Walk into any major currency show and you’ll find stacks of Series 1950 $5 Federal Reserve Notes sitting comfortably in dealer cases, but ask about the 1950A and the conversation suddenly gets more interesting. Issued between 1951 and 1953 under a single Treasury signature combination, the Series 1950A $5 represents a transitional moment in Federal Reserve Note design: the familiar Lincoln portrait framed within a green-seal small-size format that had evolved since 1928, now rolling off presses under a postwar economy humming with consumer confidence. Yet the print run data tells a story of remarkable inequality across the twelve districts, and the star note survivors from certain banks are genuinely scarce by any reasonable standard.
The Signature Combination: Priest and Humphrey
Unlike some series that stretch across two or even three signature pairings, the Series 1950A $5 carries exactly one combination: Ivy Baker Priest as Treasurer of the United States and George M. Humphrey as Secretary of the Treasury. Priest, who served from 1953 to 1961, was the first woman to have her signature appear on currency in general circulation in such high quantities, a fact alone worth mentioning to any collector who displays these notes. Humphrey served as Treasury Secretary under President Eisenhower from January 1953 to July 1957, which brackets the production window for this series reasonably well.
The Priest-Humphrey pairing appears across multiple series and denominations, but on the $5 note it is found exclusively in the 1950A series. Collectors who pursue complete signature variety sets across all denominations will find that the $5 1950A is typically one of the easier pieces to source in circulated grades, though choice uncirculated examples with strong paper quality can still command respect at auction.
When examining Series 1950A $5 notes for condition, pay close attention to the fine line detail in Lincoln’s portrait and the micro-printing along the borders. These areas show wear first and are reliable indicators of genuine uncirculated status. A note graded Extremely Fine (EF-40) will typically show light folds but retain most of its original crispness in the portrait field.
Understanding the Twelve Districts and Their Print Runs
Federal Reserve Notes are issued by each of the twelve Federal Reserve Banks, identified by the district letter and number printed on the face of the note. For the Series 1950A $5, each district issued notes with serial numbers beginning with its assigned letter: A for Boston, B for New York, C for Philadelphia, D for Cleveland, E for Richmond, F for Atlanta, G for Chicago, H for St. Louis, I for Minneapolis, J for Kansas City, K for Dallas, and L for San Francisco.
The disparity in print runs across these districts reflects the economic activity and currency demand of each region in the early 1950s. New York (District B) and Chicago (District G), as the two dominant financial centers, consistently commanded the largest print runs of any denomination in any series during this era. For the 1950A $5, New York’s regular issue print run approached 90 million notes, while Chicago followed with figures in the 60 to 70 million range. These high-volume districts produce the notes most commonly encountered in today’s market.
At the other end of the spectrum, the Minneapolis Federal Reserve Bank (District I) and the Dallas Federal Reserve Bank (District K) recorded dramatically lower print runs for this series. Minneapolis, which served a comparatively smaller regional economy centered on agriculture and Midwest commerce, printed approximately 5.4 million regular-issue Series 1950A $5 notes. Dallas came in similarly low, reflecting the Texas and Southwest economy before the full impact of the oil boom years had translated into dramatically higher currency demand. These low-mintage districts are the notes that savvy collectors prioritize, particularly in uncirculated grades.
District I (Minneapolis) Series 1950A $5 notes are identifiably scarce in grades above Very Fine. If you encounter one graded MS-63 or higher by PCGS Currency or PMG, treat it seriously as a potential upgrade piece regardless of price. The population reports for Minneapolis 1950A $5 notes in gem uncirculated are quite thin.
Star Notes: The Replacement Currency of the Early 1950s
Star notes, those replacement notes printed to substitute for damaged or misprinted sheets pulled during production, are among the most collectible varieties in any Federal Reserve Note series. For the Series 1950A $5, star notes are identified by the prefix star symbol (*) before the serial number, replacing the district letter. These were printed in comparatively tiny quantities relative to regular issues and were never intended for collector distribution, which makes surviving examples in better grades all the more appealing.
The production logic is straightforward: if a note was damaged during printing or finishing, it was pulled and a star note was printed to replace it and keep the counting sequence intact. The Bureau of Engraving and Printing (BEP) printed star notes for each district as needed, meaning that low-demand districts like Minneapolis and Dallas not only had small regular print runs but correspondingly tiny star note print runs as well. A Minneapolis star note from the 1950A series is, by any measurement, a genuinely rare piece.
For the high-volume districts, star notes exist in sufficient quantity that they appear periodically in circulated grades at currency shows and on online platforms. A New York (B*) or Chicago (G*) star note from the 1950A $5 series in Very Fine condition typically sells in the $30 to $75 range depending on eye appeal. A Minneapolis (I*) star note in the same grade is a different conversation entirely, often commanding multiples of that figure when examples surface.
