1928D $5 United States Note Red Seal VG-F

The 1928D $5 United States Note, also known as a Red Seal Legal Tender Note, is part of the historic first series of small-size U.S. paper money introduced in 1928. Distinguished by its bright red Treasury seal and serial numbers, this note represents the continuation of a long legacy of Legal Tender Notes dating back to the Civil War–era “greenbacks.” While Federal Reserve Notes became the dominant form of currency, United States Notes such as this circulated alongside them in smaller quantities. An example from the 1928D series in Very Good to Fine (VG–F) condition illustrates both its role in American commerce and its enduring historical appeal for collectors.

The obverse of the 1928D $5 note features a finely engraved portrait of Abraham Lincoln, the nation’s 16th President, whose leadership during the Civil War made him a fitting figure for the Legal Tender series. To the right of Lincoln is the vivid red Treasury seal, and red serial numbers appear in the upper right and lower left corners. Above Lincoln’s portrait is the designation “UNITED STATES NOTE,” marking its difference from Federal Reserve issues, while the legal obligation text appears below, confirming its status as legal tender for all debts, public and private. On VG–F examples, Lincoln’s portrait remains visible though softened by wear, the red seal and serial numbers show fading but remain distinct, and the overall layout of the note is still clear despite evident folds, creases, and circulation marks.

The reverse of the note presents an engraving of the Lincoln Memorial in Washington, D.C., rendered in green ink. This design debuted in 1928 as part of the small-size redesign of U.S. paper money, replacing the larger “horse blanket” notes that had been in use until that year. The Lincoln Memorial engraving is framed by the inscriptions “UNITED STATES OF AMERICA” and “FIVE DOLLARS.” In VG–F examples, the memorial remains identifiable, though the fine architectural detail is typically softened. Circulation wear, corner folds, and light soiling are often present, but the design as a whole retains integrity, with the essential elements intact.

The 1928D $5 Red Seal was printed at the Bureau of Engraving and Printing in Washington, D.C. and carried the facsimile signatures of W.A. Julian, Treasurer of the United States, and Henry Morgenthau, Jr., Secretary of the Treasury. This distinguishes it from earlier sub-series such as 1928A, 1928B, and 1928C, which bore different combinations of Treasury officials. Morgenthau’s signature places this note historically within the early 1930s, a period marked by the Great Depression, when currency played a vital role in sustaining daily economic life. As such, the 1928D series is not just a collectible but also a tangible artifact of one of the most challenging eras in U.S. history.

In terms of condition, a note graded Very Good (VG) to Fine (F) shows clear signs of circulation. VG notes are heavily worn, with multiple folds, possible minor tears, and noticeable soiling, but the paper remains intact and the key features—the portrait, red seal, serial numbers, and inscriptions—are still legible. Fine notes display more moderate wear, with stronger paper quality, fewer folds, and clearer detail in the engraving. In both grades, the note lacks the crispness of higher-grade pieces but remains highly collectible, especially for those building type sets or assembling the different sub-series of the 1928 $5 Red Seal issues.

Historically, the 1928D series circulated widely during a time of economic instability. Notes like these would have been used for groceries, rent, and other everyday expenses by Americans navigating the difficulties of the Depression. Their condition today, often heavily worn, reflects the intensity of their use in circulation. The fact that examples still survive nearly a century later is a testament to both their durability and the care of those who preserved them. Collectors often view circulated examples with a sense of connection to the countless hands through which they passed.

Collectors appreciate the 1928D $5 Red Seal for several reasons: its red seal and serials give it striking visual appeal; its place in the small-size inaugural series enhances its historical importance; and its connection to the Depression-era economy gives it cultural weight. While high-grade examples are naturally more valuable, VG–F notes are attractive for their affordability and accessibility. They allow collectors to own a genuine piece of early small-size Legal Tender currency without the steep premiums of higher-condition specimens. Many collectors consider circulated notes like this ideal for display, as they combine history with affordability.

In conclusion, the 1928D $5 United States Note Red Seal in VG–F condition is a historically significant and collectible note that blends artistry with the practical history of U.S. currency. Featuring Lincoln’s portrait on the obverse, the Lincoln Memorial on the reverse, and the vivid red Treasury seal and serial numbers, it exemplifies the early small-size Legal Tender Notes that circulated alongside Federal Reserve issues. While showing noticeable circulation wear, VG–F examples remain attractive, preserving all key design elements and offering collectors a tangible link to Depression-era America. As part of the 1928 Red Seal lineage, the 1928D $5 note continues to hold enduring appeal for students of U.S. monetary history and paper money collectors alike.