In 1928, the United States Treasury reduced the size of the United States currency from its dimensions dating from the early 1860s. The new currency would measure 6.14 inches in length and 2.61 inches in width. Notes would be .0043 inches thick, a stack of 233 notes would measure one inch in height, and 490 notes would weigh one pound. This reduction would reduce the costs of paper and ink dramatically. This size had been used in the Philippines after the Spanish-American war and proved quite popular there, as the notes could easily be stored in wallets. Action in this size of notes, however, was dropped with the onset of World War I. In 1928, these sizes had been adopted. The new notes were sometimes referred to as “funny money” because the style of the notes reminded people of the money used in the popular game of the day: Monopoly.
This series progressed through three issues until producing one of the great rarities. There are about 12 examples known of the 1928C Star note. The regular issue is scarce, but the C Star is a jewel. I was able to purchase a Very Fine 25 net graded note at auction for $2,400. It is a net because of repairs mentioned on the back of the note, although I cannot make out any repairs. Bill Brandimore
The Funny back would soon be gone. While the note was being prepared, the FBI wrote a letter to the Treasury asking that the 1/2-millimeter face and back plates be enlarged to one full millimeter, as FBI agents were using these letters to identify counterfeits. Thus, the new 1935 issue came out with one-millimeter front and back plate letters. However, the old 1/2-millimeter plates were left in the production line. This created Mules when a new face was paired with an old 1/2-millimeter back plate. These notes are quite rare for 1941 Star notes; they are quite popular in the 1941 and 1941A issues if you know what to look for. They are also fairly scarce for the 1941A issue. The huge number of notes cranked out, however, wore out the outmoded back plates, and they did not make it into the 1935B issue. The same issue created Mules across the spectrum where fewer notes were printed, and the plates, in some cases, lasted until the 19354D series in some denominations.
Immediately after the C Star is the D Star which I was able to purchase at the same auction in Very Fine 20 condition for $2,000. These D series Star notes have about two dozen notes known. Both the C and D Stars are very valuable in high grades. For instance, the 1928C Star had previously sold for $50,000 in Gem 65 grade, with the 1928D star reaching $24,000 in Gem. The 1928E star, however, has soared as high as $175,000 in gem. Recently, a Very Fine 25 E star brought in $9,000. I found myself unable to pull the trigger and continue the bidding. I am content, however, with my 1928C star. Bill Brandimore
This note was signed by W.A. Julian as Treasurer of the United States. He would go on to be the longest-serving Treasurer in United States history, serving until he died in a car accident on May 29, 1949. His length of service can be attributed to the long-time control of the government by Franklin Delano Roosevelt and Harry Truman. This is an example of his autograph on a note from the 1930s. The longest-serving Secretary of the Treasury is Henry Morgenthau Jr., who served with Julian from Jan. 1, 1934, until July 22, 1945. He is the longest-serving secretary, and they are the longest-serving pair. Here is an example of his autograph on the 1935 $1 issue. Bill Brandimore
This note is particularly special, as it is one of the notes allotted to Morgenthau. Various officials, starting with the President, are authorized to make certain notes on new issues. This one is clearly intended for a certain individual. Then, it got into circulation with the very low serial number 101. This is one of my favorite notes. If any reader has an idea who the note was tendered to, please give me a call. Bill Brandimore
A one-year issue was issued in 1934. A blue one is positioned where the blue seal had previously stood, and the blue seal was moved to the right side of the note. At this point, President Roosevelt offered his suggestions for the new 1935 issue Silver Certificate design. He submitted his thoughts for a new reverse design, which included his changes, which were honored. There is a crude drawing of both sides of the Great Seal on the reverse. Bill Brandimore
