Rare 1928 $2 Bill Sells for $88,000: What Collectors Look For

Chances are, it’s been quite a while—if ever. Many people have never held or even seen a $2 bill in real life. From the moment it entered circulation, this denomination has been one of the least used and most overlooked in U.S. currency.

But this very rarity presents a golden opportunity for collectors of paper money. Since they’re rarely handled, most $2 bills remain in excellent condition—some even untouched—which makes them particularly appealing for those interested in currency collecting.

In this article, we’ll dive into the history and value of the 1928 $2 bill. So if that piques your interest, let’s get right into it.

A Look Back at the History of the Two-Dollar Bill

We’ve discussed before why the $2 bill is such an uncommon denomination in the U.S. One major reason is that it was once considered too large a denomination for everyday use. During the early 20th century, when most people earned relatively modest incomes, a $2 bill wasn’t very practical.

Adding to the challenge was superstition. In the 1920s, many believed the $2 bill was unlucky or even cursed. This belief was so strong that some casinos and racetracks would outright refuse to accept them.

What many don’t realize is that over the years, several types of $2 bills have been issued, including:

• Legal Tender Notes
• National Banknotes
• Silver Certificates
• Treasury or Coin Notes
• Federal Reserve Bank Notes

Each of these types came with its own unique design. Among them, red seal $2 notes are among the most desirable to collectors. Earlier “large-size” versions were often decorated with ornate artwork and featured historical figures like presidents, military leaders, and inventors.

Some of the most iconic and collectible examples include the 1875 “Lazy Deuce” and the 1896 $2 “Educational Notes.”

The Appeal of Red Seal $2 Notes

Issued from 1928 to 1966, red seal $2 bills are highly prized by collectors. These notes feature a portrait of Thomas Jefferson on the front, with an image of his Virginia estate, Monticello, on the reverse.

A notable detail: the 1963 series was the first to include the phrase “IN GOD WE TRUST”, which appears above Monticello on the back of the note.

One of the easiest ways to identify these red seal notes is by the position of the red Treasury seal. The 1928 series has the seal on the left side, while in later issues like the 1953 series, the seal was moved to the right side.

In 1975, a new version of the $2 bill was introduced—this time as a Federal Reserve Note. While Jefferson’s portrait remained on the front, the reverse was updated to depict the signing of the Declaration of Independence, and the seal color changed from red to green, distinguishing it from earlier Legal Tender Notes.

Most Valuable 1928 $2 Bills
The 1928 $2 bill comes in eight different series, labeled from 1928 to 1928G. Each series has its own rarity and value based on its print volume and collector interest.

Regular 1928 $2 Banknotes

Series 1928
This was the first batch of the 1928 $2 notes, with a total of 55,889,424 bills printed. Despite being the earliest, it is surprisingly one of the least valuable. In poor condition, it’s worth around $3 to $5. In decent condition, expect $10 to $25. Uncirculated bills range between $30 and $40.

Series 1928A
This series saw fewer bills produced, with 46,859,136 printed. Due to the lower supply, it’s a bit more valuable. Prices range from $4 to $6 for poor condition, $20 to $30 for average condition, and $40 to $60 for uncirculated notes.

Series 1928B
With only 9 million printed, this version is among the more desirable ones. Values start at $10 to $15 for bills in rough shape, $25 to $50 in better condition, and as much as $75 to $125 for uncirculated examples.

Series 1928C
This is one of the more common series, with a total of 86,584,008 printed. Bills in poor shape are typically valued at $4 to $5, while those in better condition sell for $12 to $25. Uncirculated ones go for $30 to $40.

Series 1928D
The most heavily printed of the series, with 146,381,364 bills released. As a result, it holds lower collector value. Expect $2 to $4 for a worn note, $6 to $10 for better condition, and $15 to $18 if it’s uncirculated.

Series 1928E
Even though this series had the smallest print run—just 5,261,016 notes—it doesn’t command much interest from collectors. A bill in poor shape might fetch $4 to $5; in decent condition, $10 to $15; and uncirculated notes sell for $16 to $25.

Series 1928F
With 43,349,292 bills produced, the F series is fairly common. In poor condition, it’s valued at $4 to $5. Mid-grade examples go for $10 to $12, and uncirculated ones typically bring $15 to $30.

Series 1928G
This series had 52,208,000 notes printed and is considered one of the less popular issues. Bills in poor condition are worth $2 to $4, those in good shape sell for $8 to $10, and uncirculated notes range from $12 to $18.

1928 $2 Star Notes

As many collectors know, a bill featuring a star symbol in place of the final letter in its serial number indicates a replacement note, often due to printing errors. These “star notes” are generally more rare and can be significantly more valuable.

Series 1928★
The exact number of star notes from this series is unknown, but their market value is decent. Bills in poor condition go for $20 to $40, in good condition they’re worth $50 to $100, and uncirculated ones can reach $200 to $350.

