Hobbies
Coin Collecting
By
James Bucki
James Bucki
James Bucki is a nationally-recognized coin collector and numismatic expert and author, sharing his knowledge and specialized training in coin grading, minting errors, and collection techniques. He has over 50 years of numismatic and writing experience, including a monthly magazine column for the American Numismatic Association.
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Updated on 08/26/24
The United States first printed two-dollar bills in 1862, yet they never found favor with the American public and were never widely circulated in the U.S. economy. Most bills are not incredibly rare, though, yet some two-dollar bills are more valuable than others. This includes a few series of red seal varieties, which are two-dollar bills with a treasury seal made of bright red ink.
History of the Two-Dollar Bill
Early two-dollar bills were almost twice the size of today's versions and are known as "large size" bills. In 1928, the Treasury Department reduced the size of paper currency to the standard size it is today.
Since the beginning, there have been several different types of two-dollar bills. These include Legal Tender Notes, National Banknotes, Silver Certificates, Treasury or Coin Notes, and Federal Reserve Bank Notes. Large size notes carried ornate designs and had various portraits of presidents, war heroes, inventors, and allegorical figures of liberty. Some of the more popular and collectible notes are the Lazy Deuce (Series 1875) and the Educational Notes (Series 1896).
Retailers and banks did not prefer the two-dollar note because there was not a standard spot for it in cash registers and teller drawers. In the 1920s, receiving a two-dollar note was considered a jinx. It was not allowed in some casinos and racetracks. Even today, some retailers refuse to accept them because they think they are counterfeit or "play money."
The United States issued red seal two-dollar Legal Tender Notes between 1928 and 1966 (Series 1965). The front of the bill features a portrait of Thomas Jefferson by Charles Bert. The back of the note features Thomas Jefferson's home, Monticello, engraved by Joachim C. Benzing. In 1963, the Treasury Department added the motto "IN GOD WE TRUST" to the back of the note and placed it over the engraving of Monticello.
The treasury seal found on these notes is bright red. In 1928, it was located on the left side of the note and moved to the right side of the note beginning with Series of 1953. Small size two-dollar notes were first issued in 1928 when the United States was still on the gold standard. At this time, there were still gold certificates and silver certificates in circulation. These silver certificates had a blue treasury seal to differentiate them from other bills the United States government issued.
Beginning in 1975 (Series 1976), two-dollar Federal Reserve Notes were issued, and the treasury seal was changed to green to differentiate from the Legal Tender Notes previously issued. The front of the note remains the same, with the ornate scrolling in the multiple counters located throughout the face of the bill. However, the reverse was changed to the vignette of the signing of the Declaration of Independence.
Collecting Modern-Day Two Dollar Bills
The two-dollar bill has a short series to collect. A type collection of each small size notes issued since 1928 would consist of one note of each of the following series:
Red Seal
- 1928 to 1928-G
- 1953 to 1953-C
- 1963 to 1963-A
Green Seal
- 1976
- 1995
- 2003 to 2003-A
- 2009
- 2013
Since the two-dollar note was never popular with the United States public, it was never widely collected. Therefore, the printing runs are short compared to other denominations like the one-dollar and five-dollar notes. However, the printing runs ranged between 2 million and 146 million bills. This by no means makes them rare or scarce, except for small production runs of star notes.
Every time a bill's design or signature changed, a new series would be issued. Another popular way of collecting two-dollar bills is to obtain one bill from each series and sub-series. For example, in the Series of 1953, there were four sub-series. The 1953 series began with the plain 1953, followed by the 1953-A, 1953-B, and the 1953-C, for a total of four bills. The series usually indicates the first year that the design was produced.
Advanced collectors will also want to obtain an example of each series with a star in the serial number. These are almost always extremely small production runs and will carry a premium over and above the regular issue series.
Star Notes
Since all notes issued by the United States Department of the Treasury carry a unique serial number, every note must be accounted for. Beginning in 1910, the Bureau of Engraving and Printing director J. T. Ralph authorized special notes printed with a star at the end of the serial number. These notes were to be substituted if a note was misprinted or otherwise defective.
Therefore, these replacement notes are significantly rarer than standard production run notes. Depending upon the series, star notes can be worth a modest premium over non-star notes. However, certain series and signature combinations of star notes are extremely rare, with values ranging up to $20,000 for the Series 1928-B with Woods-Mills signatures.
Value of a Red Seal Two Dollar Bill
Although many people are unfamiliar with the two-dollar bill, which is an unusual bill, most of these bills are not extremely rare and do not carry a high value. However, there are a few series whose star notes command a premium. The primary determination of value depends upon the series (year and signatures) and whether the serial number has a star in it.
Series of 1928 to 1928-G, Red Seal Right Side
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 |
Series of 1953 to 1953-C, Red Seal Left Side
Series | Very Fine | Uncirculated |
1953 | $9 | $30 |
1953★ | $15 | $90 |
1953-A | $9 | $20 |
1953-A★ | $22 | $80 |
1953-B | $9 | $22 |
1953-B★ | $18 | $75 |
1953-C | $9 | $20 |
1953-C★ | $18 | $90 |
Series of 1963 to 1963-A, Red Seal Left Side
Series | Very Fine | Uncirculated |
1963 | $8 | $20 |
1963★ | $12 | $40 |
1963-A | $9 | $20 |
1963-A★ | $12 | $90 |
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