Currency Spotlight: $1000 Series of 1928 Bill
The 1928 $1000 bill is sought after by collectors, and its value will be determined by factors such as the district of issue, the star note, serial number, color of the seal and condition. Originally about 1,105,008 notes were printed in 1928, as of today it is estimated that less than 70,000 remain.
These bills were distributed by each of the twelve banks of the Federal Reserve. The bank of issue plays a key role in determining value. The bank of issue can be found by inspecting the black seal which is visible on the left of the bill’s front side. The bank can be seen within the seal. For the 1928 $1000 note, the district of Boston, which is designated by the letter “A”, is the most prized. For other circulated notes from the remaining districts the amounts will be similar, unless the note is a gem of high grade.
Even those who are beginners at currency collecting probably realize that the star symbol within the serial number is extremely valuable. For the 1928 $1,000 bill, the star note is paramount. For instance, if the star note is visible at the serial number’s end (these numbers will be eight digits), then this can increase the value of the bill by as much as $10,000, meaning a bill that would normally be worth only $1,800 with a star symbol would be valued at about $18,000.
All of the 12 Federal Reserve districts issued bills with star notes, but these are exceptionally rare. Even in 1928, when the bills were first introduced to the public, because of their high denomination they weren’t frequently used in daily transactions. This means most of the collectibles you come across will be of a higher grade.
Still, many years have passed since these bills were issued, and as such you will occasionally come across stains, rust, tears and other blemishes, which will reduce the value of the note. Another thing to keep in mind about this bill is that if the serial number is interesting, it can increase the value of a currency that would normally be considered standard. The best examples of this are serial numbers which are low digit, with two numbers or fewer, such as 000000##. If the bill has such a number this would likely increase the value.
The Seal Color
The $1,000 bill issued in 1928 has a seal that comes in dark green and light green. The bills with the dark green colored seals were issued first, with the light green colored seals being issued later, and only for the districts of San Francisco, Richmond, St. Louis and Kansas City. These notes carry a premium, but it is a small one. It should also be emphasized that these bills were originally included within the Golden Clause, meaning that they could be redeemed for physical gold at the U.S. Treasury or Federal Reserve Banks. However, the bills should not be confused with gold certificates, as they do not have a golden seal.