A Promise Printed in Green: The Gold Clause on 1928 $10 Notes
Pick up a Series 1928 $10 Federal Reserve Note and read the obligation printed across its face. It states, in part, that the note is “redeemable in gold on demand at the United States Treasury, or in gold or lawful money at any Federal Reserve Bank.” That promise, printed on every district’s output of the 1928 series, was legally voided by Executive Order 6102 in April 1933 and formally abolished by a Joint Resolution of Congress on June 5, 1933. The notes themselves, however, survived in enormous quantities, and today they represent one of the most collectible and historically resonant series in all of American paper money.
The Series 1928 $10 Federal Reserve Notes are cataloged in the Standard Catalog of United States Paper Money (Friedberg numbers Fr. 2200 through Fr. 2213) and were issued under two primary Treasury signature combinations. The nuances between districts, signatures, and condition grades create a complex but deeply rewarding collecting landscape. This guide walks through every major variety, who signed them, which districts are genuinely scarce, and what collectors should look for when hunting this series.
Understanding the Two Signature Varieties
The Series 1928 $10 Federal Reserve Notes were produced under two distinct Secretary of the Treasury and Treasurer of the United States pairings. These pairings determine the Friedberg catalog number for each note and represent the single most important variety distinction in the series.
The first combination, Tate-Mellon (Walter O. Woods had not yet assumed the Treasurer post), is actually a slight misnomer in common collector parlance. To be precise: Treasurer H.T. Tate served from 1928 to 1929, signing alongside Secretary Andrew W. Mellon. These notes are designated Fr. 2200 through Fr. 2206 across the twelve Federal Reserve districts. The Tate-Mellon combination was in use for a shorter production window, which is why notes from this pairing are generally scarcer than their Woods-Mellon counterparts.
The second and far more common combination, Woods-Mellon, represents Walter O. Woods as Treasurer (serving from 1929 to 1933) alongside the same Andrew Mellon as Treasury Secretary. These notes carry Friedberg numbers Fr. 2200-A through Fr. 2213 depending on district. Woods-Mellon notes were produced in substantially larger quantities across all twelve districts, though meaningful scarcity still exists within certain Federal Reserve Bank assignments.
Always examine the signatures under good lighting before purchasing a Series 1928 $10. The difference between a Tate-Mellon and a Woods-Mellon note can be worth several hundred dollars in comparable grades. Look for “H.T. Tate” versus “Walter O. Woods” engraved on the lower portion of the face below the portrait of Alexander Hamilton.
The Twelve Districts: Who Issued What
Each of the twelve Federal Reserve districts is identified on these notes by a black district letter and numeral seal printed to the left of Hamilton’s portrait, as well as the district letter appearing within the four corner medallions of the note face. The districts, their corresponding letters, and their Friedberg catalog designations are as follows:
District A (Boston, Fr. 2200/2200-A), District B (New York, Fr. 2201/2201-A), District C (Philadelphia, Fr. 2202/2202-A), District D (Cleveland, Fr. 2203/2203-A), District E (Richmond, Fr. 2204/2204-A), District F (Atlanta, Fr. 2205/2205-A), District G (Chicago, Fr. 2206/2206-A), District H (St. Louis, Fr. 2207-A only), District I (Minneapolis, Fr. 2208-A only), District J (Kansas City, Fr. 2209-A only), District K (Dallas, Fr. 2210-A only), and District L (San Francisco, Fr. 2211-A only).
Notice something significant in that list: Districts H through L (St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco) issued only the Woods-Mellon signature variety. No Tate-Mellon notes were printed for these five districts. This tells us that by the time production authorization reached these banks for the 1928 series, Tate had already left office and Woods had been confirmed. For collectors, this means the Tate-Mellon $10 is exclusively a seven-district phenomenon, confined to Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, and Chicago.