Always verify star note authenticity on Series 1950A $5 notes by cross-referencing the serial number range against documented BEP records published in resources like the Standard Catalog of United States Paper Money or the online FRED database for Federal Reserve currency production. Altered serial numbers on regular notes are occasionally encountered.
Grading Considerations for the 1950A $5
The Series 1950A $5 was printed on paper with a slightly different cotton-linen composition than notes from the late 1930s and 1940s, and experienced collectors often note that 1950s-era small-size notes can be more prone to corner folds and edge rounding in circulation than their earlier counterparts. When grading 1950A $5 notes, the major third-party grading services, PMG (Paper Money Guaranty) and PCGS Currency, apply the standard 70-point Sheldon-derived scale adapted for paper money.
In practical terms, a note graded PMG 64 EPQ (Choice Uncirculated, Exceptional Paper Quality) will show no folds, bright original color, and strong embossing from the intaglio printing process. The EPQ designation, and its PCGS equivalent PPQ (Premium Paper Quality), are important for this series because lightly washed or pressed notes circulate in the hobby and can deceive the eye without professional certification. For low-mintage district notes and star notes in particular, the EPQ or PPQ designation on a certified holder adds genuine value.
Collecting Strategies: Building a District Set
One of the most rewarding ways to approach the Series 1950A $5 is to build a complete twelve-district set. This goal is achievable for most collectors because the high-volume districts supply affordable raw and certified examples regularly, while the low-mintage districts provide the challenge that keeps the hunt interesting. A typical strategy involves sourcing the New York, Chicago, Richmond, and Atlanta notes first in whatever grade fits the budget, then systematically upgrading while simultaneously hunting for Minneapolis, Dallas, and Kansas City examples.
Adding a star note component to this collecting goal, one star note per district, transforms a manageable set into a serious long-term project. The Minneapolis and Dallas star notes in particular may require years of patient searching or significant auction budgets to acquire in grades above Very Good. But that is precisely what gives this series its depth: it rewards patience and knowledge in equal measure.
| District / Bank | Note Type | Approx. Print Run | Rarity |
|---|---|---|---|
| B – New York | Regular Issue | ~90,000,000 | Common |
| B – New York | Star Note (B*) | ~1,800,000 | Common |
| G – Chicago | Regular Issue | ~68,000,000 | Common |
| G – Chicago | Star Note (G*) | ~1,440,000 | Common |
| E – Richmond | Regular Issue | ~38,000,000 | Common |
| F – Atlanta | Star Note (F*) | ~360,000 | Scarce |
| J – Kansas City | Regular Issue | ~14,400,000 | Scarce |
| J – Kansas City | Star Note (J*) | ~180,000 | Rare |
| K – Dallas | Regular Issue | ~7,200,000 | Scarce |
| K – Dallas | Star Note (K*) | ~144,000 | Rare |
| I – Minneapolis | Regular Issue | ~5,400,000 | Scarce |
| I – Minneapolis | Star Note (I*) | ~108,000 | Key Date |
Market Values and What to Expect
In the current market, circulated Series 1950A $5 notes from common districts in grades of Fine to Very Fine typically trade between $8 and $20, making them accessible entry points. Uncirculated examples from New York or Chicago in PMG 63 or better can be found for $25 to $50. The interesting price jumps occur with the low-mintage districts: a Minneapolis regular issue in PMG 64 EPQ has realized prices in the $90 to $150 range at major auctions, and gem examples push higher. Star notes from Minneapolis or Dallas in grades above Very Fine are genuinely auction-dependent, with prices varying based on competition and the relative scarcity of population-report examples.
Conclusion: A Series Worth Serious Attention
The Series 1950A $5 Federal Reserve Note occupies a comfortable middle ground in the collecting universe: common enough in the major districts to be affordable and accessible, yet complex enough in its district disparities and star note dynamics to reward dedicated study. The Priest-Humphrey signature combination ties these notes to a specific and identifiable slice of American postwar economic history, and the hunt for Minneapolis and Dallas star notes gives even advanced collectors a meaningful challenge. Whether you are assembling a type set, a district set, or chasing the elusive star note rarities, the 1950A $5 deserves a place in your research folder and, eventually, your currency album.
When purchasing Series 1950A $5 star notes online, always request high-resolution scans of both the face and back before completing a transaction. The prefix star and suffix letter on genuine star notes should be cleanly printed with no evidence of alteration or reinking. Third-party certification from PMG or PCGS Currency is strongly recommended for any example priced above $100.
