A star note is a US banknote with a small star printed in the serial number, which marks it as a replacement for a sheet that was misprinted and destroyed at the Bureau of Engraving and Printing. Most star notes from the last few decades that turn up in change are worth face value, or approximately $1 to $3 over face when circulated. A star note is worth more when it comes from a small print run, carries a very low or fancy serial number, belongs to an older series such as a 1950s or earlier silver certificate or red seal note, or is crisp and uncirculated. Those can bring $10 to several hundred dollars, and early or rare examples more.
Quick answer
- Most modern circulated star notes are worth face value or a dollar or two more.
- Look up the print run of the serial range, and check the series year and condition.
- Small runs, low serials, older series and uncirculated notes bring $10 to hundreds.
How to check yours, step by step
- Find the star. On modern Federal Reserve Notes (green seal), the star replaces the last letter of the serial number, so a serial reads like MB 01234567 ★. On older silver certificates (blue seal) and United States Notes (red seal), the star sits at the start of the serial, before the eight digits. Both serial numbers on a note carry the star.
- Read the series year. It is printed on the front, near the portrait, as "SERIES 2017A" or "SERIES 1957". The series year is the design and signature combination, not the year the note was printed, but it sets the era.
- Note the seal color and type. Green seal Federal Reserve Notes are the modern currency. Blue seal notes are silver certificates, mostly 1928 to 1957. Red seal notes are United States Notes, such as the $2 and $5 notes of the 1920s to 1960s. Older and non-green notes carry more premium.
- Look up the print run. For modern notes, star serial ranges are printed in batches called runs. Online star note lookup tools, built on the Bureau of Engraving and Printing's production records, take the series, denomination and serial and return the run size. A full run is 3.2 million notes. Runs of 640,000 or fewer are what collectors look for, and runs of 320,000 or fewer more so.
- Check the serial number itself. Very low numbers (under 00001000), solid numbers (all the same digit), ladders (12345678), radars that read the same both ways and repeaters (12341234) add value on their own, and combined with a star they add more.
- Judge the condition honestly. Hold the note to a light and look along it at an angle. Any fold, crease, soft paper, stains, writing, pinholes or tears means it is circulated. A note with perfectly flat paper, sharp corners and embossing you can feel from the printing is a candidate for uncirculated.
Star note values by denomination and era
These are approximate values for notes with no tears, writing, stains or repairs. "Circulated" means visible folds and some softness; "Crisp uncirculated" means no folds at all and original paper.
| Note | Circulated | Crisp uncirculated |
|---|---|---|
| $1 Federal Reserve Note, 2000s onward, full run | Face to $2 | $2-6 |
| $1 Federal Reserve Note, 2000s onward, run of 640,000 or less | $3-15 | $10-60+ |
| $1 Federal Reserve Note, 1963 to 1990s | $1.50-5 | $5-25 |
| $1 silver certificate star, 1935 and 1957 series | $4-15 | $15-50 |
| $1 silver certificate star, 1928 and 1934 | $25-150+ | Hundreds |
| $2 Federal Reserve Note star, 1976 | $5-20 | $15-75 |
| $2 red seal star, 1928 to 1963A | $8-40 | $25-150 |
| $5, $10, $20 Federal Reserve Note star, 1950s to 1990s | Face plus $2-15 | Face plus $10-50 |
| $5, $10, $20 star, 2000s onward, full run | Face to a few dollars over | Face plus $5-30 |
| $50 and $100 star, modern | Face to a small premium | Face plus $10-50+ |
| Hawaii and North Africa star notes, 1934-1935A | $100-400+ | Several hundred to thousands |
| Large-size star notes, 1910 to 1923 | $100-1,000+ | $500-several thousand |
The silver certificate guide and the two dollar bill guide cover the regular versions of those notes, which helps put a star premium in context.
How to look up a print run
Every modern star note belongs to a block of serial numbers printed in one run, at either the Washington, DC or Fort Worth, Texas facility. A small "FW" next to the face plate number on the front means Fort Worth; no FW means Washington. Lookup tools ask for the series year, the denomination and the full serial including the two letters at the start. On $5 and higher notes since 1996, and on $1 notes since Series 2013, the first letter of the serial shows the series and the second matches the Federal Reserve Bank seal, from A for Boston to L for San Francisco. Older $1 notes have a single bank letter.
