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The 1934 $5 Federal Reserve Note in uncirculated (UNC) condition stands as a well-preserved artifact of American financial history, embodying the economic realities and design transformations of the interwar period. Issued during a critical time in U.S. monetary policy, the Series of 1934 followed closely after the sweeping financial reforms of President Franklin D. Roosevelt’s New Deal. These reforms included the Gold Reserve Act of 1934, which removed gold backing from circulating U.S. currency and reshaped the country’s monetary system. As a result, the 1934 $5 Federal Reserve Note emerged as a quintessential example of the paper currency issued in a new era where public trust in fiat money became paramount. Despite these changes, the familiar design rooted in pre-Depression traditions was retained, providing both continuity and confidence to the American public.
The face of the 1934 $5 Federal Reserve Note features the portrait of Abraham Lincoln, 16th President of the United States, whose image has long been associated with strength, unity, and the preservation of the Union. The portrait was engraved by Charles Burt and occupies the center-left of the obverse. Lincoln is depicted in a contemplative, right-facing profile, rendered in detailed intaglio. To the right of the portrait is a numerical “5” and the text “FIVE DOLLARS,” with smaller “5” denomination indicators in each corner. Above, the wording “FEDERAL RESERVE NOTE” is clearly printed, along with “THE UNITED STATES OF AMERICA.” The seal of the issuing Federal Reserve Bank is positioned to the left of Lincoln’s portrait, and the green U.S. Treasury seal is on the right. Serial numbers, also in green, appear twice on the front, matching the color scheme that was adopted in the 1929 small-size note redesign and maintained into the 1934 series.
The reverse of the note is dominated by the image of the Lincoln Memorial, framed by intricate scrollwork and centered beneath the words “THE UNITED STATES OF AMERICA” and “FIVE DOLLARS.” The image of the Memorial, as it appears on the note, is a symbol of the nation’s commitment to the values for which Lincoln stood—freedom, democracy, and unity. The large, bold “5” numerals in the corners and the word “FIVE” below the image balance the layout and reinforce the note’s denomination. The reverse design is printed in green, a color long associated with U.S. currency and the source of the term “greenbacks.” Even in uncirculated condition, this consistent color palette and high-contrast design make the note visually striking and instantly recognizable.
The Series of 1934 was printed at a time of significant economic transition. The United States was recovering from the worst years of the Great Depression, and sweeping banking reforms were underway to restore public confidence in the financial system. One of the key outcomes of this period was the decision to cease redeeming paper currency for gold, marking a profound shift in the nature of American money. While earlier notes, such as Gold Certificates and National Bank Notes, promised payment in precious metal, the 1934 Federal Reserve Notes simply guaranteed value backed by the full faith and credit of the U.S. government. The removal of the gold clause fundamentally changed how currency was perceived and used by the American public. The 1934 $5 note, therefore, serves as an important historical marker of this departure from hard money principles.
The 1934 $5 Federal Reserve Notes were produced by the Bureau of Engraving and Printing and issued by all twelve Federal Reserve Banks, each of which is identified by a unique seal and corresponding letter and district number. These districts ranged from Boston (A) to San Francisco (L). The issuing district for a specific note can be determined by examining the black district seal to the left of Lincoln’s portrait and the prefix letter in the serial number. Uncirculated examples from certain districts may be more desirable to collectors, especially if produced in lower quantities or featuring unique serial number patterns. Though the overall mintage of Series 1934 $5 notes was substantial, finding well-preserved examples from certain districts can be a more difficult and rewarding pursuit.
The condition of an uncirculated 1934 $5 Federal Reserve Note is critical to its numismatic value and appeal. A note in UNC condition exhibits no folds, bends, or evidence of handling. Its paper remains crisp and firm, with original embossing often still present. The inks are vibrant, and the intaglio printing retains its sharp, raised feel. The corners are square and unrounded, and the margins are typically full and well-centered. Serial numbers and seals are bold and bright, free of smudging or fading. Uncirculated examples like this are often preserved in protective holders or albums, safeguarded from moisture, light, and physical contact. The note's pristine state allows collectors to appreciate the craftsmanship of the engraving and printing process in a way that circulated notes simply cannot provide.
While not a rare note in terms of overall issuance, the 1934 $5 Federal Reserve Note holds significant appeal due to its design continuity, economic relevance, and collectible status across multiple Federal Reserve districts. Its historical placement following the nation’s departure from the gold standard makes it a landmark issue, bridging the world of gold-backed currency and modern fiat money. Collectors value it both as a stand-alone piece and as part of broader district sets, type sets, or as an example within a 20th-century currency timeline. The uncirculated condition elevates its desirability, ensuring its preservation as a high-quality representative of its era.
Among collectors of U.S. small-size currency, the Series 1934 $5 Federal Reserve Note serves as a foundational piece. It represents the resilience of American monetary policy in the face of crisis and the evolution of physical currency design through the early decades of the 20th century. Whether collected for its aesthetic design, historical relevance, or exceptional state of preservation, an UNC example speaks to the enduring importance of the printed dollar as both a symbol of national strength and a daily tool of commerce. Its balance of accessibility and historical richness ensures that it remains a staple of both beginner and advanced collections alike.
The 1934 $5 Federal Reserve Note in uncirculated condition is more than just a high-grade banknote—it is a snapshot of American resilience and adaptation during a pivotal decade. Its design, featuring Lincoln and the Lincoln Memorial, connects to core national values, while its production during the transition from gold-backed to fiat currency reflects a dramatic shift in American economic policy. Preserved in its original, untouched state, the note offers collectors a direct and tangible link to the monetary history of the United States during the interwar period, serving as both a collectible and a symbol of a changing nation.