Seen with much less regularity than their peers of the $2 and $5 denominations, the Series of 1928 $1 Legal Tender Notes are a rather unusual numismatic oddity. First produced in 1933, the Series of 1928 features the signatures of Treasurer W.O. Woods and Treasury Secretary William H. Woodin who served concurrently during a brief period from March to the end of May in 1933.
Taking precedence into consideration, this series should have been known as the Series of 1933. Both the $2 and $5 Legal Tender Notes issued under the Series of 1928 bore the signatures of Treasurer Harold Theodore Tate and Treasury Secretary Andrew Mellon whose concurrent tenure mirrored the series date on those notes.
Most likely the series date on the Series of 1928 $1 Legal Tender Note can be explained by the fact that a change in series date at the time was the result of a major design change. Perhaps the Bureau of Engraving & Printing didn’t consider this a major change on account of the aesthetic similarities to contemporary Silver Certificate? Or, perhaps it was an oversight on the Bureau of Engraving & Printing?
Whatever the case, the Series of 1928 $1 Legal Tender Notes were scarce in circulation as only a total of $8,012 out of the total production run were released. The remainder were locked away for 15 years in Treasury vaults before being released into circulation in Puerto Rico from November 1948 to February 1949. It was reasoned that these notes would raise questions if circulated in the continental United States. A total of $1,872,012 would be shipped to Puerto Rico during that time.
At present, these notes are seen with a degree of regularity at auction and at shows with Fine (and lower) and Choice Uncirculated examples accounting for the bulk of examples available. Toward the range of Gem Uncirculated 66 things become all the more complicated with census figures narrowing to under 400 pieces recorded by PMG.
Should you wish to acquire an example of this unusual note in this grade range, the August 29, 2024 Collectors Choice Online Auction of U.S. Currency offers multiple opportunities to do just that in lots 92241, 92242, 92243, and 92244.
The notes are exceedingly original and look the same as they did the day they were first consigned to a Treasury vault in 1933 or shipped to Puerto Rico over 75 years ago. From bright fire engine red overprints to crisp margins, these notes are sure to become a treasured item in your collection should you be fortunate enough to place a winning bid.
For more information about our auctions or to consign your numismatic items, please call 800-458-4646 or email Info@StacksBowers.com.
