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The 1928 $100 Federal Reserve Note is a highly prized piece of American currency that holds significant historical value. Issued at a time of great economic change, this note marks the beginning of the small-size currency era in the United States. Its design, featuring one of the nation's Founding Fathers and a historic landmark, makes it an iconic example of early 20th-century American paper money.
The 1928 series of $100 Federal Reserve Notes represents a pivotal shift in U.S. currency design. This was the first series to be issued in the smaller size that is still in use today, a change implemented to reduce production costs and make the notes more convenient to handle. This transition from the larger notes, which had been in circulation since the Civil War, to the smaller format was a significant moment in the history of American currency. The smaller size helped streamline the nation's financial system and set a new standard for banknotes.
The obverse of the 1928 $100 Federal Reserve Note features a portrait of Benjamin Franklin, one of the most influential figures in American history. Franklin's contributions as a statesman, inventor, and philosopher have left an indelible mark on the nation, making his likeness a fitting choice for this high-denomination note. Surrounding Franklin's portrait is an ornate frame with intricate scrollwork, showcasing the detailed engraving techniques of the era. The denomination "100" is prominently displayed in all four corners of the note, with "Federal Reserve Note" above Franklin's portrait, emphasizing its official status.
The reverse side of the note depicts Independence Hall, a historic building in Philadelphia, Pennsylvania, where both the Declaration of Independence and the U.S. Constitution were debated and adopted. This image of Independence Hall symbolizes American freedom and democracy, making it an appropriate design choice for the $100 note. The depiction is detailed and precise, capturing the architectural beauty of this iconic building. The words "The United States of America" and "One Hundred Dollars" are prominently displayed, reinforcing the note's value and origin.
The 1928 $100 Federal Reserve Note was issued by the Federal Reserve Banks, the central banking system of the United States. Each note bears the seal of the issuing Federal Reserve Bank, adding another layer of detail and authenticity to the design. The seal is typically located to the left of Franklin's portrait, and the note also includes the signatures of the Treasurer of the United States and the Secretary of the Treasury. These signatures authenticate the note and are essential features for collectors verifying its legitimacy.
The mintage of the 1928 $100 Federal Reserve Note is not as precisely documented as coinage mintage figures. However, these notes were printed in substantial quantities to meet the needs of the growing U.S. economy during the late 1920s and early 1930s. Despite the large numbers originally printed, many notes were withdrawn from circulation over the years due to wear and damage, making well-preserved examples more valuable today. The notes were distributed through the 12 Federal Reserve Banks located across the country, each serving a specific region.
The condition of a 1928 $100 Federal Reserve Note significantly impacts its value. Notes classified as "Very Fine" (VF) condition exhibit moderate signs of circulation but remain in good overall shape. A VF note will have several folds or creases and may show signs of handling, such as minor soiling or slight fraying at the edges. Despite these signs of wear, the note's design elements, including the portrait of Franklin and the image of Independence Hall, remain clear and sharp. The paper will retain most of its original crispness, and the note will not have any significant tears or missing pieces.
Collecting 1928 $100 Federal Reserve Notes offers a tangible connection to a transformative period in American history. These notes were used during a time of economic boom and subsequent bust, serving as silent witnesses to the financial turmoil and resilience of the American economy. For numismatists and currency collectors, owning a piece of this history is both a privilege and a responsibility, preserving the legacy of an era for future generations to appreciate and study.
The 1928 $100 Federal Reserve Note remains a sought-after collectible due to its historical significance, artistic design, and the stories it tells about America's past. From the elegant portrait of Benjamin Franklin to the iconic depiction of Independence Hall, this note encapsulates key elements of American identity and heritage. Whether acquired for its historical value, aesthetic appeal, or investment potential, the 1928 $100 Federal Reserve Note is a remarkable piece of numismatic history that continues to captivate collectors and enthusiasts alike.