Rare 1928 $2 Bill Sells for $88,000: What Collectors Look For

For most people, it’s rare—if ever—that they come across a $2 bill. This denomination has always been one of the least circulated and most overlooked in American currency. Because of this, it’s not uncommon for people to go years without even seeing one.

However, its scarcity is exactly what makes it attractive to collectors. Since these bills aren’t regularly handled, they often remain in great shape. Some are even untouched, making them especially appealing to currency enthusiasts seeking high-grade notes for their collections.

If you’re curious about what makes the 1928 $2 bill special, you’re in the right place. Let’s explore its rich history and understand why it has become a prized item among collectors.

The Origins of the Two-Dollar Bill in U.S. Currency

The $2 bill has always had a complicated relationship with the public. One reason is that it was seen as too high a value for daily use during the early 1900s when wages were modest. Most people didn’t need or use two-dollar notes for everyday purchases.

Another reason was pure superstition. In the 1920s, many people believed the $2 bill brought bad luck. The belief was so widespread that some betting venues, like racetracks and casinos, refused to take them altogether.

Throughout the years, several different versions of the $2 bill have been introduced. These include Legal Tender Notes, National Banknotes, Silver Certificates, Treasury Notes, and Federal Reserve Bank Notes. Each version had its own design, adding to their historical significance and appeal.

Distinctive Styles and Collectible Series of the $2 Bill

Among all the styles, the red seal $2 bills are especially valued by collectors. Some of the earliest versions, often referred to as “large-size notes,” were decorated with ornate artwork and depicted significant American figures such as inventors, generals, and statesmen.

Two famous collectible editions include the 1875 “Lazy Deuce” and the artistic 1896 $2 “Educational Notes.” These are not just rare but highly sought after for their artistic and historical value.

Red seal notes printed between 1928 and 1966 typically feature a portrait of Thomas Jefferson on the front. The back displays Monticello, his Virginia home, making them visually unique and easily identifiable.

What Makes the Red Seal Series Stand Out?

Collectors particularly prize the red seal notes, issued from 1928 to 1966. Jefferson’s portrait appears on the front, while the reverse side shows his famous estate. A notable change came with the 1963 series, which added the phrase “IN GOD WE TRUST” above the Monticello image on the back.

Another defining feature is the position of the red Treasury seal. The earliest 1928 notes have it on the left, while later versions, such as those from 1953, moved the seal to the right, offering a quick visual cue for identification.

In 1975, the $2 bill saw a modern update. Although Jefferson’s image remained, the reverse side changed to depict the signing of the Declaration of Independence. This also marked the transition to a green seal, as it became a Federal Reserve Note.

Exploring the Value of Regular 1928 $2 Notes

The 1928 $2 bill comes in eight different series, ranging from the original 1928 issue through 1928G. Each series carries its own level of rarity, print volume, and desirability among collectors.

The original 1928 series had about 55.8 million notes printed. Despite being the first, it’s among the least valuable. Bills in worn condition fetch $3 to $5, while nicer examples go for $10 to $25. Uncirculated notes bring in $30 to $40.

The 1928A series had fewer notes—around 46.8 million. Slightly more valuable, they typically sell for $4 to $6 if worn, $20 to $30 in mid-grade, and up to $60 in uncirculated condition.

The 1928B issue saw only 9 million notes printed, making it one of the scarcer series. Values begin at $10 to $15 for worn bills, $25 to $50 for those in better shape, and $75 to $125 for those in mint condition.

The 1928C series, despite being common with over 86 million printed, still holds collector value. Expect $4 to $5 in poor condition, $12 to $25 in average condition, and $30 to $40 if the bill is uncirculated.

Which Series of 1928 $2 Bills Are Most Common?

The 1928D series had the highest print run—over 146 million bills. Due to the large supply, these are less valuable. Worn notes go for $2 to $4, decent ones for $6 to $10, and uncirculated versions sell for $15 to $18.

