US Banknotes

Most 1929 National Bank Notes are moderately valuable, but the number of factors affecting prices make an online estimate very difficult. While this site ordinarily tries to provide reasonable estimates, people who work with National Bank Notes recommend that bills be evaluated in person by an expert dealer or appraiser.

Info: What is a National Bank Note?

The brown seal and the banner across the bill's top front mean that it's a special type of paper money called National Currency. These now-unusual bills were backed by bonds deposited with the Treasury by the issuing bank.

Series 1929 National Currency was printed in two forms:

* Bills issued as National Bank Notes have the words "National Bank" and the name of the issuing bank to the left of the portrait. In addition, the issuing bank's ID number is printed in heavy black type on the left and right edges of the bill.

* Bills issued as Federal Reserve Notes have the words "Federal Reserve Bank" and the name of the district city to the left of the portrait.

Bond-backed currency was discontinued during the Great Depression as part of the government's efforts to stabilize the economy. 1929 was the last series date for National Currency Notes, although these bills continued to be printed for a few more years.

Many but not all current US coins and bills have nicknames. Some date back to Colonial or even pre-Colonial days; many people no longer are even aware where the names come from!

Current coins

• 1 cent - "penny", after the roughly equivalent British coin it replaced.
• 5 cents - "nickel", even though it's mostly copper; comes from an early use of the metal as a replacement for its predecessor, the silver half-dime.
• 10 cents - "dime", but a true currency unit rather than a nickname; it's a holdover from a system proposed in the 18th century having 6 currency units rather than just cents and dollars.
• 25 cents - "quarter" because it's 1/4 of a dollar
• 50 cents - "half", "half a buck"
• $1 - "buck" (see below), sometimes "Sac" because some of the coins depict Sacajawea

Current bills

Bills are often referred to simply by their denominations - "a one", "a ten", etc. or occasionally by the name of the person pictured. Other names are

• $1 - "buck", possibly from the old use of animal hides as a quasi-currency; occasionally "clam", possibly for the same use of clamshells
• $2 - "deuce", from the French "deux" (two); occasionally "Toms" for Thomas Jefferson
• $5 - rarely nicknamed but sometimes "fin" from the Yiddish word for five
• $10 - "sawbuck", from an early design with the Roman numeral X that looked like a carpenter's sawbuck
• $20 - rarely, "double sawbuck", or "Jackson", for the President currently on the bill (pending a possible redesign)
• $50 - rarely nicknamed
• $100 - "Benjamins", because they carry a picture of Benjamin Franklin; also "C-note" for the Roman numeral equivalent of 100

Obsolete coins and bills had many varieties and nicknames. Among others:

• Silver half-dime - "fish scale" because of its small size and silver color
• Silver 3-cent piece - also "fish scale" for the same reason; sometimes "trime", a blending of the prefix "tri" for 3 and the word "dime"
• 20-cent piece - "double dime"
• $4 gold piece - "Stella"
• $10 gold piece - "eagle"; like "dime" not really a nickname but another actual currency unit inherited from that proposed 6-unit coinage system
• $2.50, $5.00, and $20.00 gold pieces - "quarter eagle", "half eagle", and "double eagle"
• $1000 bill - "Grand", "G-note", or "Kilo"

You should have your bill examined in person by a knowledgeable currency dealer or appraiser. As of 05/2015 approximate prices are:

• Circulated: $300 to $1100 depending on the bill's condition
• Uncirculated: $2100

DISCLAIMER: The values quoted are market averages as of the date shown, but may be different for an individual bill due to variations in quality and other factors. Also the wholesale (buying) price of a bill will be less than the selling (retail) price. A reputable currency dealer will be able to give a more accurate valuation based on an in-person inspection.

Despite its age these bills are not particularly rare or valuable. As of 02/2012 approximate prices are:

Circulated: $100 to $140 depending on the bill's condition

Uncirculated: $175

In God We Trust

That motto wasn't put on $100 bills until 1963 so its absence on older bills is normal.

Serial Numbers

A bill's serial number is a counter and a security feature. In most cases it doesn't affect a bill's value or help to identify it. Some collectors specialize in bills with low serial numbers (e.g. 00000005) or unusual patterns (12344321) so these can bring above-average prices.

DISCLAIMER: The values quoted are market averages as of the date shown, but may be different for an individual bill due to variations in quality and other factors. Also the wholesale (buying) price of a bill will be less than the selling (retail) price. A reputable currency dealer will be able to give a more accurate valuation based on an in-person inspection.

The US has printed many more denominations of paper money than the current seven (1, 2, 5, 10, 20, 50, and 100 dollars).

• Before 1945 the government also issued $500, $1000, $5000, and $10,000 bills for general circulation, and printed special $100,000 bills for use inside the Federal Reserve System.
• During and after the Civil War, the US printed so-called "fractional currency"; i.e. bills valued at less than $1. Denominations included 3, 5, 10, 15, 25, and 50 cents.
• Before the dollar was officially adopted, dozens of different denominations were issued by the colonies, the states, the Continental Congress, and many other authorities. Some of the denominations included 4 and 12 pence; 1, 2, 4, 5, 8, 12, 18, 20, 30, 40 and 50 shillings; 1, 2, 3, and 4 pounds; 1/6, 1/3, 2/3, 1, 2, 3, 4, 6, 8, 30, 35, 40, and 60 dollars.

Red-seal US notes were issued in 1963; like all US Notes they were issued directly by the federal government and not through the central bank.

You may be thinking of a widespread conspiracy theory that President Kennedy was attempting to strip the Federal Reserve Bank of its ability to loan money to the government by authorizing continued production of silver certificates. In fact, in his 1963 economic report Kennedy agreed with other economists of the time that the US could no longer remain on the silver standard (emphasis added):

"I again urge a revision in our silver policy to reflect the status of silver as a metal for which there is an expanding industrial demand. Except for its use in coins, silver serves no useful monetary function.

In 1961, at my direction, sales of silver were suspended by the Secretary of the Treasury. As further steps, I recommend repeal of those Acts that oblige the Treasury to support the price of silver; and ... authorization for the Federal Reserve System to issue notes in denominations of $1, so as to make possible the gradual withdrawal of silver certificates from circulation and the use of the silver thus released for coinage purposes."

The executive order (#11110) cited by conspiracy theorists as evidence that Kennedy wanted to continue to issue silver-based currency was actually a fairly mundane ruling that allowed the government to continue printing $1 silver certificates on a temporary basis until $1 Federal Reserve notes could be issued. Despite claims by certain authors, EO 11110 does not mention United States Notes, and does not mandate the issuance of a specific quantity of any type of paper money.