Antique 1928 $2 Dollar Bill USA Red Seal One Old United States Legal Tender Note

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Seller: va.treas (8,546) 97.7%, Location: Richmond, Virginia, Ships to: US, Europe, CA, JP, AU, Item: 122447456445 This is a RED Seal $2 Bill from Series 1928. This United States Note has its seal on the left side and has been used in commerce. 1928 was the first year that small sized notes like this were issued by the US government. You won't find any of these red seals in change today! You will receive one of the notes shown in the auction pictures. The United States government got into the paper money business by necessity - a way of financing the Civil War through money creation known as fiat money. Congress authorized Legal Tender Notes by the Acts of July 17 and August 5, 1861 (first day of issue). They were colloquially called "Greenbacks" due to their mono-green coloring on the note backs and "Demand Notes" since the first issue notes were redeemable for specie (gold and silver coins) on demand. When specie redemption was suspended on December 21, 1861 the value of these notes began to fall in terms of federal coinage. The public soon accepted the currency on faith that the new U.S. government money would sustain its value in commerce. At the same time, coinage, including copper coins, were rapidly disappearing from circulation By the 1920's, the Treasury Department launched a cost saving measure by reducing the physical size of the currency. Legal Tender notes continued to be issued but only in denominations of $1 (series 1928 only), $2 (1928, 1953, 1963), $5 (1928, 1953, 1963) and $100 (series 1966 only). The 1966 $100 note was the last issue of Red Seal notes and was used to satisfy the Act of May 31, 1878 requiring that $346,681,016 of Legal Tender notes always be in circulation. This figure was technically a percentage of all currency types in circulation in 1878. The Act requiring Legal Tender notes was finally discontinued in 1986. Today there is a dwindling supply of Legal Tender notes. As they are redeemed for Federal Reserve Notes, the notes are returned to the Treasury for destruction. Only collectors and dealers have preserved these interesting notes for posterity. Save on shipping: If you purchase more than 1 lot in a 5 day period and pay for all lots in a single payment, shipping and handling on all additional lots will be $1 or less each. Good Luck bidding. If you like this lot, check out our other items! Condition: Circulated - with folds, stains - missing a corner. You will receive a note in pictures 1 and 2., US Type: United States Legal Tender Note, Circulated/Uncirculated: Circulated, Modified Item: No, Country/Region of Manufacture: United States, Certification: Uncertified, Denomination: $2; TWO Dollars; Deuce, Type: Banknotes, Year: 1928 Insights Exclusive
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