A Seal That Tells a Story
Walk into any major currency auction and the Series 1934 $100 Federal Reserve Note commands attention. But among collectors who have spent years navigating the subtleties of this series, it is the light green seal variety that generates the most spirited conversation. Issued during the heart of the Great Depression and the early New Deal era, these notes bridged a visual transition in American paper money design. The light green Treasury seal, sometimes described as a “lime” or “yellow-green” tint, distinguishes a specific subset of Series 1934 production from the more common darker olive-green seals found on later printings and other denominations.
Understanding the Light Green Seal
The Series 1934 $100 note was produced under the signature combination of W.A. Julian as Treasurer of the United States and Henry Morgenthau Jr. as Secretary of the Treasury. This pairing remained on $100 notes through the Series 1934-C, making the signature combination alone insufficient to isolate the light green seal variety. What sets the light green examples apart is the ink formulation used on the Treasury seal and the district seal printed on the face of the note.
The light green seal is cataloged by Friedberg as a distinct variety on the Series 1934 $100 notes, listed under Fr. 2152 with letter suffixes A through L corresponding to the twelve Federal Reserve districts. Boston is A, New York is B, Philadelphia is C, Cleveland is D, Richmond is E, Atlanta is F, Chicago is G, St. Louis is H, Minneapolis is I, Kansas City is J, Dallas is K, and San Francisco is L. Not every district produced the light green seal variety in equal quantities, and therein lies the collector’s puzzle.
When examining a Series 1934 $100 note under good lighting, compare the district seal and Treasury seal color against a known dark green example. Light green seals have a noticeably yellowish or lime cast. If you are uncertain, notes graded by PCGS Currency or PMG will typically note the seal variety on the label, which eliminates guesswork and adds auction transparency.
How Print Runs Shaped Rarity by District
The Bureau of Engraving and Printing (BEP) did not distribute $100 note production equally across all twelve Federal Reserve Banks. Demand for high-denomination currency was directly tied to each district’s commercial banking activity, regional economic output, and Federal Reserve member bank orders. Cities like New York and Chicago, serving as major financial centers, consistently received the largest allocations. Smaller, agriculturally centered districts like Minneapolis and Dallas received far more modest print runs.
For the light green seal variety specifically, production occurred primarily in the earlier phase of Series 1934 printing, roughly between late 1934 and 1935 before the BEP transitioned to the darker olive-green seal ink. This compressed production window means that some districts with already-modest total print runs produced very few light green seal examples. The Minneapolis district (Fr. 2152-I) and the Dallas district (Fr. 2152-K) are widely regarded among specialists as the scarcest light green seal varieties, with estimated survivors in any grade numbering in the dozens rather than hundreds.
The New York district (Fr. 2152-B), predictably, represents the most commonly encountered light green seal example by a substantial margin. New York’s outsized share of high-denomination note production means that even within the smaller light green printing window, enough notes were produced that VF and even XF examples surface with regularity at auction. A collector building a district set of light green seal $100 notes should expect New York to be the easiest note to acquire and the last districts, Minneapolis and Dallas in particular, to test both patience and budget.
Building a full twelve-district set of Series 1934 $100 light green seal notes is a legitimate long-term collecting goal, but plan around the scarce districts first. Secure Minneapolis (Fr. 2152-I) and Dallas (Fr. 2152-K) whenever they appear at auction, even in lower grades, rather than waiting for high-grade examples that may not appear for years. A VG or Fine example of a key district is infinitely more useful to a set than an empty slot.
District-by-District Breakdown
Boston (Fr. 2152-A) and Philadelphia (Fr. 2152-C)
Both northeastern districts produced moderate quantities of the light green seal variety. Boston and Philadelphia examples are considered scarce but not prohibitively rare, with Fine to VF examples selling in the $400 to $800 range in recent years depending on eye appeal. Higher-grade examples, EF or above, carry significant premiums. PMG-graded examples in EF-45 from these districts have achieved $1,200 to $1,800 at Heritage Auctions and Stack’s Bowers over the past decade.
New York (Fr. 2152-B)
The New York district is the cornerstone note for most collectors starting this series. Examples appear frequently in dealer inventory and at auction. In Fine condition, expect to pay $300 to $450. Gem examples in PMG 65 EPQ have sold between $2,500 and $4,000, reflecting collector demand for the finest known examples even of the common district.
Cleveland (Fr. 2152-D) and Richmond (Fr. 2152-E)
Both mid-Atlantic and Great Lakes districts produced respectable quantities. Cleveland is marginally more available than Richmond. Richmond examples in VF condition have recently brought $600 to $900, with nicer examples crossing $1,500 in gem grades.
Atlanta (Fr. 2152-F)
Atlanta sits in a middle tier of scarcity. The district served a large but economically stressed region during the Depression years, and demand for $100 notes was not especially high. Circulated examples are findable but not common, and the Atlanta district in higher grades carries a meaningful premium over Boston or Cleveland.
Chicago (Fr. 2152-G)
Chicago is the second most available district after New York, reflecting the city’s role as the Midwest’s financial capital. VF examples are routinely available in the $400 to $700 range.
St. Louis (Fr. 2152-H)
St. Louis begins to enter genuinely scarce territory. While not among the rarest districts, St. Louis examples appear less frequently than Chicago or New York, and EF or better examples are notably elusive.