Surprisingly, the 1928E series had the smallest production—only around 5.2 million notes—but doesn’t command as much collector attention. In poor condition, it’s worth $4 to $5; decent bills fetch $10 to $15; and uncirculated examples go for up to $25.

For 1928F, around 43.3 million bills were printed. These are fairly easy to find, with worn bills valued at $4 to $5, mid-grade ones at $10 to $12, and uncirculated notes at $15 to $30.

The 1928G series had over 52 million printed. Not a particularly rare issue, values are modest—$2 to $4 in poor shape, $8 to $10 in decent condition, and $12 to $18 for uncirculated pieces.

The Allure of Star Notes in the 1928 Series

Star notes are replacement bills used when a misprint occurs. These are easy to spot by the star symbol replacing the last letter in the serial number. Due to their limited production, they’re typically much rarer and more valuable.

For example, the Series 1928★ star note has an unknown print quantity but commands respectable prices. Poor condition examples are worth $20 to $40, better ones can sell for $50 to $100, and uncirculated notes might go for $200 to $350.

The 1928A★ is especially popular among collectors. Worn bills are worth $75 to $150, mid-grade ones range from $175 to $300, and uncirculated examples can go for more than $1,000.

The 1928B★ star note is the rarest and most valuable in the lineup. Even in poor shape, these bills are worth $1,000 to $2,500. High-grade notes sell for $5,000 to $7,500, and flawless versions may exceed $10,000.

What Are Mule and Star Mule Notes?

A mule note is created when the front and back plates of the bill come from different series. If a star note is also a mule, it becomes a star mule—an exceptionally rare hybrid.

One example is the 1928C mule, which must have a back plate number of 289 or higher. These are worth around $100 in worn condition, $125 to $200 in better shape, and up to $750 if uncirculated.

The 1928D mule has a back plate number of 288 or lower. It’s less rare than the C mule but still desirable. Worn versions are valued at around $25, mid-grade ones at $30 to $45, and uncirculated bills at roughly $75.

Then there’s the 1928D★ mule star note. This combines a printing error with a replacement note, making it highly collectible. These can be worth $40 in poor condition, $50 to $60 in decent shape, and up to $125 uncirculated.

Unique Serial Numbers and Their Market Value

Collectors pay extra for unusual or “fancy” serial numbers. Examples include repeaters, palindromes, solid digits, ladders, and low numbers. These features can significantly boost a bill’s value, even if it’s from a more common series.

For instance, a bill with serial number 00000001 or 12345678 can command much higher prices than average. These aren’t printing errors—they’re simply rare by chance, and their symmetry or sequence makes them highly attractive to collectors.

Even a common 1928 $2 note can become a premium item if it carries a unique serial number. Always inspect the serial closely before assuming its value is standard.

Where to Buy or Sell Your 1928 $2 Notes

If you’re looking to buy, start with major e-commerce platforms like eBay, Etsy, or Amazon. While these sites offer a wide variety, be cautious—prices can vary and some listings may not be genuine.

For more trusted sources, turn to auction houses and collector platforms such as Heritage Auctions, LiveAuctioneers, NumisBids, and Dorotheum. These venues often provide certified items with clear grading and provenance.

Joining online forums for currency collectors can also be a valuable resource. Here, experienced collectors discuss market trends, values, and warning signs to watch for when purchasing online.

However, if you want full security and expert verification, your best option is to deal directly with coin and currency shops or attend professional shows and certified auctions.

Should You Add 1928 $2 Bills to Your Collection?

Though it may not be the most common denomination, the $2 bill has become increasingly appreciated by collectors. The 1928 series, in particular, offers a variety of print runs, star notes, mules, and serial number quirks that make it a rich area for exploration.

Compared to other bills, $2 notes are often scarcer and, when preserved well, can hold or grow in value over time. Whether you’re collecting casually or as an investment, these notes present a solid opportunity.

If you already own one or more of these bills, you might be sitting on a great piece of numismatic history. And if you’re just starting out, there’s no better time to begin building a fascinating collection centered around the unique and often undervalued $2 bill.

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