Series 1928A★
This is a highly desirable series for collectors. A worn bill is worth $75 to $150, mid-grade examples fetch $175 to $300, and uncirculated bills can exceed $1,000 in value.

Series 1928B★
The crown jewel among 1928 $2 star notes. These are extremely rare and command high prices. In poor condition, they’re worth $1,000 to $2,500. Bills in better shape go for $5,000 to $7,500, and uncirculated examples can exceed $10,000.

Series 1928C★
One of the more common star notes. A bill in rough condition is typically valued at $10, while those in good condition range from $25 to $75. Uncirculated versions can bring in $250 to $500.

Series 1928D★
This star note is somewhat uncommon, though not particularly valuable. Poor condition bills fetch about $15, those in better shape are worth $30 to $75, and uncirculated ones bring in around $125.

Series 1928E★
A rare and valuable star note series. Bills in poor condition start at $250 to $500, mid-grade ones go from $750 to $1,200, and uncirculated examples can sell for $2,500 to $5,000 or even more.

Series 1928F★
Not a particularly valuable series unless the bill has a rare serial number (like a ladder pattern). In poor condition, it’s worth about $15; in good condition, $20 to $30; and uncirculated bills fetch up to $75.

Series 1928G★
Despite being the final series in the 1928 $2 star note lineup, it doesn’t hold much value. Bills in poor condition are worth about $18, better condition ones range from $25 to $35, and uncirculated bills go for around $100.

1928 $2 Mules, Star Mules, and Other Rare Errors

A “mule” note refers to a banknote printed using a back plate from a different series than the front. For example, a bill labeled as a 1928E on the back could have a 1928B front. When this happens with a replacement (star) note, it’s called a star mule, and these are exceptionally rare and sought-after by collectors.

Series 1928C Mule
This is one of the rarest mule notes in the 1928 $2 lineup. These 1928C bills must have back plate numbers 289 or higher to be considered true mule notes. In poor condition, they’re valued around $100. In better shape, they can sell for $125 to $200, and uncirculated examples can command prices from $500 to $750.

Series 1928D Mule
While not as valuable as the 1928C mules, collectors still find these notes desirable. To qualify as a mule, the back plate number must be 288 or lower. Poor condition notes are generally worth no more than $25, while those in good condition range from $30 to $45. If uncirculated, they typically fetch around $75.

Series 1928D★ Mule Star Note
This note is highly collectible because it combines both a mule and a star feature—making it a rare hybrid. Like the D mule, the back plate must be 288 or lower. These are more valuable than standard D mule notes. Bills in poor condition can bring in about $40, good condition ones are worth $50 to $60, and uncirculated notes range from $75 to $125.

Series 1928 Fancy Serial Numbers
Fancy serial numbers—such as repeaters, ladders, low numbers, or solid digits—are a niche within currency collecting. The more unusual or aesthetically pleasing the serial number, the higher the value. A rare serial number on any 1928 $2 bill can significantly increase its desirability and price, even if the bill itself isn’t part of a rare series.

Table Chart of the most valuable 1928 $2 bills

Series	Estimated Worth (Very Fine)	Estimated Worth (Uncirculated)	Amount of Bills in a Bundle	Condition	Price
1928A* $2 Fr. 1502* Legal Tender Star Note. PMG Gem Uncirculated 65 EPQ	$300	$1,000	1	Gem Uncirculated	$88,125
1928A* $2 Fr. 1502* Legal Tender Note. PMG Gem Uncirculated 65 EPQ	$300	$1,000	1	Gem Uncirculated	$63,250
1928B* $2 Fr. 1503* Legal Tender Star Note. PCGS Very Fine 25PPQ	$5,000 – $7,000	$10,000+	1	Very Fine	$46,000
1928A* $2 Fr. 1502* Legal Tender Star Note. PMG Choice Uncirculated 64 EPQ	$300	$1,000	1	Choice Uncirculated	$35,250
1928B* $2 Fr. 1503* Legal Tender Star Note. PCGS Very Fine 25PPQ	$5,000 – $7,000	$10,000+	1	Very Fine	$32,900
1928E* $2 Fr. 1506* Legal Tender Star Note. PMG Choice Uncirculated 64 EPQ	$750 – $1,200	$2,500 – $5,000	1	Choice Uncirculated	$28,750
1928 $2 Fr. 1501 Legal Tender Note. Uncut Sheet of 12 About Uncirculated	$25	$40	12	About Uncirculated	$27,600
1928B* $2 Fr. 1503* Legal Tender Star Note. PCGS Very Fine 25PPQ	$5,000 – $7,000	$10,000+	1	Very Fine	$25,850
1928E* $2 Fr. 1506* Legal Tender Star Note. PCGS Very Choice New 64PPQ	$750 – $1,200	$2,500 – $5,000	1	Very Choice New	$19,387
1928E* $2 Fr. 1506* Legal Tender Star Note. PMG Choice Uncirculated 64 EPQ	$750 – $1,200	$2,500 – $5,000	1	Choice Uncirculated	$17,625
1928A* $2 Fr. 1502* Legal Tender Star Note. PCGS Very Choice New 64PPQ	$300	$1,000	1	Very Choice New	$17,037
1928 $2 Fr. 1500 Legal Tender Note. PMG Choice Uncirculated 63 EPQ	$15	$30	1	Choice Uncirculated	$12,925
1928C* $2 Fr. 1504* Legal Tender Star Note. PMG Choice Uncirculated 64 EPQ	$1,000 – $2,000	$3,000 – $6,000	1	Choice Uncirculated	$10,869
1928F* $2 Fr. 1507* Legal Tender Star Note. PMG Very Choice Uncirculated 64 EPQ	$300 – $500	$1,000 – $2,000	1	Very Choice Uncirculated	$9,694
1928G* $2 Fr. 1508* Legal Tender Star Note. PMG Choice Uncirculated 64 EPQ	$150 – $300	$400 – $700	1	Choice Uncirculated	$9,400
1928D* $2 Fr. 1505* Legal Tender Star Note. PCGS Gem New 65PPQ	$750 – $1,200	$2,500 – $5,000	1	Gem New	$9,000

