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The 1928C $10 Federal Reserve Note from the Richmond District is a key example of U.S. currency issued during the Great Depression era. This note is part of the larger series of 1928 Federal Reserve Notes, which were introduced by the U.S. Treasury to replace the 1923 series of $10 notes. The 1928 series marked a significant shift in U.S. currency design, with the introduction of smaller notes. These notes were issued in response to the increasing demand for paper currency during a period of financial instability. The 1928C notes, in particular, were part of the continuation of the series, with a minor modification to the signature plate, hence the "C" in the series designation. The $10 note was particularly important for everyday commerce, representing a standard amount for transactions and savings at the time.
The design of the 1928C $10 Federal Reserve Note features a portrait of Alexander Hamilton, one of the Founding Fathers of the United States and the first Secretary of the Treasury. Hamilton's image, appearing on the obverse of the note, is a striking and recognizable symbol of the nation’s financial leadership. Below Hamilton’s portrait is the inscription "The United States of America" and the note’s denomination, "Ten Dollars." The note also bears the signature of the Treasurer of the United States, along with the Federal Reserve Bank seal and the serial number. The reverse side of the note features an intricate design of the U.S. Treasury building, symbolizing the strength of the nation’s financial system and the importance of the Treasury in managing the country’s finances.
The 1928C $10 note was issued by the Federal Reserve Bank of Richmond, represented by the "5-E" district number in the serial number. The Richmond District was one of the twelve Federal Reserve Districts across the United States, and its bank was responsible for managing the money supply and overseeing the distribution of currency in its designated region. As part of the 1928 series, the 1928C notes were issued in significant quantities to meet the growing demand for currency, but the exact mintage figures for each district and series are not always available. The general issue of the 1928 series saw over a billion notes printed, but the 1928C variant remains a relatively common note for collectors, though it is still considered rare in higher grades.
The note itself is a reflection of the U.S. Treasury’s efforts to modernize and streamline currency design. The smaller size of the 1928 series was intended to make the notes more practical for handling and storage, while also updating the designs to reflect a more contemporary aesthetic. The 1928C notes retained much of the same design features as their predecessors, including the intricate engravings and the use of green ink for the Treasury Department’s seals and the reverse design. However, the smaller format and the updated signature plate give the 1928C notes a distinctive look compared to the larger notes of earlier years.
The condition of a 1928C $10 Federal Reserve Note is a key factor in its value and appeal to collectors. The note in this case is graded as "VF," or Very Fine. This grade indicates that the note shows moderate wear, but still retains much of its original detail. In a VF condition, the note will have even wear on the surface, with no major tears, creases, or folds. The portraits of Hamilton and the Treasury building will still be clearly visible, with the serial number and other inscriptions remaining legible. A VF grade means that the note has been well-preserved for its age and has minimal signs of use, making it a desirable example of this series for collectors and investors alike.
The 1928C $10 Federal Reserve Note from the Richmond District has significant historical value, as it represents the period of the Great Depression and the need for a stable financial system in the United States. In the years following the Great Stock Market Crash of 1929, the U.S. government implemented various measures to stabilize the economy, including the introduction of new currency designs and the reevaluation of financial systems. These notes were used widely by the public during a time of economic uncertainty, and they played a crucial role in the day-to-day transactions of individuals and businesses. The design, featuring a prominent figure like Alexander Hamilton, reinforced the connection between the United States’ financial leadership and its foundational institutions.
The note is also significant because of its place within the broader history of U.S. currency. The 1928 series marked the end of an era in which large-sized notes were commonly issued by the U.S. Treasury. The smaller notes of the 1928 series, including the 1928C $10 note, would continue to be used in circulation until the 1950s, when the next redesign was introduced. The 1928C $10 note, with its intricate engraving and historical imagery, is a lasting symbol of the country’s financial resilience during a critical period in U.S. history.
Collecting notes like the 1928C $10 Federal Reserve Note is a popular pastime among numismatists and currency enthusiasts, as these notes are not only an important part of U.S. history but also represent a tangible connection to the past. The 1928 series, including the 1928C notes, is highly regarded among collectors for its design and the role it played in U.S. financial history. As with many collectible notes, the value of the 1928C $10 note is influenced by its rarity, condition, and historical significance. Notes that are in better condition, such as those with fewer creases and clearer details, are often worth more on the market, making higher-grade notes highly sought after.
In conclusion, the 1928C $10 Federal Reserve Note from the Richmond District is an important and collectible piece of U.S. history. It reflects the efforts of the U.S. government to modernize its currency during a time of financial turmoil and to make the nation’s financial system more efficient. With its classic design, featuring the portrait of Alexander Hamilton and the Treasury building, the note is both a historical document and a work of art. The VF condition of this particular note enhances its appeal to collectors, as it represents a well-preserved example of this important series of U.S. currency. As a symbol of the financial stability of the United States during the Great Depression, the 1928C $10 Federal Reserve Note is a significant piece of American numismatic history.