Between 1928 and 1934, American paper money
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Between 1928 and 1934, American paper money went through its most dramatic transformation, driven by the Great Depression and the New Deal. Here are the most incredible facts from this unique era.
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- The Year Money Shrank: In July 1929, the US Treasury introduced the "Small-Size notes" we use today. By cutting the bill size by about 30%, the government saved millions in paper and ink just as the economy crashed.
- The Illegal Gold Bills: Series 1928 Gold Certificates featured bright yellow seals and could be traded for actual gold coins. In 1933, President Roosevelt made hoarding gold illegal, forcing citizens to surrender these bills and making surviving copies extremely rare.
- Forgotten Giant Bills: The Treasury regularly printed $500, $1,000, $5,000, and $10,000 bills for high-end bank transactions. They are still legal tender today but are worth a fortune to collectors.
- The Rainbow of Seals: You could tell how a bill was backed just by its color. Green was for standard Federal Reserve notes, Blue for Silver Certificates, Red for US Notes, and Yellow for Gold Certificates.
🏛️ Series 1928 vs. Series 1934
| Feature | Series 1928 | Series 1934 |
|---|---|---|
| Gold Backing | Allowed on Gold Certificates | Prohibited by law [1] |
| Redemption Clause | Promised "lawful money" at the Treasury | Stated the bill is simply "legal tender" |
| Plate Numbers | Smaller, thinner font size | Larger, bolder font size |