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What Determines the Value of the 1928 $2 Bills?

Two-dollar bills are the rarest denomination of U.S. paper currency still in circulation, making them highly attractive to collectors. Even a $2 bill from any series, especially in pristine (uncirculated) condition, can fetch a respectable price.

Several key factors influence the overall value of a 1928 $2 bill. Here’s what you should consider:

Condition

The physical state of the bill is one of the most critical factors. Uncirculated bills, which show no signs of wear or handling, are significantly more valuable than circulated ones. Bills with folds, tears, stains, or other damage lose considerable value—even if they are from a rare series.

Year and Series

Generally, older bills are more sought-after. The specific series (1928, 1928A-G) and any unique traits attached to that year also influence value.

Serial Number

Certain serial numbers are more collectible. For instance, very low numbers (like 00000001), solid numbers (like 22222222), or repeating patterns increase a bill’s worth. Always examine the serial number carefully when evaluating a bill.

Printing Errors

Misprints such as off-center seals, double impressions, or mismatched series between front and back (mule notes) are considered printing anomalies and can raise a bill’s value significantly.

Are Some 1928 $2 Bills More Attractive to Collectors Than Others?

Yes—certain features can dramatically increase a 1928 $2 bill’s appeal and value. Collectors especially seek out bills with these distinctive characteristics:

• Star Notes – These replacement bills feature a star at the end of the serial number and are generally rare and highly collectible.
• Radar or Palindromic Serial Numbers – These read the same forwards and backwards (e.g., 12344321) and are prized for their uniqueness.
• Solid Serial Numbers – Bills with identical digits in every position (like 77777777) are extremely valuable.
• Binary Serial Numbers – These contain only two different digits (like 01010101), making them highly desirable.
• Ladder Serial Numbers – Bills where the numbers are in perfect ascending or descending order (e.g., 12345678 or 87654321) are very rare and valuable.

Where Can You Purchase or Sell Your 1928 $2 Bills?

Purchase 1928 $2 Bills

Although options may be limited, the internet is a great place to begin. Websites such as eBay, Etsy, and Amazon often list these bills, giving you an idea of current market values. However, be cautious—some listings may be overpriced or misleading.

If you’re looking for more secure options, consider browsing auction platforms like:

• Heritage Auctions
• LiveAuctioneers
• NumisBids
• Dorotheum

For more in-depth knowledge, paper money forums are excellent resources. Enthusiasts and seasoned collectors often share insights, tips, and valuations based on experience.

It’s important to note that while buying or selling online is convenient, it comes with risks. Scams are not uncommon. Always verify a seller’s reputation and try to get an appraisal from an expert before making any purchases.

Your safest bet will be through specialized numismatic shops, coin and currency shows, or certified auction houses, where authenticity and value are typically verified.

Collecting Old 1928 $2 Bills – Yes or No?

While $2 bills have historically been one of the least popular forms of U.S. currency, their collectibility has grown in recent years. Due to limited production runs and frequent design or signature changes, there are numerous series and sub-series to collect.

For example, the 1928 series includes multiple variations—each with unique traits and collectible potential. Compared to more common denominations like the $1 bill, $2 notes are often scarcer and can yield a good return if preserved well.

So yes, collecting 1928 $2 bills is absolutely worth considering. Whether you’re in it for the investment or simply the joy of collecting, these notes can be a valuable addition to your portfolio.

And if you already own a 1928 $2 bill (or a few), feel free to share your story—how you got them, and what condition they’re in. It could be the start of a great collecting journey!