If someone offers you a Tate-Mellon Series 1928 $10 from St. Louis, Minneapolis, Kansas City, Dallas, or San Francisco, walk away. No such notes exist legitimately. These five districts only issued the Woods-Mellon signature pair for the 1928 series, making any supposed Tate-Mellon examples from those banks either fantasy notes or outright fakes.
Print Runs and Relative Scarcity by District
Bureau of Engraving and Printing records, cross-referenced with surviving population data from PCGS Currency and PMG, allow collectors to build a fairly reliable picture of original print runs and survivability. New York (District B) dominated production as always, with the Woods-Mellon variety alone accounting for well over 22 million notes in the 1928 series. Chicago and San Francisco also saw high production volumes given the economic activity passing through those banking districts during the late 1920s.
At the other end of the spectrum, the Minneapolis (District I) and Dallas (District K) Woods-Mellon notes are considered genuinely scarce, with surviving populations in collectible grades representing a small fraction of other major districts. Among the Tate-Mellon issues, Atlanta (District F, Fr. 2205) is widely regarded as the key date of the entire series, with an estimated original print run of fewer than 600,000 notes and very few survivors in grades above Very Fine 20.
The Richmond Tate-Mellon (Fr. 2204) is another noteworthy scarcity. Fewer auction appearances have been documented for the Richmond Tate-Mellon than for almost any other district in this pairing. High-grade examples (Extremely Fine 40 and above) have realized auction prices exceeding $1,500 in recent years even in heavily circulated districts, while an Atlanta Tate-Mellon in Fine 15 can command $400 to $600 depending on eye appeal and centering.
The Gold Clause Itself: What It Means and Why Collectors Care
The gold redemption obligation printed on these notes was not mere boilerplate. From 1913 through early 1933, Federal Reserve Notes were genuinely backed by gold reserves held at the Federal Reserve Banks and the Treasury. A holder of a 1928 $10 Federal Reserve Note could, in theory, present it at a Federal Reserve Bank and demand $10 worth of gold coin or bullion. That amounted to approximately 0.484 troy ounces of gold at the then-fixed rate of $20.67 per ounce.
When President Franklin D. Roosevelt signed Executive Order 6102 on April 5, 1933, requiring most Americans to surrender gold coin, gold bullion, and gold certificates to the Federal Reserve, the landscape changed permanently. The Joint Congressional Resolution of June 5, 1933 formally abrogated the gold clause in all public and private obligations. From that point forward, the Series 1928 $10 Federal Reserve Notes continued to circulate as legal tender but with an obligation that no institution was any longer required to honor in gold.
For collectors, these notes represent a frozen moment in monetary history. Every circulated example you hold passed through Depression-era hands, perhaps spent at a general store in 1930 or tucked into an envelope as savings. The gold clause, now legally inert, is a direct window into the pre-Bretton Woods, pre-Nixon Shock monetary universe that most Americans alive today have never experienced.
When grading Series 1928 $10 notes, pay particular attention to the two corners at the bottom of the note, which tend to show wear first due to folding patterns typical of the era. A note that appears Fine from the center may reveal corner folds consistent with Very Good when examined closely. Third-party grading from PMG or PCGS Currency is strongly recommended for any example you plan to purchase above the $200 threshold.
Serial Number Ranges and Block Letters
Serial numbers on Series 1928 $10 Federal Reserve Notes follow a district-specific format. The first letter of the serial number corresponds to the Federal Reserve district (A for Boston, B for New York, and so forth). The suffix letter at the end of the serial number indicates the printing block, with A being the first block issued. Most districts remained within the A block for both signature varieties given production volumes, but high-output districts like New York and Chicago ran into B and C suffix blocks.