Always request or review high-resolution scans of both faces of a Series 1934 $100 note before purchasing online or through a dealer. Light green seal notes can appear deceptively similar to dark green seal examples in poor photographs or under tungsten lighting. Natural daylight or a daylight-balanced LED lamp will reveal the true seal color most accurately.
Minneapolis (Fr. 2152-I)
Minneapolis is broadly considered the rarest or co-rarest district in the light green seal variety. The Minneapolis Federal Reserve district covered a relatively small and agricultural economic region, and total $100 note production across all Series 1934 varieties was low. For the light green seal specifically, known survivors are estimated by specialists at fewer than 50 to 75 examples in all grades combined, though no definitive census exists. When Minneapolis light green seal notes do appear, even heavily circulated VG examples can attract bids exceeding $3,000 to $5,000, with finer examples reaching multiples of that figure.
Kansas City (Fr. 2152-J)
Kansas City is scarce but somewhat more available than Minneapolis or Dallas. It occupies a similar middle-to-upper tier of difficulty in district set building, with Fine examples typically ranging from $800 to $1,500.
Dallas (Fr. 2152-K)
Dallas rivals Minneapolis for the title of scarcest light green seal district. The Eleventh Federal Reserve District in the mid-1930s served a Texas and Southwest economy still heavily dependent on agriculture and oil, with limited commercial banking activity requiring $100 note reserves. Confirmed auction appearances of Dallas light green seal $100 notes are rare events. Collectors who have located one describe the experience as finding a needle in a haystack, and prices reflect this: even a VG example in a PMG holder can exceed $4,000 when the note’s rarity is properly recognized by bidders.
San Francisco (Fr. 2152-L)
San Francisco produced a moderate quantity of light green seal notes, reflecting the West Coast’s growing economic importance. Examples are scarce but surface with more regularity than Dallas or Minneapolis. EF examples have sold in the $1,200 to $2,000 range.
Grading Considerations Specific to This Issue
Series 1934 $100 notes in general, and the light green seal variety in particular, present some specific grading challenges. The notes saw extensive circulation during the Depression and World War II years, meaning truly uncirculated examples are exceptional across all districts. Many notes that grade in the VF-30 to EF-45 range have strong eye appeal despite wear, particularly if the seal color remains vivid and the paper retains some original brightness.
Third-party grading by PMG or PCGS Currency is essentially mandatory for serious transactions in this series. Both services will note the seal variety on the holder label, and PMG in particular has built a comprehensive registry that helps collectors and dealers track the finest known examples by district. The PMG Population Report, accessible online, is an invaluable free resource for understanding relative scarcity in a graded context.
| Friedberg No. | District | Estimated Survivors (All Grades) | Rarity |
|---|---|---|---|
| Fr. 2152-B | New York | 500+ | Common |
| Fr. 2152-G | Chicago | 300+ | Common |
| Fr. 2152-A | Boston | 150-250 | Scarce |
| Fr. 2152-C | Philadelphia | 150-250 | Scarce |
| Fr. 2152-D | Cleveland | 100-200 | Scarce |
| Fr. 2152-L | San Francisco | 100-175 | Scarce |
| Fr. 2152-E | Richmond | 75-150 | Rare |
| Fr. 2152-F | Atlanta | 75-125 | Rare |
| Fr. 2152-H | St. Louis | 60-100 | Rare |
| Fr. 2152-J | Kansas City | 50-80 | Rare |
| Fr. 2152-K | Dallas | 30-50 | Key Date |
| Fr. 2152-I | Minneapolis | 30-50 | Key Date |
Survivor estimates for Series 1934 $100 light green seal notes are not officially published by the BEP and should be treated as informed approximations based on auction records, population reports, and dealer experience. The PMG and PCGS Currency population reports are your best real-time tools for understanding how many examples have been graded, though an unknown number of notes remain in private collections unsubmitted for grading.
What to Pay: Realistic Market Expectations
As of recent auction cycles, a New York (Fr. 2152-B) light green seal $100 in Fine-12 is a $300 to $400 note. The same note in PMG VF-30 might bring $500 to $700, and in PMG EF-45 it could reach $1,000 to $1,500. At the other end of the spectrum, a Dallas or Minneapolis example in Fine condition should be expected to cost $3,000 to $6,000 or more depending on competition, and Gem examples of either district, when they do surface, are genuine events in the hobby.
Heritage Auctions, Stack’s Bowers, Lyn Knight Currency Auctions, and Spink America have all handled notable examples of this series in recent years. Reviewing their archived results through the respective online archives provides the most current and specific pricing data available to collectors.
Final Thoughts: A Series Worth the Chase
The Series 1934 $100 Federal Reserve Note light green seal variety rewards patient, methodical collectors. It combines historical depth from the New Deal era with genuine numismatic scarcity, particularly at the district level. Whether you are assembling a type set and simply want one attractive example of the light green seal or you are committed to building a full twelve-district set, understanding which districts are truly rare versus merely uncommon is the essential first step. Start with New York or Chicago, study the seal color variations carefully, and when Dallas or Minneapolis crosses your path at auction, bid with conviction. Those opportunities do not come often.
