1929 $50 Federal Reserve Note San Francisco CA G-VG

The 1929 $50 Federal Reserve Note from San Francisco, California, is a powerful reminder of America’s financial endurance during one of the nation’s most turbulent eras. Issued by the Federal Reserve Bank of San Francisco, this note represents the Twelfth Federal Reserve District, covering an immense area that included California, Oregon, Washington, Idaho, Utah, Nevada, and Arizona. Identified by the letter “L” and numeral “12,” this note was part of the first small-size series of U.S. paper money introduced in 1929. In Good to Very Good (G–VG) condition, this example has seen extensive circulation, showing its long life as a tool of commerce during the Great Depression. While heavily worn, it remains an authentic artifact of a crucial chapter in U.S. monetary and economic history, connecting collectors to the daily realities of Depression-era America and to the transformation of the nation’s financial system.

The introduction of small-size notes in 1929 marked a major modernization of U.S. currency. Prior to that year, paper money had been printed in large-format “horse blanket” dimensions that were costly to produce and cumbersome to use. The new smaller size, 6.125 by 2.625 inches, was far more practical for both the public and the banking system. These smaller notes were designed to unify the appearance and dimensions of U.S. paper currency while reducing production costs. The 1929 series included both National Bank Notes and Federal Reserve Bank Notes, the latter issued through the twelve regional Federal Reserve Banks. The San Francisco $50 belongs to this first small-size issue, known as the Type 1 series, characterized by its brown overprint for the bank name and charter information and its vivid red Treasury seal and serial numbers. This combination of colors, coupled with the deep black intaglio engraving, gives the 1929 notes their distinctive elegance and makes them highly collectible today.

The obverse of the 1929 $50 Federal Reserve Note features the striking portrait of Ulysses S. Grant, the eighteenth President of the United States and the commanding general of the Union Army during the Civil War. The Bureau of Engraving and Printing’s master engravers captured Grant’s likeness with extraordinary realism, emphasizing his resolute expression and confident presence. The portrait is surrounded by a beautifully balanced frame of ornamental engravings, floral scrollwork, and guilloche patterns that blend artistry with security. The words “National Currency” appear boldly at the top of the note, while the statement below Grant’s portrait reads, “Secured by United States bonds deposited with the Treasurer of the United States of America.” The brown overprint identifies “Federal Reserve Bank of San Francisco, California,” and includes the signatures of the local Federal Reserve officers. The red Treasury seal and serial numbers contrast vividly against the note’s black engraving, giving the design visual depth and authority even in well-circulated examples.

The reverse of the note displays one of the most admired engravings in U.S. currency design: the east front view of the U.S. Capitol Building in Washington, D.C. The intricate detail and perspective of this image demonstrate the exceptional craftsmanship of early twentieth-century American engravers. Every architectural element—from the soaring dome to the stately colonnades and surrounding landscape—is rendered with fine precision. The scene is framed by ornate scrollwork and decorative borders that provide both elegance and a measure of anti-counterfeiting protection. “The United States of America” is engraved prominently across the top, with the denomination “FIFTY DOLLARS” inscribed along the bottom. Large numerals “50” appear in each corner for easy recognition. The balance and harmony of the design evoke both stability and grandeur, making it one of the finest artistic achievements in the history of U.S. currency engraving.

The Federal Reserve Bank of San Francisco, established in 1914, was the twelfth and westernmost Reserve Bank in the system. Its district encompassed the rapidly developing western United States, a region experiencing dramatic growth in agriculture, trade, mining, and industry. San Francisco, the Pacific coast’s financial capital, served as the gateway to international commerce with Asia and played a pivotal role in connecting western industries to national and global markets. The issuance of $50 notes from this district reflected both the economic strength and expanding influence of the western states. When the Great Depression struck in 1929, the San Francisco Fed worked to maintain liquidity across its far-reaching territory, helping to stabilize a region hit hard by economic contraction. Notes such as this one circulated widely across the western frontier and urban centers alike, serving as tangible symbols of faith in the federal banking system during uncertain times.

The Bureau of Engraving and Printing produced the 1929 series using the intaglio printing method, a highly detailed process that pressed ink into the fibers of specially made paper under immense pressure. The first printing layer established the black design, which included Grant’s portrait, frame, and inscriptions. The second printing applied the brown overprint that listed the issuing bank’s name and charter number, as well as the officers’ signatures. Finally, the red Treasury seal and serial numbers were printed, completing the tri-color design. Each note was printed on durable cotton-linen paper embedded with blue and red fibers, serving as a deterrent to counterfeiting. Sheets of twelve notes were printed, inspected for quality, and then cut and shipped to the regional Reserve Banks. The San Francisco issues, marked with the “L12” district designation, were distributed throughout the Twelfth District, where they entered circulation in businesses, banks, and households across the western United States.

The total mintage of the 1929 $50 Federal Reserve Notes for the San Francisco district was modest compared to those of lower denominations. The $50 denomination was used primarily for bank transfers and larger commercial payments, so fewer were printed and even fewer have survived. Most circulated heavily during the Depression years, when paper currency was essential for daily commerce, and were later redeemed and destroyed following the introduction of the 1934 series, which featured the familiar green Treasury seal and serial numbers. As a result, surviving San Francisco $50 notes are relatively scarce today, particularly in collectible condition. Those that remain provide valuable insight into how currency functioned as both a practical tool and a stabilizing force during one of the most difficult economic periods in U.S. history.

In Good to Very Good condition, the 1929 $50 San Francisco note exhibits significant evidence of circulation but retains full structural integrity and legibility. The paper is well-worn, soft, and may show multiple folds, creases, and small edge tears or splits. The portrait of Ulysses S. Grant remains visible though subdued, and much of the fine engraving detail is flattened from handling. The brown overprint identifying “Federal Reserve Bank of San Francisco, California” is present but faded, and the red Treasury seal and serial numbers, though worn, can still be distinguished. Minor staining, discoloration, or soiling may be present, reflecting the note’s extensive time in circulation. Despite these signs of wear, all essential elements—including the denomination, district indicators, and text—remain legible. A note in this grade carries immense historical character, its well-used appearance telling the story of its long life in Depression-era America.

Collectors value the 1929 $50 Federal Reserve Note from San Francisco not only for its scarcity but also for its historical and regional importance. As one of the few high-denomination notes issued from the westernmost Federal Reserve Bank, it represents a piece of the financial infrastructure that helped build and sustain the Pacific Coast economy. The combination of the brown and red overprint colors, intricate engraving, and regional identifiers make it a highly attractive collectible, even in lower grades. Notes from the San Francisco district are particularly sought after by those assembling twelve-district sets or focusing on western U.S. financial history. Each surviving example offers a glimpse into the practical and artistic dimensions of America’s early small-size currency—a blend of monetary necessity and exquisite craftsmanship that defined an era.

In conclusion, the 1929 $50 Federal Reserve Note issued by the Federal Reserve Bank of San Francisco, California, in Good to Very Good condition, is an evocative artifact of the Great Depression and a cornerstone of early modern U.S. currency. Its portrait of Ulysses S. Grant, paired with the majestic engraving of the U.S. Capitol, embodies both the strength and the artistry of American money. Though well-worn from years of circulation, it remains a tangible link to the nation’s westward expansion, economic transformation, and the enduring stability of the Federal Reserve System. Every crease and mark on this note tells the story of countless transactions, reflecting the faith, resilience, and perseverance of Americans who carried it through one of the most challenging yet formative periods in the country’s financial history.