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The 1928A $50 Federal Reserve Note is a significant piece of American currency, representing both the economic transitions of the late 1920s and the foundational structure of the modern Federal Reserve System. Issued shortly before the Great Depression gripped the nation, the 1928 series marked a pivotal shift in U.S. paper money history—it was the first series to adopt the reduced-size format still used today. The 1928A variety is a follow-up print to the initial 1928 issue, with minor alterations and continued circulation during an era of dramatic economic and political change. A $50 denomination from this series in Fine to Very Fine (F-VF) condition remains a desirable note for collectors due to its scarcity in higher denominations and its representation of early Federal Reserve monetary policy.
The obverse of the 1928A $50 Federal Reserve Note features a distinguished portrait of Ulysses S. Grant, the 18th President of the United States and the Union’s commanding general during the Civil War. Grant is centered within a finely detailed oval frame, a motif consistent with U.S. banknotes of the era. Surrounding the portrait are inscriptions including “FEDERAL RESERVE NOTE” at the top, “THE UNITED STATES OF AMERICA” below it, and “FIFTY DOLLARS” boldly presented on both the left and right sides. The treasury seal appears to the right of Grant’s portrait, and the Federal Reserve Bank seal, with the bank letter and district number, is placed to the left. Serial numbers are printed in red, and the signatures of the Treasurer of the United States and the Secretary of the Treasury are found near the lower portion of the note. The 1928A series is particularly notable for using red ink for both the seal and serial numbers—a distinctive feature that sets it apart from later series using green or blue ink.
The reverse of the note features a panoramic engraving of the U.S. Capitol Building in Washington, D.C. The building is depicted with striking clarity and detail, including the dome, flanking wings, and intricate architectural features. The denomination “FIFTY DOLLARS” is printed in large font on both ends, and “UNITED STATES OF AMERICA” stretches boldly across the top. The design reflects both the majesty and stability of the U.S. government, as it was intended to reassure holders of the note’s strength and legitimacy. The engraving is done in rich green ink, a classic color scheme that would dominate later issues. The layout and artistry on both sides of the note demonstrate the high standards of the Bureau of Engraving and Printing during this transitional period in American currency history.
The 1928A series was printed by the Bureau of Engraving and Printing under the authority of the Federal Reserve Act and featured notes from all 12 Federal Reserve Banks. The letter and number designations on the note identify which district issued it—for example, “B” for New York, “C” for Philadelphia, and so forth. Each note bears the bank’s name prominently, such as “Federal Reserve Bank of Chicago.” Mintage figures for the 1928A $50 notes were relatively low compared to lower denominations, and far fewer were preserved by the public, making them scarcer in collectible condition today. High-denomination notes like the $50 were used mostly in bank transfers, commercial transactions, and for institutional purposes, limiting their survival in the collector market—especially in decent grades.
In Fine to Very Fine condition, the 1928A $50 Federal Reserve Note shows signs of moderate circulation but remains completely intact and legible. A note in Fine condition will exhibit considerable folding, creases, rounded corners, and possibly minor edge fraying, but the paper remains firm and all elements—portraits, seals, serial numbers, and inscriptions—are visible. In Very Fine condition, the note is noticeably crisper, with fewer creases and slightly better color retention, though still showing evidence of use. Paper may have a lightly aged appearance, but it retains enough body to remain structurally sound. Notes in this grade range are appealing to collectors seeking historical authenticity without the high premiums commanded by Extremely Fine or Uncirculated examples.
The historical significance of the 1928A $50 note lies in its timing and context. Introduced shortly before the stock market crash of 1929 and the ensuing economic collapse, these notes circulated during some of the most difficult financial years in U.S. history. As the Federal Reserve navigated its early decades of operation, and as the Treasury Department undertook monetary reforms to stabilize the currency, notes like the 1928A were essential tools in controlling liquidity and banking operations. The red seal and serial numbers also link these notes to a time before the standardization of green seals, distinguishing them as part of the early, experimental phases of Federal Reserve Note development.
Collectors of early small-size currency value the 1928A $50 Federal Reserve Note for both its historical context and its aesthetic appeal. Its early design features, especially the red seal and the crisp engraving of Ulysses S. Grant and the Capitol, stand in contrast to the more uniform designs that would dominate later issues. While lower denominations like the $5 and $10 from the same era are more commonly seen, $50 notes were rarely saved by individuals and are harder to find today—particularly with complete originality and no major damage. Even in F-VF condition, such a note can serve as an anchor piece in a collection of small-size notes or high-denomination Federal Reserve currency.
Authentication and preservation are key factors for any early Federal Reserve Note. A 1928A $50 in F-VF condition may or may not be certified by a third-party grading service, but collectors often prefer encapsulated examples to ensure authenticity and market confidence. Certified notes also provide stability and transparency in pricing, especially for rarer types like high-denomination red seal notes. Notes that remain unaltered—without tears, repairs, stains, or writing—are far more desirable than problem notes, even within the same grade range.
In conclusion, the 1928A $50 Federal Reserve Note in Fine to Very Fine condition represents a critical chapter in American monetary history. As one of the first small-size high-denomination notes, it captures the transition into a modern currency system and reflects the evolving identity of the U.S. Federal Reserve. With its red seal, portrait of Ulysses S. Grant, and depiction of the U.S. Capitol, this note stands out for its design and historical resonance. In F-VF condition, it offers collectors a balance of affordability, authenticity, and preservation, making it a highly appealing addition to any advanced U.S. currency collection.
