is also a mule note, can be worth thousands of dollars.
The 1928 $2 Bill Current Market Value
When it comes to the actual current market value of the several factors need to be taken into consideration;
- Whether the note is circulated or uncirculated
- Whether the note is in poor, fair, good, very good, fine, extremely fine, or uncirculated condition
- Which variety of the note it is (letters from A to G)
- Whether the note is a star note
- Whether the note is a mule note
Now that we have the factors in mind, let’s take a look at the actual values and prices;
Circulated 1928 $2 Bill
A regularly circulated 1928 two-dollar bill is often if good or poor condition. As such, its value doesn’t exceed 20 USD, especially for the most common series varieties (which would be 1928D, 1928 F, and as previously mentioned, the most common 1928G). The lowest value would be anywhere between 3 USD and 5 USD. The highest value of a circulated 1928 two-dollar bill would be around 40 USD. These are generally cheaper varieties of the 1928 two-dollar bill and are most commonly found on sale in local antique shops, coin shops, or online auctions.
Uncirculated 1928 $2 Bill
An uncirculated 1928 two-dollar bill is significantly more valuable than the circulated one. The uncirculated bill is generally in extremely fine condition, and it is even common to see one in exceptional, pristine condition. The average uncirculated 1928 two-dollar bill is sold for 60 USD to 150 USD, while the less common series notes (like the 1928B), can reach the price of even 2000 USD.
Star Note (Red Seal) and Series from A to G
As we previously mentioned, the star note 1928 two-dollar bill is the most valuable one you can come across. If it’s also a mule note, then the value increases furthermore. The rarest star note is the 1928B two-dollar note, which can reach a price of 20,000 USD, as seen in the table below;
| Series | Very Fine | Uncirculated |
| 1928 | $12 | $185 |
| 1928 ★ | $225 | $1,000 |
| 1928-A | $60 | $380 |
| 1928-A ★ | $1,500 | Rare |
| 1928-B | $250 | $1,000 |
| 1928-B ★ | $20,000 | Very Rare |
| 1928-C | $30 | $125 |
| 1928-C ★ | $600 | $3,000 |
| 1928-D | $15 | $80 |
| 1928-D ★ | $100 | $400 |
| 1928-E | $22 | $150 |
| 1928-E ★ | $2,000 | $12,000 |
| 1928-F | $15 | $80 |
| 1928-F ★ | $100 | $500 |
| 1928-G | $15 | $80 |
| 1928-G ★ | $80 | $500 |
Collecting the 1928 $2 Bill Nowadays
Collecting rare bills nowadays is a rather complicated process. But, armed with the right information, it can be made easier and more enjoyable. What we recommend to our readers is to do their proper research and take a closer look at the online auctions. If you’re looking for the most valuable 1928 two-dollar bills, make sure to check their condition, and the red seal. Also, if it’s a mule bill, you might even get a more valuable and more expensive bill (or sell it, if it’s the other way around).
We need to point out that the perceived rarity of this two-dollar bill can sometimes be a bit tricky. The two-dollar bill wasn’t really popular back in the day, and as such wasn’t really collected neither. However, the bill was common, especially some of the series. By no means was this bill considered special and worthy of collecting. However, advanced collectors will seek the star notes and mule bills, which actually have a high value and are highly sought-after by other collectors.
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Final Thoughts
If you’ve made it this far, congratulations! Now you’ve learned everything essential there is to learn about the iconic 1928 two-dollar bill. Hopefully, this brief journey was fun and informative. For more information about the two-dollar bills in general, we recommend you check professional coin/bill grading services and their informative blogposts as well as active or closed auctions. This can help you understand how the value of a bill changes overtime, and what can you expect regarding the market climate. We wish you the best of luck and happy collecting!
