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The 1929 $5 Federal Reserve Bank Note from Chicago, Illinois in About Uncirculated (AU) condition is a prime example of early 20th-century American paper money that bridges the gap between national banknote traditions and the modern Federal Reserve system. Issued during a pivotal era in U.S. monetary history, this note reflects the financial reforms implemented after the creation of the Federal Reserve System in 1913, while still retaining visual characteristics reminiscent of the earlier National Bank Notes. With bold typography, regional identity, and a significant historical backdrop, the 1929 $5 Federal Reserve Bank Note holds great appeal for both seasoned collectors and students of American financial history.
This note was part of the only small-size series of Federal Reserve Bank Notes, all dated 1929 and produced between 1933 and 1934 during the depths of the Great Depression. It measures approximately 6.14 x 2.61 inches, conforming to the modern size of U.S. currency introduced in 1928. The notes were issued by each of the twelve regional Federal Reserve Banks, and the Chicago issue corresponds to District G, the Seventh Federal Reserve District. The issuing bank's title, “Federal Reserve Bank of Chicago, Illinois,” is prominently printed on the face of the note above the Treasury seal, asserting its regional origin in an era when confidence in local institutions remained important to Americans facing economic uncertainty.
The obverse of the note features a finely engraved portrait of Abraham Lincoln at the center, adapted from a photograph by Anthony Berger taken in 1864. Lincoln’s image, which also appears on modern $5 bills, is surrounded by classical scrollwork and intricate geometric borders. The left and right margins include the large denomination “5,” while the bottom center reads “FIVE DOLLARS.” Above the portrait is the heading “NATIONAL CURRENCY,” with the text “Secured by United States Bonds Deposited with the Treasurer of the United States of America or by like deposit of other securities” appearing underneath, linking the note’s value to hard collateral. On the left is the black Federal Reserve District seal with a bold “G” in the center, indicating the Chicago district, and the Treasury seal appears in vivid brown on the right.
Serial numbers on the 1929 $5 Federal Reserve Bank Note are printed in brown ink and appear in the upper right and lower left corners. These numbers typically begin with the letter “G” for Chicago and are followed by a six- or seven-digit sequence and a suffix letter. The brown serials and seal were distinguishing features of National Currency and early Federal Reserve Bank Notes, setting them apart from contemporary Legal Tender and Silver Certificates, which used blue or red seals. The plate position letter and face plate number also appear on the obverse, often referenced by advanced collectors cataloging printing varieties.
The reverse design matches that of the 1928–1995 $5 Legal Tender Notes and features the Lincoln Memorial in Washington, D.C. The image is rendered in fine detail, showcasing the columns, stairs, and architecture of the monument, which had been completed in 1922. The top of the reverse reads “THE UNITED STATES OF AMERICA,” while the denomination “FIVE DOLLARS” is inscribed at the bottom. The numeral “5” appears in each corner, and the reverse layout is characterized by its symmetry and balance. The absence of unique district identifiers on the back makes the note’s obverse the primary reference for identifying its issuing Federal Reserve Bank.
Each 1929 Federal Reserve Bank Note was signed by a bank cashier and president, whose signatures were printed (not handwritten) in black ink on the lower obverse. These signatures vary depending on the issuing district and add another layer of collectibility for those specializing in signature pairings. The Chicago notes often feature the signatures of Cashier H.P. McKeever and Governor George J. Schaller, both prominent figures in the Chicago Fed during the Depression era. Their presence reflects both the personal and institutional accountability expected of regional banks during this time of national financial crisis.
Although these notes were not produced in small numbers, their survival in high grades is limited. The Federal Reserve Bank Notes were quickly replaced by the more familiar series of Federal Reserve Notes beginning in the 1930s, and most notes were heavily used in circulation. In About Uncirculated condition, a 1929 $5 note shows only the slightest evidence of handling—perhaps a single corner bend or faint fold—but retains full original crispness, strong ink contrast, and clean paper. AU notes maintain the sharp corners, deep embossing, and vibrant brown overprint that make them attractive display pieces without the premium price of Mint State or Uncirculated examples.
The 1929 $5 Chicago issue is particularly collectible because Chicago is one of the more populous and economically significant districts, and its banknotes were widely distributed throughout the Midwest. As a result, there is greater availability of notes for collectors, but high-grade examples like this AU specimen are still relatively scarce compared to circulated ones. Moreover, the Chicago district’s “G” seal and consistent signature pairings make it an appealing choice for collectors assembling type sets, district sets, or series-specific displays of early Federal Reserve issues.
These notes were printed under emergency conditions during the Great Depression, intended to bolster public confidence in the banking system after widespread bank failures. The issuance of small-size Federal Reserve Bank Notes alongside National Bank Notes in the same format was a transitional step in the evolution of U.S. currency. Their backing by government securities and bonds, rather than precious metals, marked the country’s continued departure from hard money policies and toward modern fiat currency, a transformation that would be codified by subsequent legislation in the 1930s and 1940s.
In conclusion, the 1929 $5 Federal Reserve Bank Note from the Chicago, Illinois district in About Uncirculated condition is a compelling combination of regional banking history, transitional monetary policy, and classical design. Its association with the Chicago Fed, iconic imagery of Lincoln and the Lincoln Memorial, and limited survival in high-grade form make it a desirable piece for collectors of small-size notes, early Federal Reserve issues, or Depression-era currency. Whether displayed for its aesthetic, historical, or regional significance, this note remains a tangible link to a transformative era in America’s financial past.