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The 1934 $5 STAR Federal Reserve Note in Very Good (VG) condition represents an essential piece of American currency history from the post-Great Depression era. Issued during a time of economic recovery and transition, the 1934 series notes were part of the U.S. government’s efforts to stabilize and modernize the monetary system. The inclusion of a star in the serial number designates the note as a replacement, making it far less common than standard issues. Though it has seen significant circulation, a 1934 star note in VG condition still retains strong collector appeal due to its rarity and historical context.
The obverse of the 1934 $5 STAR note prominently features the portrait of Abraham Lincoln, engraved in exceptional detail and placed at the center of the note. Lincoln’s image is flanked by stylized scrollwork and classic borders, with the words “FEDERAL RESERVE NOTE” across the top and “THE UNITED STATES OF AMERICA” below. The denomination appears in each corner and is spelled out at the bottom. A green Treasury seal is located to the right of the portrait, and a black Federal Reserve District seal is on the left. The note’s serial numbers appear twice—once in the upper right and once in the lower left—with a star symbol (*) replacing the usual suffix letter, indicating the note was printed as a replacement for one damaged during production.
The 1934 series marked a significant departure from earlier currency designs. It was the first series to be printed after the United States officially abandoned the gold standard for domestic transactions in 1933. While the 1928 series bore the promise that the note was redeemable in gold, the 1934 issue replaced that language with a revised obligation: “This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury or at any Federal Reserve Bank.” This subtle but pivotal shift acknowledged the country's transition to a fiat currency system backed by government trust rather than gold reserves.
The reverse of the note features an intricate depiction of the Lincoln Memorial in Washington, D.C. The engraving captures the structure’s neoclassical architecture, including its columns and stairs, with “THE UNITED STATES OF AMERICA” across the top and “FIVE DOLLARS” at the bottom. The denomination also appears in large numerals in each corner. The reverse design emphasizes both the cultural and architectural symbolism of Lincoln’s legacy, echoing the reverence with which his image was—and continues to be—held on American currency.
Each 1934 $5 Federal Reserve Note includes printed signatures of the Treasurer of the United States and the Secretary of the Treasury. For most notes in this series, the signatures are those of Treasurer W.A. Julian and Secretary of the Treasury Henry Morgenthau Jr., both of whom served during President Franklin D. Roosevelt’s administration. These officials were key figures in navigating the financial challenges of the Depression era and implementing the New Deal’s monetary reforms. Their printed names are located beneath the Treasury and Federal Reserve seals and help identify the note’s series designation for collectors.
Federal Reserve Notes from this era were printed on durable cotton-linen blend paper, composed of 75% cotton and 25% linen, with embedded blue and red security fibers. The paper was designed for extended circulation and featured high-quality intaglio printing to give the notes texture and fine detail. The green Treasury seal and serial numbers, known as “green seals,” became standard on U.S. notes during the 1930s and remain to this day. While the vast majority of 1934 $5 notes were produced without error, only a small percentage were printed as replacements, making star notes especially collectible even in lower grades like VG.
Very Good condition indicates a well-circulated note with clear signs of wear. A VG note will typically display heavy creasing, folds, edge fraying, small tears, or minor staining. The paper may be somewhat limp, and the corners are often rounded from handling. Despite this, the main design elements—such as Lincoln’s portrait, the seals, and serial numbers—remain fully visible. The star in the serial number is typically still identifiable, even if slightly worn, preserving the note’s appeal to collectors who prioritize rarity over pristine appearance.
The issuance of star notes in 1934 was a routine part of the Bureau of Engraving and Printing’s quality control process. Whenever a sheet of currency was found to be misprinted or damaged during production, it was destroyed and replaced with a new sheet marked with a star. These replacement notes maintained consistent numbering and allowed the BEP to preserve sequential integrity. Because only a fraction of the total print run consisted of star notes, they are significantly rarer than regular issues, and demand among collectors tends to be strong, especially for older series like 1934.
Collectors often seek 1934 $5 star notes as part of type sets, Federal Reserve District collections, or star note registries. Some may focus on particular issuing districts—there were twelve Federal Reserve Banks at the time, each identified by a letter and city name, such as “B – New York” or “G – Chicago.” The black seal to the left of Lincoln’s portrait indicates the issuing district, and the initial letter of the serial number corresponds to that district. Notes from certain districts are harder to find, especially with star designations, adding another layer of challenge and reward for collectors.
In summary, the 1934 $5 STAR Federal Reserve Note in Very Good condition offers a rare and historically rich addition to any paper currency collection. Its star designation, Depression-era context, and symbolic design make it more than just a circulated piece of money—it is a tangible artifact from a transformative period in American financial history. While its grade reflects significant use, its surviving features preserve both its identity and appeal, ensuring its place as a valued collectible among 20th-century U.S. notes.