1928 Dollar Bill Value: Funnybacks, Red Seals and Stars

A 1928 one dollar bill is worth about $20-50 in circulated condition if it is a blue seal 1928, 1928A or 1928B silver certificate, which is what most people have, as of November 2026. The scarce letters are worth far more: a 1928C sells for about $135-220 in Very Fine, a 1928E for about $370-760, and the red seal 1928 $1 United States Note for about $270-370, according to Heritage and Stack's Bowers results.

There are only two kinds of 1928 dollar. The blue seal silver certificate was printed in six series, 1928 through 1928E, and the first three were made by the hundreds of millions. The red seal United States Note was a single issue of 1,872,012 notes. Both have the same pale green back with a huge ONE and no Great Seal, which is why collectors call them funnybacks. The letter after 1928 decides most of the value, so read it first.

Quick answer

• 1928, 1928A and 1928B blue seal: about $20-50 worn, $160-370 graded uncirculated. Common.
• 1928C: about $135-220 in VF, $300-480 crisp. 1928D: about $100-205 in XF to AU, $215-465 crisp.
• 1928E: the key blue seal, about $370-760 in VF and $960-3,050 crisp uncirculated.
• 1928 red seal $1 United States Note: about $270-370 in Fine to VF, $670-1,460 uncirculated.
• Star notes multiply these, from about $75-320 for a 1928 star to roughly $1,300-4,000 for 1928C, 1928D and red seal stars in circulated grades, and $9,000-30,000 for a 1928E star.

How to identify a 1928 dollar bill, step by step

1. Check the seal color. Blue seal and blue serial numbers mean a silver certificate. Red seal and red serial numbers mean a United States Note, Friedberg number Fr. 1500. Green seals on a $1 do not exist before 1963, so a green 1928 dollar is not a 1928 dollar.
2. Turn it over. A genuine 1928 $1 has the funnyback: a light green back with ONE in very large letters at the center and no pyramid or eagle. If the back has the Great Seal, the note is 1935 or later and our 1935 silver certificate guide is the right page.
3. Read the series and its letter. "SERIES OF 1928" is printed in small type on the face. A letter after the year (A to E) marks a change of Treasury signatures; no letter means plain 1928.
4. Read the two signatures. They confirm the series: Tate and Mellon on 1928, Woods and Mellon on 1928A, Woods and Mills on 1928B, Woods and Woodin on 1928C, Julian and Woodin on 1928D, Julian and Morgenthau on 1928E. The red seal Fr. 1500 is signed Woods and Woodin.
5. Note the block letters. The serial number has a letter at each end, such as E00059734A. Collectors call the two letters the block, here E-A. The suffix letter moved from A into B as printing went on, so 1928C, 1928D and 1928E notes are normally B-suffix blocks.
6. Look for a star. A star in place of the first letter marks a replacement for a spoiled note, worth several times a regular note of the same series.
7. Check for X-B, Y-B and Z-B. Some 1928A and 1928B notes in these blocks were part of an early 1930s test of paper. X-B and Y-B were printed on experimental paper and Z-B on regular paper as a control.
8. Judge the grade honestly. Count the folds, look at the corners and hold it up to the light for pinholes, tears, stains and tape. A note with no folds and original crispness is uncirculated; one heavy center fold already drops it to about XF. Two or three folds and soft paper is Very Fine, the grade most inherited notes are in.

What is a 1928 dollar bill worth?

Prices below are as of November 2026. The circulated columns combine raw notes with PMG and PCGS Banknote graded sales at Heritage and Stack's Bowers, as logged on Greysheet. Ungraded notes sold online usually land at the low end of each range.

Some real results behind those numbers: a 1928E graded PMG Very Fine 25 sold at Heritage for $456 in November 2025, and a PMG Choice Very Fine 35 brought $763 in June 2026. Three red seal Fr. 1500 notes graded Very Fine 20 to 25 sold at Heritage on October 27, 2026 for $268, $293 and $317. 1928C sales are thinner, so treat its range as a guide rather than a firm price.

Why is the 1928 red seal dollar worth more than the blue seal?

Because it is far scarcer. It is the only small-size $1 ever issued with a red seal, and only 1,872,012 were printed. It went out briefly in 1933, and most of the stock stayed in storage until it was released in Puerto Rico in 1948 and 1949, which is why many survivors are in decent shape. Some older value lists put it far lower. That is out of date: Heritage's most recent sales of circulated Fr. 1500 notes were all above $260.

Which 1928 series is the rarest?

