Series 1928 $5 Federal Reserve Note Varieties: Which Signature Combinations Are Legitimately Scarce and Which Are Common

Walk into any currency show and you will find dealers with stacks of Series 1928 $5 Federal Reserve Notes priced anywhere from twenty dollars to several thousand dollars apiece. The casual observer sees green seals, redeye portraits of Abraham Lincoln, and a vaguely similar design across the board. The experienced collector sees something far more interesting: a web of signature combinations, Federal Reserve districts, and print run disparities that makes this single series one of the most rewarding short sets in all of American paper money collecting. Understanding which varieties are genuinely scarce, and which dealers are simply overpricing common notes, is the first step toward building a collection with real numismatic depth.

A Brief History of the Small-Size $5 Federal Reserve Note

The Series 1928 $5 Federal Reserve Note was part of the landmark transition from large-size to small-size currency that the United States Treasury undertook beginning in July 1929. The new notes measured 6.14 by 2.61 inches, a format the Bureau of Engraving and Printing has essentially retained ever since. The face of the 1928 $5 FRN features the familiar portrait of Abraham Lincoln centered on the note, with the district letter and number in each corner identifying the issuing Federal Reserve Bank. The reverse carries a vignette of the Lincoln Memorial, which had been dedicated in 1922, making it a relatively fresh and patriotic design choice for the era.

Unlike earlier large-size Federal Reserve Notes, the small-size 1928 series introduced a standardized printing approach: the Treasury Secretary and Treasurer of the United States signed each note, and a new letter suffix appended to the series designation indicated a change in one or both of those officials. This is why collectors today differentiate between the plain 1928, 1928A, 1928B, 1928C, 1928D, and 1928E issues. Each suffix represents a distinct signature pair, and each pair corresponds to a specific window in time during which that combination was in office.

The Six Signature Combinations Explained

Series 1928: Tate-Mellon (Fr. 1950)

The first small-size $5 Federal Reserve Notes bore the signatures of Treasurer H.T. Tate and Secretary of the Treasury Andrew W. Mellon. These notes entered circulation in late 1929 and represent the first issue of the denomination in the new small-size format. Because they were the inaugural printing, production quantities across most districts were substantial as the Federal Reserve Banks needed to stock up for the nationwide rollout. Total combined production across all twelve districts reached approximately 267 million notes. For most districts, the Tate-Mellon combination is the most common 1928 $5 variety a collector will encounter, and circulated examples in Very Fine grade routinely sell for $15 to $30. However, star notes from certain districts, particularly Minneapolis (9-F) and Dallas (11-K), carry significant premiums even in heavily circulated grades.

Series 1928A: Woods-Mellon (Fr. 1951)

Walter O. Woods replaced Tate as Treasurer in January 1929, while Mellon remained as Treasury Secretary. The 1928A combination is the most widely encountered of the entire run, with total production across all twelve banks estimated at over 450 million notes. New York (B), Chicago (G), and San Francisco (L) districts each printed tens of millions of notes bearing this signature pair. In grades from Very Fine to Extremely Fine, common-district 1928A notes trade for $15 to $40. Choice Uncirculated (MS-63) examples from high-print districts like New York can be found for $100 to $150, while the same grade from Boston (A) or Minneapolis (I) commands $300 to $600 depending on eye appeal and centering.

Series 1928B: Woods-Mellon (Fr. 1952)

This is where the casual observer gets tripped up. The 1928B still carries the Woods-Mellon signature combination, but it reflects a change in the printing plate or administrative issuance cycle recognized by the Treasury. Production was lower overall than the 1928A, with combined figures around 340 million notes. The 1928B is common in most districts but begins to separate from the pack in districts like Richmond (E) and Atlanta (F), where print runs were more modest. A circulated Richmond 1928B in Fine-12 grade might retail for $25, while the same note in Gem Uncirculated can approach $400 at major auction.

Series 1928C: Woods-Mills (Fr. 1953)

Ogden L. Mills replaced Mellon as Secretary of the Treasury in February 1932, while Woods remained as Treasurer. This pairing produced the 1928C variety with a substantially reduced print run compared to its predecessors, totaling roughly 84 million notes across all districts combined. The Great Depression had dramatically reduced the need for circulating currency, and some Federal Reserve Banks ordered very few notes bearing this signature pair. The 1928C is considered scarce in most districts and genuinely rare from certain banks. Minneapolis (I) and Dallas (K) 1928C notes are especially sought after, with low-grade examples sometimes fetching $200 or more and Uncirculated survivors selling for $1,500 and up at major currency auctions.

