For many people, the experience of holding a $2 bill is rare, if not nonexistent. Since its inception, the $2 bill has stood out as one of the most infrequently used and often forgotten denominations in American currency.
Interestingly, this very lack of circulation makes it a fascinating target for currency collectors. Because they don’t pass through many hands, most $2 bills are preserved in surprisingly good shape—sometimes even untouched. This condition significantly boosts their appeal to those interested in paper money.
This article takes a deep dive into the background and collector value of the 1928 $2 bill. If that catches your attention, let’s explore it in detail.
A Look Back at the History of the Two-Dollar Bill
As previously discussed, the $2 bill has long held a curious place in American currency. One of the main reasons for its low circulation is that it was seen as too high in value for regular transactions in the early 1900s. At a time when wages were modest, carrying a $2 bill didn’t make much practical sense.
There was also a significant cultural stigma. In the 1920s, superstitions surrounding the bill led to it being considered unlucky or even cursed. Such was the belief that places like casinos and racetracks often rejected them outright.
Over time, different types of $2 bills have been released, including:
- Legal Tender Notes
- National Banknotes
- Silver Certificates
- Treasury or Coin Notes
- Federal Reserve Bank Notes
Each version came with its own artwork and unique features. Among the most popular with collectors are the red seal notes. The earliest large-format versions featured intricate design elements and showcased iconic figures from American history, including leaders and inventors.
Some of the most celebrated examples include the 1875 “Lazy Deuce” and the elegantly crafted 1896 $2 “Educational Notes.”
The Appeal of Red Seal $2 Notes
Red seal $2 bills, printed between 1928 and 1966, remain especially attractive to paper money enthusiasts. They showcase Thomas Jefferson’s portrait on the front side, and the reverse displays his Monticello estate in Virginia.
One distinguishing feature is that the 1963 series introduced the phrase “IN GOD WE TRUST,” placed prominently above Monticello on the reverse side.
Another way to tell the difference between the red seal series is by the location of the Treasury seal. In the 1928 series, it appears on the left. However, in later printings such as the 1953 series, the seal was moved to the right side of the note.
When the $2 bill was reintroduced in 1975, it came as a Federal Reserve Note. Though Jefferson remained on the front, the reverse was redesigned to show the signing of the Declaration of Independence, and the seal color changed from red to green—visibly separating it from earlier Legal Tender issues.
Most Valuable 1928 $2 Bills
The 1928 $2 bills are broken down into eight different series—marked from 1928 through 1928G. Each one carries its own scarcity and value, largely dependent on how many were printed and how interested collectors are in them.
Regular 1928 $2 Banknotes
Series 1928
This initial issue included over 55 million bills. Surprisingly, despite being the earliest, it isn’t the most valuable. In worn condition, these notes usually sell for about $3 to $5. If the note is in average shape, the value increases to between $10 and $25. For bills in uncirculated form, prices typically range from $30 to $40.
Series 1928A
With fewer bills printed—just under 47 million—this series holds a bit more collector interest. Notes in poor condition go for $4 to $6, while well-preserved versions command $20 to $30. Uncirculated bills in this series can reach $40 to $60.
Series 1928B
Limited to only 9 million printed notes, the 1928B is among the more sought-after issues. A heavily worn note may still sell for $10 to $15. In better shape, they’re worth $25 to $50. Uncirculated examples can fetch between $75 and $125.
Series 1928C
As one of the more widely printed versions, with over 86 million notes, the 1928C is more common. Bills in rough shape go for $4 to $5, while those in decent condition range from $12 to $25. Crisp, uncirculated bills can be sold for $30 to $40.
Series 1928D
This version saw the highest print volume—more than 146 million bills. Because of the abundance, these notes are less valuable. Worn examples fetch $2 to $4, decent ones go for $6 to $10, and uncirculated notes are typically worth $15 to $18.
Series 1928E
Interestingly, despite being the smallest print run—only about 5.2 million—this series hasn’t gained major collector interest. Poor-condition bills range from $4 to $5. Average ones go for $10 to $15, and uncirculated examples are valued at $16 to $25.
Series 1928F
With more than 43 million notes released, this series is relatively common. A bill in bad shape will usually sell for $4 to $5. Those in moderate condition go for $10 to $12, while uncirculated examples are valued between $15 and $30.
Series 1928G
Approximately 52 million of this series were issued. As one of the less popular versions, worn notes typically bring $2 to $4, average bills go for $8 to $10, and uncirculated ones fetch $12 to $18.
1928 $2 Star Notes
A bill featuring a star instead of a final letter in its serial number is known as a replacement or “star note,” often printed to replace defective notes. These are typically more scarce and can be significantly more valuable.
Series 1928★
The total printed is unknown, but these are moderately valuable. Damaged ones sell for $20 to $40. If in good shape, the value climbs to $50 to $100. Crisp, uncirculated notes can range from $200 to $350.
Series 1928A★
Highly prized among collectors, this series commands strong prices. Worn notes are valued at $75 to $150. Mid-grade examples can sell for $175 to $300, and pristine notes may surpass $1,000.
