1928 $2 Bill Value: How Much Is It Worth?
By Muhammad Khalid Hussain; published ; updated
A 1928 $2 bill is a red seal United States Note and the first small-size two-dollar note, so it carries a genuine collector premium. A well-worn example is usually worth a modest amount over face, while crisp uncirculated notes, scarce sub-series and star notes reach much more. Condition and the exact 1928 series letter decide the price.
The short answer
The 1928 $2 bill is the first small-size two-dollar note, issued as a red seal United States Note with Thomas Jefferson on the front and his home, Monticello, on the back. Because it is the earliest of the modern $2 notes, even a circulated example usually sells for a small premium over face value, and the premium grows sharply with condition and scarcity.
How much more depends on two things: the exact sub-series letter (1928 through 1928G) and the grade. The value chart below gives recorded ranges by series and condition, with a separate chart for star notes, and you can check your own serial for a star or a fancy pattern with the tool further down.
1928 $2 bill value chart by series
The first chart is regular (non-star) 1928-series notes by condition. The second is star notes, which are replacement notes printed in far smaller numbers. Each figure is a low-to-high range from recorded sales, and a cell reads no recorded sales rather than a guess where the data is thin. Treat every band as a starting point for research, not a fixed price.
| Series | Circulated | Uncirculated |
|---|---|---|
| Series 1928 | $11.25 to $21.99 | $37.45 to $145.44 |
| Series 1928A | $21 to $75.25 | $114.50 to $288 |
| Series 1928B | $59 to $264 | $312 to $1,006.25 |
| Series 1928C | $8.60 to $30.50 | $60 to $120 |
| Series 1928D | $9.50 to $61 | $32 to $84 |
| Series 1928E | $20.50 to $29 | $42 to $109 |
| Series 1928F | $10.74 to $30.51 | $34 to $63.50 |
| Series 1928G | $7.99 to $34.50 | $24.25 to $64 |
| Series | Circulated | Very Fine | Uncirculated |
|---|---|---|---|
| Series 1928E star | $1,116.25 to $5,750 (5 sales, indicative) | $1,110 to $4,080 (12 sales, estimate) | $7,800 to $28,750 (4 sales, indicative) |
Identifying your 1928 $2 note
Three features place a 1928 $2 note. The Treasury seal is red, marking it a United States Note. The series reads 1928 or 1928 with a letter from A to G, which reflects changes in the Treasury signatures over the years the series was printed. And the serial number has a letter prefix and suffix, with a star replacing the suffix on a replacement note.
- Seal colour: red (a United States Note, also called a Legal Tender Note).
- Series: 1928, 1928A, 1928B, 1928C, 1928D, 1928E, 1928F or 1928G.
- Front: Thomas Jefferson. Back: Monticello.
- A star at the end of the serial marks a scarcer replacement note.
1928 $2 star notes
Star notes are the strongest premium on the 1928 series. The early sub-series stars are the keys collectors chase, and our recorded single-note sales cover the 1928E star, shown in the star chart above. To read whether your note is a star and how scarce its run is, use the star note lookup, and see the $2 star note price guide for the full picture.
Fancy and low serial numbers on a 1928 $2
A collectible serial can lift a 1928 note well beyond its series value. A very low number, a radar that reads the same both ways, a repeater or a solid all add a premium. Read the eight digits and run them through the serial number checker, or use the two-dollar serial number lookup. The low serial number guide explains the tiers.
What makes a 1928 $2 worth more
- Condition. A crisp, uncirculated note can be worth several times the same series in worn grade.
- Sub-series. Some 1928 letters are scarcer than others; the chart shows the recorded spread.
- Star note. A replacement note from a small run is the clearest premium.
- Serial number. A low or patterned serial adds collector demand on top of the series value.
- Documented errors. Genuine printing errors are scarce, but they must be real production errors, not damage.
Should you keep, sell or grade it?
A 1928 $2 is old enough to be worth holding, but check it before deciding. A worn common sub-series carries only a small premium, while a crisp note, a scarce letter or a star can justify professional grading, which helps buyers trust the note and usually improves the price. Weigh the likely sale value against grading and selling costs before committing.
Check your serial on Banknote Expert
Enter your 1928 note’s eight digits to flag a star, a low serial or a fancy pattern and see an honest value range.
1928 $2 bill FAQs
How much is a 1928 $2 bill worth?
A circulated 1928 $2 red seal usually sells for a modest premium over face value, while crisp uncirculated notes, scarcer sub-series and star notes are worth considerably more. The exact 1928 series letter and the grade decide the figure; see the recorded ranges in the chart above.
Which 1928 $2 series is the rarest?
Scarcity varies across the 1928 to 1928G sub-series, and the star notes of the early sub-series are the keys collectors pay the most for. The regular and star charts above show the recorded spread; a scarce letter in high grade or a star note commands the strongest prices.
How much is a 1928 $2 star note worth?
A 1928 star note carries a strong premium because replacements were printed in small numbers. Our recorded single-note sales cover the 1928E star, shown in the star chart, which reaches well into the thousands in high grade. Condition and the specific sub-series decide the rest.
Is a 1928 $2 bill a silver certificate or legal tender?
It is a United States Note, also called a Legal Tender Note, marked by its red seal. It is not a silver certificate. There is no small-size $2 silver certificate; the $2 silver certificates exist only in the older large-size series.
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