The result shows the range the serial falls in and how many notes were printed in that run. If the tool shows a run of 3.2 million, the note is a common star. If it shows a few hundred thousand or less, it is worth setting aside, keeping flat and checking for uncirculated condition. Older notes, where run data is patchy, are valued mainly by series, seal and condition instead.
Why most modern star notes are only face value
The Bureau prints enormous quantities of currency, and replacement notes are a steady part of that output. Since the 2000s, many star runs have been full runs of 3.2 million notes, sometimes several per series and bank. A circulated $1 star from a full run is easy to find in change and banks, and collectors do not pay much more than face for it. For larger denominations, the premium on a common circulated star is small relative to the face value, so it often makes more sense to spend it.
What makes a star note valuable
Small print runs. When a run is short, for example 320,000 or fewer notes, far fewer exist, and collectors who build sets by run pay a real premium. Uncirculated notes from small runs bring the most.
Low and fancy serial numbers. A star note with a serial under 00000100 is genuinely scarce, and one under 00000010 more so. Fancy patterns such as radars and solids are rare in any note and rarer in a star note.
Older series. Pre-1970s star notes were printed in smaller quantities and fewer survived in good condition. A 1957 star silver certificate is still common, but 1928 and 1934 stars, red seal stars and the World War II Hawaii and North Africa stars carry real collector value.
Uncirculated condition. A crisp, never-folded star note is often worth several times a worn one of the same series.
How paper money is graded
PMG and PCGS Banknote grade notes on a 1 to 70 scale borrowed from coins. Most notes found in circulation grade from about 12 to 40. The jump to uncirculated is large in value.
| Grade | Number | What it looks like |
|---|---|---|
| Good | 4-6 | Heavily worn, limp, possibly small tears or stains |
| Very Good to Fine | 8-15 | Many folds, soft paper, design still clear |
| Very Fine | 20-35 | Several folds, still reasonably firm paper |
| Extremely Fine | 40-45 | Up to three light folds, crisp paper |
| About Uncirculated | 50-58 | One light fold or corner bend, otherwise new |
| Uncirculated | 60-62 | No folds, may have handling marks or weak centering |
| Choice Uncirculated | 63-64 | No folds, good eye appeal, fair margins |
| Gem Uncirculated | 65-70 | No folds, well centered, original paper |
PMG adds an "EPQ" (Exceptional Paper Quality) note to grades where the paper is original and has not been washed, pressed or treated. Notes with problems such as tears, repairs or stains may receive a net grade, which sells for less. A single hard center fold on an otherwise perfect note usually limits it to About Uncirculated.
Common mistakes
- Assuming every star note is rare. Millions are printed every year. The star alone is rarely enough for a premium on a modern circulated note.
- Ignoring the print run. Two star notes of the same series and denomination can differ a lot in value because one came from a run of 3.2 million and the other from 320,000.
- Pressing or washing a note to make it look crisp. It flattens the embossing and the paper texture, and graders and dealers notice. A pressed note is still circulated.
- Confusing a star note with an error. A star note is a normal replacement, not a printing mistake. Errors such as misaligned backs, missing prints or mismatched serials are a separate category.
- Spending older stars. A red seal or blue seal star note is worth more than face even when worn.
- Writing on or taping a note. Pen marks, tape and counterfeit-detector pen lines all reduce value.
- Using asking prices from listings. Many online listings for common star notes ask far more than such notes sell for.
What to photograph
- The full front of the note, flat, in daylight, showing the series year, seal color and both serial numbers.
- The full back, which shows stains, writing and folds.
- A close-up of the serial number with the star, sharp enough to read every digit, so the run can be looked up.
- A low-angle shot across the surface to show folds and creases, which are hard to see head-on.
- The corners and edges, where wear and small tears show first.
With those images, a note can usually be identified and placed in a condition band quickly.
When to get it looked at in person
Grading only pays for star notes likely to be worth more than about $50: small-run uncirculated notes, low serial stars, 1928 and 1934 silver certificate stars, red seal stars in high grade, Hawaii and North Africa stars and large-size notes. For a circulated modern star, the fee costs more than the note gains.
- A paper money dealer or coin shop can look at notes quickly, often at no charge, and tell you whether grading makes sense. Their offer will usually be below retail.
- PMG and PCGS Banknote charge fees starting in the tens of dollars per note, depending on the value tier and turnaround, plus shipping and a membership or dealer submission. A graded note in a holder sells more easily, especially online.
- Currency auctions suit higher-value notes and whole collections.
If the notes came with coins from the same estate, the inherited coins guide explains how to sort the rest.