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The 1974 $5 Federal Reserve Note in uncirculated condition represents a continuation of the well-established small-size paper currency design that had become familiar to the American public in the mid-20th century. Issued during a period marked by inflation, political change, and the aftermath of the United States’ exit from the gold standard, the 1974 series $5 bill reflects both economic transition and the enduring legacy of American currency aesthetics. Although not rare, notes from this series that remain in uncirculated condition offer collectors a clean, crisp example of modern federal currency from the post-Vietnam, pre-Reagan era, when the financial policies of the U.S. were rapidly evolving to meet new global and domestic realities.
The obverse of the 1974 $5 Federal Reserve Note features a right-facing portrait of Abraham Lincoln, the 16th president of the United States. His image, engraved in fine intaglio detail, is centered on the left side of the note. The portrait is based on a photograph taken by Anthony Berger in 1864 and was first introduced on the $5 note in the 1928 small-size redesign. Above Lincoln's portrait appears the title “FEDERAL RESERVE NOTE,” while the words “THE UNITED STATES OF AMERICA” stretch across the top margin. Below the portrait, the denomination is printed both numerically and in full text. A green Treasury seal appears to the right of Lincoln’s portrait, and matching green serial numbers are printed on both the upper right and lower left corners of the note. In uncirculated condition, the engraving remains sharp, the paper is clean and crisp, and the inks retain their original depth and vibrancy.
The reverse of the note carries a detailed engraving of the Lincoln Memorial, situated in the center of the design. This powerful image not only complements the obverse portrait of Lincoln but also reaffirms the symbolism of unity and national reverence. The words “THE UNITED STATES OF AMERICA” appear at the top, flanked by the denomination rendered both as a large numeral “5” in the corners and in full text “FIVE DOLLARS” at the bottom. The intricately engraved image captures the Memorial’s Doric columns and architectural depth, and in higher grades, such as uncirculated, every element remains bold and well-defined. The reverse is printed in traditional green ink, preserving the now-iconic look of the American “greenback.”
The 1974 $5 Federal Reserve Notes were printed by the Bureau of Engraving and Printing (BEP) and were issued by all twelve Federal Reserve District Banks, from Boston (A) to San Francisco (L). Each issuing bank is identified on the note by a black seal located to the left of Lincoln’s portrait, encircling the bank’s name and corresponding letter designation. The district letter also appears as the prefix in the serial number. These identifiers are essential for collectors who specialize in gathering notes from each district or who seek specific runs or blocks of serial numbers. While the 1974 $5 note was widely produced, uncirculated examples from some districts or blocks may be more difficult to find, depending on original print runs and modern survivability.
The 1974 series followed the issuance of the 1969C series and preceded the 1977 series, falling in a period when the design of U.S. currency was largely standardized. There were no major changes to the overall appearance of the note compared to earlier issues, but each new series typically reflected updated signatures of the Treasurer of the United States and the Secretary of the Treasury. On the 1974 $5 Federal Reserve Note, these signatures were those of Francine Neff, who served as Treasurer under Presidents Nixon and Ford, and William E. Simon, who served as Secretary of the Treasury from 1974 to 1977. Their combined signatures, printed in black ink below the seal and serial numbers, add context and historical specificity to the note.
The United States had formally suspended the convertibility of the dollar into gold in 1971, and by 1974, the dollar had become a true fiat currency. The phrase “THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE” remained on the left side of the obverse as a reaffirmation of the federal guarantee. Although no longer backed by a tangible commodity, the currency retained its full faith and credit backing by the U.S. government. The economic challenges of the early 1970s, including inflation and energy shortages, made this period a critical time for maintaining public confidence in the nation’s monetary instruments. The 1974 $5 note, despite its unassuming appearance, played a daily role in the broader challenge of keeping the economy functioning amid financial uncertainty.
Uncirculated examples of the 1974 $5 Federal Reserve Note are prized for their flawless paper surfaces and crisp embossing. Such notes show no folds, bends, or signs of handling, and they retain their original brightness and stiffness. The green ink is bold and the engraving sharp, with Lincoln’s hair, facial features, and coat details clearly defined. The paper used by the BEP is a blend of cotton and linen, with red and blue security fibers embedded throughout. On uncirculated examples, these fibers remain visible and undisturbed. Corners are sharp and squared, margins are full, and alignment is even. These qualities make the note not only attractive for collectors but also ideal for high-grade type sets and educational displays focused on late 20th-century currency.
For collectors, the 1974 $5 Federal Reserve Note offers an affordable and historically relevant entry point into small-size U.S. currency. It reflects the mature phase of greenback design before the sweeping changes of the 1990s and 2000s introduced anti-counterfeiting features such as color-shifting ink, microprinting, and watermarks. The 1974 series stands as one of the last to feature the classic, uncluttered layout that defined most of the 20th century’s paper money. In uncirculated condition, these notes provide a preserved snapshot of that era, undisturbed by circulation wear and preserved for posterity in original brilliance.
The collectibility of the 1974 $5 note can also be enhanced by factors such as fancy serial numbers (ladders, radars, repeaters), low numbers, star notes (used to replace defective notes), and special printing varieties. Star notes, in particular, are printed in smaller quantities and can command a premium in the collector market, especially in uncirculated grades. Likewise, specific block letters or district seals that saw limited printing runs or experienced rapid withdrawal can elevate a note’s desirability. Enthusiasts who focus on such nuances often build comprehensive registries or graded sets centered around one series or denomination.
The 1974 $5 Federal Reserve Note in uncirculated condition remains a testament to enduring design, historical relevance, and transitional monetary policy. As a clean example of mid-20th-century U.S. paper money, it preserves the likeness of Abraham Lincoln and the grandeur of the Lincoln Memorial in fine detail, while also capturing the spirit of a complex economic moment. Whether collected for its pristine state, its historical placement, or its connection to a bygone era of American numismatics, this note offers both educational and aesthetic value, maintaining its place as a timeless and affordable collectible within the broader history of U.S. currency.