Series 1928B★
This is considered the rarest of the 1928 star notes. Poor-condition bills go for $1,000 to $2,500. Better-preserved ones range from $5,000 to $7,500. Uncirculated versions can reach over $10,000.
Series 1928C★
One of the more commonly available star notes. In rough shape, they’re valued at around $10. In good condition, they’re worth $25 to $75. Crisp, uncirculated examples range from $250 to $500.
Series 1928D★
While not extremely rare, this star note still has collector value. Poor condition notes sell for about $15. Better ones can go for $30 to $75, and uncirculated bills bring about $125.
Series 1928E★
This star series is both rare and valuable. In poor shape, they can sell for $250 to $500. Mid-condition notes go from $750 to $1,200, and uncirculated ones range between $2,500 and $5,000 or more.
Series 1928F★
These are less valuable unless they feature a unique serial number. Worn notes are priced at $15. Good condition bills sell for $20 to $30. Uncirculated examples may reach up to $75.
Series 1928G★
Although it concludes the 1928 star note sequence, it’s not especially sought after. Poor shape notes fetch $18. Average condition ones are worth $25 to $35, and pristine notes can sell for around $100.
1928 $2 Mules, Star Mules, and Other Rare Errors
“Mule” notes occur when different series plates are used on opposite sides of a bill. For instance, a front labeled 1928B and a back from 1928E would be considered a mule. When a star note is also involved, it’s known as a star mule—these are particularly rare and desirable.
Series 1928C Mule
This rare type can be identified by a back plate number of 289 or higher. In poor condition, they fetch around $100. Better examples sell for $125 to $200. Uncirculated versions go for $500 to $750.
Series 1928D Mule
To qualify as a mule, the back plate must be numbered 288 or lower. These are less valuable but still collected. In worn condition, they go for around $25. Average ones are worth $30 to $45, while uncirculated bills are around $75.
Series 1928D★ Mule Star Note
This hybrid is rare and valuable, combining both mule and star features. To confirm it, the back plate number must be 288 or lower. Damaged notes sell for $40. Mid-grade ones are worth $50 to $60. Crisp notes can sell for $75 to $125.
Series 1928 Fancy Serial Numbers
Some collectors specialize in rare serial numbers—such as low digits, repeaters, or ladders. These aesthetic details can raise a bill’s value substantially, even if the series isn’t especially rare. Always examine the serial number carefully.
What Determines the Value of the 1928 $2 Bills?
While the $2 bill is still legal tender today, its rarity in circulation makes it an attractive target for collectors. Even common versions in excellent condition can fetch impressive prices.
Key elements that affect value include:
Condition
The physical quality of the bill matters most. Uncirculated bills—those with no folds or damage—are much more desirable than worn ones. Flaws like tears, dirt, or fading greatly lower the price, regardless of series.
Year and Series
Earlier series are usually more collectible. Specific series variations and unique features introduced in certain years also impact the market value.
Serial Number
Unusual or interesting serial numbers add value. Patterns, low numbers, or visually pleasing arrangements make a note stand out and increase its appeal.
Printing Errors
Rare misprints—like off-center printing or mismatched seals—can significantly raise a bill’s price. Mule notes fall into this category and are highly collectible.
Are Some 1928 $2 Bills More Attractive to Collectors Than Others?
Definitely—some features dramatically enhance a bill’s appeal. Collectors seek out characteristics like:
- Star Notes – Identified by a star at the end of the serial number, these are replacements and are rarer by nature.
- Radar Numbers – Palindromes like 12344321 are rare and attractive to specialty collectors.
- Solid Numbers – All the same digit (e.g., 88888888) is extremely valuable.
- Binary Numbers – Notes made of only two digits (like 01010101) have niche appeal.
- Ladder Numbers – Perfectly ascending or descending sequences (e.g., 12345678) are highly coveted.
Where Can You Purchase or Sell Your 1928 $2 Bills?
Online marketplaces are a great starting point. Sites like eBay, Etsy, or Amazon often list these bills, offering price benchmarks. However, always exercise caution—prices can be misleading or inflated.
For trusted transactions, try auction sites like:
- Heritage Auctions
- LiveAuctioneers
- NumisBids
- Dorotheum
Currency forums and collector groups also offer valuable insights. Here, seasoned collectors share advice, price trends, and even trade opportunities.
Although online purchases are convenient, they do come with risks. It’s crucial to verify seller reputations and seek professional appraisals before any major purchase. Visiting numismatic stores, attending coin shows, or using certified auctions offers more security.
Collecting Old 1928 $2 Bills – Yes or No?
Although it has long been one of the least-used bills in American currency, the $2 note has become increasingly appreciated by collectors. With multiple versions, varying print volumes, and signature changes, the 1928 series alone provides many collecting possibilities.
Compared to more common denominations, $2 bills are often harder to find in high quality. When well-preserved, they can be valuable both financially and historically.
So, if you’re considering building a currency collection, 1928 $2 bills are definitely worth adding. Whether your goal is investment or passion, these notes can be a rewarding part of any collector’s journey.
If you already own one, feel free to share your experience—how you found it and what condition it’s in. It might just be the beginning of an exciting new hobby!