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The 1928A $50 Federal Reserve Note in G–VG (Good to Very Good) condition is an appealing piece of small-size U.S. currency from the early 20th century. The Series of 1928 was the first year in which small-size notes, measuring 6.14 by 2.61 inches, were issued, replacing the larger “horse blanket” size notes that had been used before. The smaller format made the notes easier to handle, store, and transport, and it also marked the beginning of the familiar modern dimensions of U.S. paper money. The 1928A series represents a very early stage in this transition, making it historically important for collectors of Federal Reserve Notes.
The design of the 1928A $50 note is both traditional and stately. The obverse features a finely detailed portrait of Ulysses S. Grant, the 18th President of the United States and commanding Union general during the Civil War. His portrait, facing slightly left, occupies the center of the note, framed by intricate line work and surrounded by inscriptions. “FEDERAL RESERVE NOTE” appears boldly across the top, while “THE UNITED STATES OF AMERICA” and “FIFTY DOLLARS” are displayed below. To the left of Grant’s portrait is the black Federal Reserve District seal, indicating which of the 12 districts issued the note. To the right is the Treasury seal, printed in green. The denomination is reinforced in both numerical and word form in each corner, with large “50” numerals and the words “FIFTY DOLLARS” for easy recognition.
The reverse of the note showcases a powerful vignette of the U.S. Capitol in Washington, D.C. The neoclassical design of the Capitol, with its iconic dome and sprawling wings, emphasizes the strength and stability of the American government. The denomination “50” is placed prominently in the corners, while “FIFTY DOLLARS” is boldly inscribed across the bottom. The combination of the Capitol on the reverse and Grant on the obverse underscores themes of leadership, government authority, and national unity—important symbols for a note of relatively high value in the 1920s and 1930s.
The 1928A series is notable for its timing and historical context. It was issued during the final years of the Roaring Twenties and into the Great Depression, a period of dramatic economic and political change in the United States. At the time, paper currency was still explicitly tied to precious metals. Early issues of the 1928 series carried the promise that they were redeemable in gold at the U.S. Treasury or in lawful money at Federal Reserve Banks. This link to gold remained until the United States left the domestic gold standard in 1933. Notes like the 1928A $50 therefore represent the last era of gold-backed paper money in widespread circulation.
The 1928A $50 Federal Reserve Notes were printed for all 12 Federal Reserve districts, identified by letters A through L. District scarcity varies, with some notes being more difficult to find than others. These notes were intended for circulation in higher-value transactions, which means they often saw extended use before being retired. As a result, most surviving examples are well worn, with higher-grade pieces being far less common and commanding strong premiums among collectors.
In G–VG (Good to Very Good) condition, a 1928A $50 note will exhibit heavy wear from circulation. The paper may be limp and discolored from age, with numerous folds, creases, and possible edge splits or small tears. Corners are typically rounded from handling, and the printing may appear faded. Despite the wear, all major design elements remain identifiable. Grant’s portrait, though softened, is still recognizable, and the Treasury Building vignette on the reverse remains visible. The serial numbers, seals, and inscriptions are intact, though not crisp. While lacking the sharpness and appeal of higher-grade notes, G–VG examples retain their historical value and remain attractive to collectors who appreciate the note’s age and significance.
From a collector’s perspective, the 1928A $50 Federal Reserve Note offers a fascinating window into the early years of modern U.S. currency. While not exceedingly rare in worn grades, these notes become much harder to find in XF and higher. Even in G–VG condition, they are valued as type notes, allowing collectors to own an affordable example of a gold-backed small-size Federal Reserve Note from the interwar period. Collectors often enjoy assembling district sets, and certain districts may carry premiums even in lower grades. Star notes from the series are also especially desirable.
The broader historical importance of this note lies in its connection to a turbulent era in U.S. economic history. Issued just before the banking crises and sweeping reforms of the early 1930s, the 1928A $50 note circulated at a time when trust in the nation’s financial system was tested. Its promise of gold redeemability reflects the monetary system of the time, which soon gave way to a fiat standard. Owning such a note is not just a matter of collecting—it is a way of holding a tangible artifact from one of the most transformative decades in American financial history.
In conclusion, the 1928A $50 Federal Reserve Note in G–VG condition is a historically meaningful and collectible example of early small-size U.S. currency. Featuring Ulysses S. Grant on the obverse and the U.S. Capitol on the reverse, it carries both artistic and symbolic weight. Although worn from decades of circulation, such notes provide collectors with an affordable opportunity to own a piece of Depression-era monetary history. Whether included in a Federal Reserve district set, a type note collection, or a broader study of U.S. currency, the 1928A $50 remains an important and desirable collectible that highlights the shift from gold-backed to modern fiat money.