The 1928E (3,519,324 printed), then the 1928C and 1928D, according to Greysheet's catalog figures. They were short runs printed in 1933 and 1934 as new Treasury officials took office. The 1928, 1928A and 1928B are the ones found in old wallets and family Bibles.

How much is a 1928 star note worth?

Every 1928 series is scarcer with a star. As of November 2026:

Heritage describes the red seal Fr. 1500* as one of barely 50 replacement notes known in the census. For the wider star note picture, see our star notes guide.

A worked example

Say you find a blue seal funnyback in a 1940s envelope. The face reads SERIES OF 1928 with an E after it, and the signatures are Julian and Morgenthau. The serial is a regular letter, not a star, ending in B. It has two folds and soft corners but no tears: honest Very Fine. That is a 1928E, the scarcest blue seal of the series, and comparable Heritage sales put it at about $370-760. Raw, a dealer will offer well under that, because the grade is a guess. Graded, it can go to a Heritage or Stack's Bowers auction where the bidders who set those prices are. If the letter after 1928 had been A instead, the same note would be a $20-50 note and not worth the grading fee.

Common mistakes

• Missing the letter. The letter is small and sits right after "SERIES OF 1928". A 1928E priced as a plain 1928 loses hundreds of dollars, and a plain 1928 priced as rare sits unsold.
• Confusing 1928 with 1934. The 1934 $1 silver certificate also has the funnyback, but it is a separate series worth about the same as a common 1928.
• Pressing, washing or flattening the note. Graders spot it and give a lower or Net grade. Leave folds as they are.
• Taping a tear. Tape is worse than the tear. Put the note in a currency sleeve and stop.
• Spending it or taking it to a bank. A bank pays one dollar for any of these notes.

Where should I sell a 1928 dollar bill?

Two things cost sellers money: selling a scarce letter raw to a pawn shop or general buyer who prices every funnyback the same, and treating the auction results above as your net. Those are what the buyer paid, premium included.

How WorthPic reads 1928 dollar bill photos

WorthPic runs on the newest and most capable AI model available, tuned for exactly this kind of identification. From clear photos of the face and back, it reads the seal color, the series date and letter, the two signatures, the full serial number with its block letters and any star, and confirms the funnyback reverse. It looks at folds, corners, stains and holes to place the note in a broad grade band, then gives an honest US dollar value range with a most likely figure. It cannot know from a photo whether a note has been pressed, washed or repaired, or the exact grade PMG or PCGS Banknote would assign. It identifies and estimates. It does not authenticate, grade or appraise.

What to photograph

• The whole face, flat, in daylight, all four corners in view.
• The whole back, to confirm the funnyback.
• The series letter and signatures, close enough to read.
• The serial number, showing both block letters and any star.
• The note held up to a light, which shows pinholes, thin spots and tears.

When to get it looked at in person

A worn 1928, 1928A or 1928B does not need an expert. Any 1928C, 1928D, 1928E, red seal Fr. 1500 or star note is worth showing to a paper money dealer or sending to PMG or PCGS Banknote before it is sold. PMG's published fee schedule lists its Economy tier at $37 per note for notes valued up to $1,000, plus return shipping, and direct submissions need a paid PMG Collector membership or an ANA membership. Low serial numbers such as 00000123 or solids also deserve a look; our fancy serial number guide covers which patterns matter. For blue seal dollars from 1935 and 1957, see our silver certificate dollar guide, and for a mixed envelope of old bills, our guide to old dollar bills worth money. For the wider market in old paper, including seals, series and star notes across every denomination, see our guide to stamps and banknotes value.

Sources

• Greysheet: 1928D $1 Fr. 1604: 14,451,372 printed and Heritage and Stack's Bowers results for the 1928D and its star; linked pages give the 1928, 1928A, 1928B and 1928C printings.
• Greysheet: 1928E $1 Fr. 1605: 1928E printing and auction results by grade.
• Greysheet: 1928 $1 Legal Tender Fr. 1500: 1,872,012 printed and recent red seal sales, including a star note in PMG Fine 12 at $1,800.
• Wikipedia: Silver certificate (United States): signature combinations for 1928 to 1928E, funnyback design and the X-B, Y-B and Z-B experimental blocks.
• Wikipedia: Series of 1928: the 1933 issue of the $1 United States Note and its later release in Puerto Rico.
• PMG Services and Fees: Economy tier $37 per note up to $1,000 in value.
• PMG: How to Submit: direct submissions from paid PMG Collector members and ANA members.