A US gold certificate is worth about $85-250 in circulated condition for the common Series 1928 $10 and $20, and roughly $500-1,500 for a crisp uncirculated one, as of October 2026. Large size "goldbacks" from 1907 and 1922 start near $110-130 worn, the 1928 $50 and $100 start near $185 and $300, and the 1882 and 1905 large notes start around $1,000 and climb to five figures in top grade.
Every gold certificate has a gold or orange Treasury seal and, on small notes, gold serial numbers. They are legal to own: the Treasury lifted the ownership ban on April 24, 1964, and the notes are still legal tender at face value. None can be redeemed for gold, so the value is entirely what collectors pay.
Quick answer
- 1928 $10 (Fr. 2400) or $20 (Fr. 2402), circulated: about $85-250. Crisp uncirculated: roughly $500-1,500.
- 1928 $50 (Fr. 2404): from about $185 worn. 1928 $100 (Fr. 2405): from about $300 worn.
- Large size 1907 $10 and 1922 $10 or $20: from about $110-140 in low grade, $300-700 in nice circulated grades.
- 1882 $20 to $100, 1905 Technicolor $20: from about $365 to over $1,000 worn, five figures for the best.
- Star notes on 1928 issues start near $200 and multiply quickly with grade.
How do you identify and value a gold certificate, step by step?
Measure the note, read the series and denomination, then grade the paper. Those three steps place almost every gold certificate.
- Confirm the seal color. Gold certificates have a gold or yellow-orange seal. A blue seal means a silver certificate, red a United States Note, brown a 1929 national or a Hawaii note, and green a Federal Reserve Note. The one trap is the yellow seal North Africa note of World War II, which is a silver certificate with blue serial numbers, not a gold certificate.
- Measure it. Large size notes run about 7.4 by 3.1 inches and were made up to Series 1922. Small size notes, 6.1 by 2.6 inches, are Series 1928. Small size gold certificates exist only as 1928 issues for circulation; the 1934 notes were for internal Federal Reserve use and are not in private hands.
- Read the series and the denomination. On small notes the words SERIES OF 1928 sit near the portrait. The 1928 notes show Hamilton on the $10, Jackson on the $20, Grant on the $50 and Franklin on the $100. Large notes show the series on the face, for example Series of 1922.
- Look at the back. Large size gold certificates have a bright orange back, the source of the nickname "goldbacks." Small 1928 notes have a green back like any other bill of that era.
- Find the Friedberg number. Collectors and price guides sort notes by the Friedberg catalog. The 1928 $10 is Fr. 2400, the $20 Fr. 2402, the $50 Fr. 2404, the $100 Fr. 2405. On large notes, the number changes with the signature pair at the bottom of the face, which is why one series can carry several Fr. numbers.
- Check for a star. A star before the serial number on a 1928 note marks a replacement. Stars carry a clear premium; our guide to star notes value explains why.
- Grade it honestly. Count the folds, check the corners and look at the paper against a light. A note with one light fold is far more valuable than one with a dozen, and the gap widens with every grade.
- Price from sold results for the exact Fr. number and grade, not from asking prices.
What are gold certificates worth?
The figures below are approximate values as of October 2026. Low grade figures start at the lowest values the Greysheet and Friedberg price guide (CPG) lists for each note; the uncirculated column is an honest range for choice uncirculated notes, not gems. Gem notes and rare signature pairs go far higher.
| Note | Friedberg | Low grade (VG to Fine) | Very Fine | Choice uncirculated |
|---|---|---|---|---|
| 1928 $10 Hamilton | Fr. 2400 | $85-120 | $150-250 | Roughly $500-1,500 |
| 1928 $20 Jackson | Fr. 2402 | $85-120 | $150-250 | Roughly $500-1,500 |
| 1928 $10 or $20 star | Fr. 2400*, 2402* | From about $200 | $400-1,000 | Several thousand |
| 1928 $50 Grant | Fr. 2404 | From about $185 | $300-500 | Roughly $1,500-3,000 |
| 1928 $100 Franklin | Fr. 2405 | From about $300 | $400-700 | Roughly $1,000-3,000 |
| 1907 $10 Hillegas | Fr. 1167 to 1172 | From about $120-200 | $300-600 | Roughly $1,000-2,500 |
| 1922 $10 Hillegas | Fr. 1173 | From about $110 | $250-500 | Roughly $900-2,000 |
| 1906 $20 Washington | Fr. 1181 to 1186 | From about $150-175 | $400-800 | Roughly $1,500-3,000 |
| 1922 $20 Washington | Fr. 1187 | From about $130 | $300-600 | Roughly $1,200-2,500 |
| 1913 and 1922 $50 Grant | Fr. 1198, 1199, 1200 | From about $375-400 | $700-1,500 | Several thousand |
| 1922 $100 Benton | Fr. 1215 | From about $485 | $900-2,500 | Several thousand |
| 1905 $20 "Technicolor" | Fr. 1179, 1180 | From about $1,000 | $2,500-5,000 | Five figures |
| 1882 $20, $50, $100 | Fr. 1174 to 1214 | From about $365-850 | $1,500 and up | Five figures, some six |
The 1928 $500 McKinley and $1,000 Cleveland gold certificates exist too. Greysheet's range starts at about $2,500 and $4,500, and they belong with an auction house, not a coin shop. Series 1928A gold certificates were printed but never released, and none are known in private hands.
Is it legal to own a gold certificate?
Yes, and it has been since 1964. In 1933 the government ordered gold certificates turned in by May 1, 1933, and a Treasury order of December 28, 1933 made private possession illegal. On April 24, 1964, Treasury Secretary Douglas Dillon removed the restriction, largely so collectors could hold them. Today a gold certificate is legal tender for its face value and can be exchanged for current money at face, but it cannot be redeemed for gold. A 1928 note still reads "redeemable in gold coin on demand at the Treasury," which is history, not a live promise.
