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The 1934C $5 Federal Reserve Note in Uncirculated (UNC) condition is a distinguished representative of Depression-era U.S. currency that blends historical weight, classic design, and Federal Reserve policy evolution. Issued during a time of significant economic transition, this note is part of the broader Series 1934 family, which began in response to changes brought about by the Gold Reserve Act of 1934. The 1934C subset was one of several subsequent revisions that adjusted signatories or minor printing details rather than overhauling the design itself. Despite being a regular issue, examples from this series in pristine, Uncirculated condition are significantly less common today and are highly desirable for their aesthetic quality, historical significance, and increasingly limited supply.
Like all Series 1934 $5 Federal Reserve Notes, the front of the note features a stately portrait of Abraham Lincoln, the 16th President of the United States, centered within an ornate frame. This enduring image, engraved with lifelike detail, sits beneath the header “FEDERAL RESERVE NOTE,” with the issuing Federal Reserve Bank indicated in the seal to the left. The 1934C notes were issued by all twelve Federal Reserve Banks, and the specific bank of issue is further indicated by the black seal bearing the letter and corresponding city name—such as “D” for Cleveland or “G” for Chicago—next to Lincoln’s portrait. The blue-green serial numbers appear twice on the front, one in the lower left and one in the upper right, bracketing Lincoln with symmetry and balance.
The legal tender text above the Treasury seal affirms: “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 reflects the monetary changes of the time—namely the decoupling of paper currency from gold redemption, following the 1933 suspension of the gold standard for individuals. The note bears the signatures of the Treasurer of the United States and the Secretary of the Treasury at the time of issue. For the 1934C series, the signature pair is most commonly Ivy Baker Priest as Treasurer and Robert B. Anderson or George W. Humphrey as Secretary of the Treasury, depending on the production batch.
The reverse of the 1934C $5 Federal Reserve Note continues the elegant simplicity typical of mid-20th-century currency design. It features the Lincoln Memorial, rendered in fine detail, with “THE UNITED STATES OF AMERICA” printed boldly above and “FIVE DOLLARS” below. The denomination also appears in each corner, while “IN GOD WE TRUST” is absent—this motto would not appear on paper money until the 1950s. The use of green ink on the back, a standard in U.S. currency since the late 19th century, contributes to the enduring nickname “greenback.” The intricate shading and engraving on the reverse highlight the Bureau of Engraving and Printing’s mastery of intaglio printing.
The note measures 6.14 inches by 2.61 inches (156 mm × 66 mm), which remained the standard size for U.S. paper currency until the redesigns of the late 20th century. Printed on a cotton-linen blend paper with embedded red and blue fibers for anti-counterfeiting, the note has a unique texture and durability. In Uncirculated condition, this example retains its original crispness and snap, with sharp corners, no folds or creases, and deep color saturation. The ink should remain vibrant, and embossing from the printing process is typically visible under angled light. Well-preserved examples in UNC condition are free from staining, pinholes, handling marks, or other detracting features.
While Series 1934C notes were widely distributed, the print runs were smaller than earlier 1934-series notes. These bills remained in circulation well into the 1950s, which is why most surviving examples show moderate to heavy wear. Truly Uncirculated examples are the exception rather than the rule and were typically saved by collectors or bank tellers who put aside new notes. The total number printed across all twelve Federal Reserve Districts is substantial, but when broken down by individual districts—especially in the case of STAR notes or short runs—scarcity can vary. In general, regular issue 1934C notes are collectable but accessible, whereas notes from certain districts or serial blocks may be rare and command premiums.
Grading standards for Uncirculated (UNC) notes are strict. A 60-grade note may be fully uncirculated but have small production-related flaws like ink flecks, slight centering issues, or light handling impressions. Higher-grade UNC notes (Gem UNC 65 or higher) must have strong margins, perfectly square corners, and flawless surfaces. If certified by a third-party grading company like PMG or PCGS Banknote, these distinctions become even more pronounced in market valuation. Certified Gem examples are significantly more valuable than raw, uncertified notes unless the raw note is clearly superb.
The market value for a 1934C $5 Federal Reserve Note in raw Uncirculated condition generally ranges from $40 to $90, depending on eye appeal, centering, and issuing district. Certified examples graded GEM UNC 65 or higher often sell for $100 to $200 or more. STAR replacement notes or those from less common banks such as Minneapolis or San Francisco may demand even higher premiums. Fancy serial numbers—such as low digits, ladders, or repeaters—also increase value. The majority of these notes remain relatively affordable, making them excellent entry points for new collectors or attractive additions to type sets.
Historically, this note bridges a pivotal time in U.S. monetary policy. Issued after the Gold Reserve Act of 1934, these notes were among the first to represent “lawful money” rather than gold or silver-backed obligations. They served as a transitional instrument reflecting both the vestiges of earlier monetary structures and the future of fiat currency. The presence of the Treasury seal and the “redeemable in lawful money” clause are relics of a monetary system in flux, giving the 1934C series significant historical depth. For those interested in the economic narrative of the 20th century, such notes are tangible markers of policy shifts and political change.
In conclusion, the 1934C $5 Federal Reserve Note in Uncirculated condition is an exemplary piece of American financial history. With its iconic portrait of Lincoln, classic greenback design, and Depression-era context, it appeals to collectors for both aesthetic and historical reasons. While not exceedingly rare in circulated grades, high-grade Uncirculated examples—especially those with perfect centering or from rarer Federal Reserve Banks—offer both challenge and reward for collectors. As time goes on and more high-grade examples are absorbed into collections, the availability of pristine notes continues to dwindle, enhancing their desirability and long-term numismatic value.