Series 1928D: Woods-Woodin (Fr. 1954)

William H. Woodin was appointed Secretary of the Treasury by President Franklin D. Roosevelt in March 1933 and served only until the end of that year due to ill health. The brief tenure of the Woods-Woodin pairing resulted in a dramatically curtailed print run. Total production across all twelve districts is estimated at just under 15 million notes, making 1928D one of the genuinely scarce varieties in the entire small-size $5 series. Several districts received only token printings, and notes from Kansas City (J), Minneapolis (I), and Dallas (K) bearing this signature pair are considered key dates for district collectors. A Fine-grade Kansas City 1928D can sell for $400 to $600, while a Gem Uncirculated example might bring $3,500 or more.

Series 1928E: Julian-Woodin (Fr. 1955)

When William Julian succeeded Walter Woods as Treasurer in May 1933, a new suffix was required even though Woodin remained as Secretary for only a few more months. The resulting Julian-Woodin pairing produced the lowest total print run of any signature combination in the Series 1928 $5 Federal Reserve Note run. Aggregate production across all twelve districts is estimated at fewer than 5.5 million notes, and several districts may have received no allocation at all, or such small quantities that surviving examples are essentially unknown in any grade. The 1928E is the signature variety that commands the most collector attention and the highest prices across virtually every district. Even a heavily circulated example from a major district like New York or Chicago in Good-to-Fine condition can bring $200 to $400 retail. Uncirculated examples from any district are prized possessions, and those from smaller districts like Minneapolis, Richmond, or Atlanta are genuine rarities that might appear at auction only once every few years.

Star Notes: An Entire Sub-Hobby Within the Series

Replacement notes, identified by a star suffix in the serial number, add another layer of complexity to Series 1928 $5 collecting. Star notes were printed to replace defective sheets during production runs, and their quantities were generally a small fraction of the regular issue. For common signature varieties like 1928A from New York, star notes in circulated grades are affordable at $50 to $150. But star notes from scarce districts and scarce signature combinations, such as a 1928C or 1928D star from any district, are legitimately rare and can sell for multiples of the regular issue price. A 1928D star note from Minneapolis or Dallas, if one were to surface in documented form, would be a landmark discovery in the field.

Grading Considerations Specific to This Series

The Series 1928 $5 notes were printed on paper that, while higher quality than modern currency stock in some respects, is susceptible to edge fraying, foxing, and the characteristic red-brown staining from contact with leather wallets and coin pouches that was common in Depression-era everyday carry. Many circulated examples show pressed folds that betray cleaning or pressing, which significantly impacts grade and desirability. For scarce varieties like the 1928D and 1928E, a genuinely original Very Fine note will often outperform a pressed or cleaned Extremely Fine example at auction. PMG and PCGS Currency both note cleaning and pressing on their certification labels, making third-party grading especially valuable for this series.

Building a Type Set vs. a Complete District Set

Collectors approach Series 1928 $5 notes in two primary ways. The type set approach means acquiring one example of each of the six signature combinations, ideally in Extremely Fine or better condition, without worrying about which of the twelve districts issued the note. This is the more affordable path and still results in a genuinely impressive display. A complete type set in EF-to-AU grades, buying common districts for the 1928 through 1928B, can be assembled for under $1,500 if the collector is patient. Adding the 1928C in EF adds perhaps $200 to $400; the 1928D adds $400 to $800 for a circulated example; and the 1928E, even in Fine grade from a major district, will cost $300 to $600 or more.

The district set approach, meaning one note per Federal Reserve Bank for each signature combination, is an advanced and potentially lifelong pursuit. A complete set by district for all six signature varieties would require 72 notes, not counting stars, and several of those combinations may be unknown in any confirmed surviving example. Collectors who pursue district sets typically focus on a single Federal Reserve Bank, assembling all six varieties from that one district, which is a rewarding and often more realistic goal.

Conclusion: Know Before You Buy

The Series 1928 $5 Federal Reserve Note is a series that rewards careful study. The three common signature varieties, Tate-Mellon, Woods-Mellon 1928A, and Woods-Mellon 1928B, represent the bulk of what you will encounter at shows, shops, and online marketplaces, and they are genuinely common notes worth modest premiums over face value except in the finest uncirculated grades. The Woods-Mills 1928C begins the meaningful scarcity curve. The Woods-Woodin 1928D and Julian-Woodin 1928E are the legitimately rare notes that can anchor a serious small-size collection. Knowing the difference, understanding the print run data, and verifying authenticity through third-party certification are the three tools that separate savvy collectors from those who overpay for common notes or miss genuine rarities priced incorrectly. This series has everything a numismatist could want: history, scarcity, affordability at the entry level, and genuine challenge at the top.