1928A $100 Federal Reserve Note VF

The 1928A $100 Federal Reserve Note is an early and historically important example of modern small-size U.S. currency, representing both the first generation of small-format Federal Reserve Notes and the economic environment of the interwar period. As part of the 1928 series, these notes were among the very first U.S. bills printed in the reduced size that remains standard today, replacing the large-size “horse blanket” notes that had been issued since the Civil War. A $100 denomination from this series in Very Fine (VF) condition offers collectors both rarity and historical weight, as high-denomination notes were not often saved and many have since been redeemed and destroyed.

The obverse of the 1928A $100 Federal Reserve Note prominently features Benjamin Franklin, a Founding Father renowned for his statesmanship, diplomacy, and scientific accomplishments. His left-facing portrait had been associated with the $100 bill since the 19th century and remains the enduring image of the denomination today. Around Franklin’s portrait appear the inscriptions “FEDERAL RESERVE NOTE” and “THE UNITED STATES OF AMERICA,” while the denomination “100” is printed at each corner. To the left of the portrait appears the green Treasury seal, and to the right the black Federal Reserve District seal, which identifies the issuing Federal Reserve Bank. Each note also carries district-specific markings, including a prefix letter in the serial number that corresponds to one of the twelve Federal Reserve Banks.

The reverse design depicts Independence Hall in Philadelphia, the historic site where both the Declaration of Independence and the U.S. Constitution were signed. The building is rendered in fine detail, emphasizing its neoclassical architecture and iconic clock tower. The vignette symbolizes America’s democratic foundations and ties the nation’s financial stability to its historic past. The inscriptions “UNITED STATES OF AMERICA” and “ONE HUNDRED DOLLARS” reinforce the patriotic theme and provide clear denomination indicators, while ornate borders enhance both beauty and security.

One of the key distinctions of the 1928 series is that it marked the debut of the small-size format for U.S. currency, measuring approximately 156 by 66 millimeters, the same size still used today. These notes were printed on a durable cotton-linen blend paper with embedded colored fibers as an anti-counterfeiting measure. The 1928A series was an early modification of the original 1928 issue, often reflecting changes in Treasury officials’ facsimile signatures. Most 1928A $100 notes bear the signatures of W.O. Woods, Treasurer of the United States, and Andrew W. Mellon, Secretary of the Treasury, which firmly anchor them in the late 1920s and early 1930s period of issue.

The $100 denomination was an exceptionally high-value note at the time. In 1928, $100 had the equivalent purchasing power of well over $1,700 today, which meant it circulated primarily among banks and large commercial institutions rather than in everyday commerce. As a result, relatively few were saved by the public, and most were heavily used before being redeemed and destroyed. The scarcity of surviving examples, especially in collectible grades, makes these early $100 bills far more desirable than lower denominations of the same series.

In Very Fine condition, a 1928A $100 Federal Reserve Note shows clear evidence of circulation but remains intact, attractive, and fully legible. VF notes typically display multiple folds and creases, along with moderate soiling or light edge wear, but they retain solid paper quality without major tears or damage. The engraved details of Franklin’s portrait and Independence Hall remain sharp and distinct, and the serial numbers, seals, and inscriptions are easily read. For collectors, VF represents a desirable mid-grade level, striking a balance between affordability and preservation of historic detail. Higher-grade examples such as Extremely Fine or Uncirculated are considerably rarer and command strong premiums.

Historically, the 1928A $100 note holds significance as part of the first small-size series of U.S. currency. Its introduction represented a modernization of American money, making it more practical for handling and storage while also reducing printing costs. These notes circulated during a period of relative prosperity known as the Roaring Twenties, but they also quickly became tied to the hardships of the Great Depression after 1929. As such, they represent both the optimism of economic expansion and the stark realities of financial instability that followed.

From a numismatic perspective, the 1928A $100 Federal Reserve Note appeals to a variety of collectors. Type collectors appreciate it as a representative of the earliest small-size $100 issue, while Federal Reserve specialists pursue specific districts, signatures, and star note varieties. The rarity of high-denomination notes from this era ensures steady demand, particularly in collectible mid-grades like VF. Notes from smaller or less prolific Federal Reserve districts can carry added premiums due to their lower original print runs.

For investors, a 1928A $100 note offers both precious historical context and the intrinsic appeal of a high-denomination collectible. While it no longer circulates, its original face value and recognition as legal tender link it directly to the legacy of American financial history. Its survival in VF condition suggests that it was carefully preserved after circulation, offering a unique blend of character and preservation that collectors value highly.

In conclusion, the 1928A $100 Federal Reserve Note in Very Fine condition is a rare and historically important example of early small-size U.S. paper currency. Featuring Benjamin Franklin on the obverse and Independence Hall on the reverse, it combines patriotic symbolism with the modernization of America’s monetary system. Its high face value limited widespread circulation, contributing to its scarcity today, while its survival in VF grade reflects honest use without compromising legibility or overall appeal. For collectors of U.S. currency, high-denomination notes, or Depression-era artifacts, the 1928A $100 Federal Reserve Note remains a highly desirable and meaningful addition to any collection.