Star notes (replacement notes indicated by a star suffix in place of the block letter) were printed for all twelve districts but in relatively limited quantities compared to later series. Star notes from this series are universally scarcer than their regular-issue counterparts, and district-specific stars from Minneapolis, Dallas, or Kansas City in collectible grades are legitimately rare items. A Minneapolis star note in Fine condition can bring $600 to $900 at auction, while a New York star in comparable grade might fetch $150 to $250 given its higher surviving population.
| Friedberg Number | District and Signatures | Est. Print Run | Rarity |
|---|---|---|---|
| Fr. 2205 | Atlanta (F) Tate-Mellon | ~576,000 | Key Date |
| Fr. 2204 | Richmond (E) Tate-Mellon | ~720,000 | Rare |
| Fr. 2208-A | Minneapolis (I) Woods-Mellon | ~1,560,000 | Rare |
| Fr. 2210-A | Dallas (K) Woods-Mellon | ~1,800,000 | Rare |
| Fr. 2200 | Boston (A) Tate-Mellon | ~1,440,000 | Scarce |
| Fr. 2203 | Cleveland (D) Tate-Mellon | ~1,584,000 | Scarce |
| Fr. 2209-A | Kansas City (J) Woods-Mellon | ~2,160,000 | Scarce |
| Fr. 2206-A | Chicago (G) Woods-Mellon | ~14,400,000 | Common |
| Fr. 2201-A | New York (B) Woods-Mellon | ~22,320,000 | Common |
| Fr. 2211-A | San Francisco (L) Woods-Mellon | ~8,640,000 | Common |
Building a Type or District Set
Collectors approach the Series 1928 $10 in several different ways. The most common entry point is a simple type set: acquire one example of the series in a grade you can afford, appreciate the gold clause language, and move on. For this purpose, a New York or Chicago Woods-Mellon in Very Fine 20 to Extremely Fine 40 can be sourced for $75 to $175 at most currency shows or through major auction houses like Heritage Auctions, Stack’s Bowers, or Legend Rare Coin Auctions.
More ambitious collectors pursue a complete district set of all twelve Federal Reserve Banks. This is achievable without breaking the bank if you focus on the Woods-Mellon signature variety and target grades in the Fine to Very Fine range. Budget approximately $1,500 to $2,500 for a complete twelve-district Woods-Mellon set in that grade range, with Minneapolis and Dallas absorbing a disproportionate share of that budget.
The ultimate challenge is a complete signature set covering both Tate-Mellon and Woods-Mellon issues across all eligible districts. This means acquiring seven Tate-Mellon notes (Boston through Chicago) plus twelve Woods-Mellon notes for a total of nineteen pieces. Add star notes for each district and you are looking at a specialized collection that could take years to complete and represent a five-figure investment at the highest grade levels.
Condition Considerations Specific to This Series
Series 1928 $10 Federal Reserve Notes saw heavy circulation during the Depression years, and finding truly original, problem-free examples is more difficult than the print run numbers might suggest. Many surviving notes have been cleaned, pressed, or repaired at some point in the past century. Pressed notes are particularly common in this era, as dealers and collectors of the mid-twentieth century routinely pressed currency to improve apparent grade.
Under third-party grading standards, a pressed note will typically receive a “net grade” designation or a notation such as “pressed” or “cleaned” that reduces the numerical grade assigned. Always request a photo of both sides before purchasing uncertified notes above Very Good condition, and prioritize PMG or PCGS-graded examples for any piece valued above $200.
Original paper quality on Gem Uncirculated examples (PMG 65 EPQ or PCGS 65 PPQ) commands a significant premium over standard Uncirculated grades because of the scarcity of truly original survivors. A New York Woods-Mellon in PMG 65 EPQ might bring $400 to $600 at auction compared to $150 for the same note in MS-63 without the EPQ qualifier.
Conclusion: A Series Worth Understanding Deeply
The Series 1928 $10 Federal Reserve Notes occupy a unique place in American monetary history. They were born into the last years of a domestic gold standard, circulated through the catastrophic bank failures and Depression that followed, and survived into an era where the promise printed on their faces was legally meaningless but historically priceless. Whether you collect for the history, the challenge of completing district or signature sets, or simply the beauty of early Federal Reserve design, this series rewards careful study. Know your districts, know your signatures, and know your grades. The Atlanta Tate-Mellon will not fall into your hands by accident.