That matters for value in one way: gold at about $4,000 an ounce as of October 2026 has nothing to do with the price of a gold certificate. A $20 note was once a claim on just under an ounce of gold, but the claim is gone. The note is priced as a collectible.
What makes one gold certificate worth more than another?
Grade does most of the work, then the type and signature pair, then the serial number.
| Factor | What to check | Effect on value |
|---|---|---|
| Grade | Folds, corners, paper stiffness, stains | The biggest factor; a choice uncirculated 1928 $20 is worth five to ten times a worn one |
| Size | Large (1882 to 1922) or small (1928) | Large notes start higher and have a wider top end |
| Type and series | 1882 and 1905 are scarce, 1922 is the common large type | Moves the starting price from about $110 to over $1,000 |
| Signature pair | Names at the bottom of the face, giving the Fr. number | Scarce pairs within a series sell for several times a common one |
| Star | Star before the serial on 1928 notes | From about $200 in low grade, several times a regular note |
| Serial | Low numbers, solids, ladders | Premium on any type |
| Problems | Tears, tape, holes, writing, washing or pressing | Can cut the price by half or more |
The 1922 $10 and $20 deserve a note on serial numbers. Fr. 1173a is the version with small serial numbers; it is collected separately and the price guide carries it separately. There are also "mule" varieties of the 1922 $10 and $20, where the face and back plates come from different series runs. These are specialist notes, and a currency dealer will spot them faster than any photo can.
A worked example
Say you find a small bill with a gold seal in a parent's desk. It says SERIES OF 1928 and shows Andrew Jackson, so it is a 1928 $20 gold certificate, Fr. 2402. The serial number has no star. You hold it to a window and count three vertical folds and one horizontal fold, the corners are slightly rounded, and the paper still has some body. That is roughly a Very Fine note, worth about $150-250 to a collector as of October 2026. If the note had no folds at all and bright, original paper, it would be a $500-1,500 note, and worth having graded. If it were limp, stained and torn at the edges, it would be closer to $85-100. In every case it is worth more than the $20 a bank would give you.
Common mistakes
- Pricing it by the gold. The note has no gold content and no gold claim. Spot price is irrelevant.
- Thinking it is illegal or must be surrendered. Private ownership has been legal since April 24, 1964.
- Confusing the North Africa note with a gold certificate. The 1935A $1, 1934A $5 and 1934 and 1934A $10 North Africa notes have a yellow seal but blue serials and are all silver certificates made for the war.
- Spending or depositing it. A bank pays face; a collector pays the premium.
- Pressing, washing or ironing out folds. Graders detect processing, and a processed note sells for less than an honest circulated one.
- Trusting a souvenir copy. Reproductions of 1882 and 1905 notes are common. They are printed flat on modern paper, often too bright, and sometimes marked COPY. Our guide on how to tell if money is counterfeit covers the checks.
- Assuming every big old note is a gold certificate. Large silver certificates and United States Notes look similar; check the seal and back color first. Our guide to old dollar bills worth money sorts the other large types.
How WorthPic reads gold certificate photos
WorthPic runs on the newest and most capable AI model available, tuned for exactly this kind of identification. From a photo of a gold certificate it reads the seal color, the size and series, the denomination and portrait, the color of the back, and the signature pair that sets the Friedberg number. It checks the serial for a star, a low number or a pattern, estimates a grade range from the folds, corners and paper it can see, and gives an honest value range with a most likely figure. A photo cannot reveal everything. A pressed fold, a repaired tear, a trimmed margin or a washed note can look clean on a screen, and it says so and asks for a raking light shot. It identifies and estimates. It does not authenticate, grade or appraise a note; for any gold certificate that may be worth more than a few hundred dollars, a grading service or a currency dealer settles it.
What to photograph
- The full face, flat on a dark background in daylight, all four corners in frame and the serial numbers readable.
- The full back, which shows whether it is an orange goldback or a green 1928 back.
- A close-up of the signatures at the bottom of the face, which set the Friedberg number.
- A close-up of one serial number, for stars and patterns.
- The note tilted under a lamp so folds and creases show in raking light. This is the photo that settles the grade.
- The edges and corners close up, to show tears, pinholes and trimming.
When should you get it looked at in person?
Get a second opinion before you sell anything better than a worn 1928 $10 or $20.
| Option | Cost | What you get | Best for |
|---|---|---|---|
| Local coin or currency dealer | Usually no charge to look | A cash offer and a quick identification | Worn 1928 $10 and $20 notes |
| PMG or PCGS Banknote grading | Roughly $25-65 per note for most notes, more for high values or faster service | A numeric grade and an encapsulated note buyers trust | Uncirculated 1928 notes, stars, any large size note |
| Heritage or Stack's Bowers auction | Seller's commission on the sale | Competition among serious bidders | 1882, 1905, $500 and $1,000 notes, gems |
A dealer who belongs to the Professional Currency Dealers Association can tell a trimmed or pressed note quickly. If your gold certificate came with other old paper money, our guides to old 20 dollar bill value and old 100 dollar bill value cover the rest of a typical family hoard.
Sources
- Wikipedia: Gold certificate (United States): series years and denominations, the 1933 recall orders, the April 24, 1964 lifting of the ownership ban, and current exchange at face value.
- Greysheet: Gold Certificates, Small Size: Friedberg numbers and CPG value ranges for the 1928 $10 to $1,000 notes and stars.
- Greysheet: Gold Certificates, Large Size: Friedberg numbers and CPG value ranges for the 1882, 1905, 1906, 1907, 1913 and 1922 notes.
- Kitco gold chart: gold spot price used for the October 2026 gold figure.