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The 1929 $50 Federal Reserve Note from New York, New York, in Good to Very Good (G-VG) condition, is a compelling artifact from one of the most pivotal periods in American monetary history. Issued during the heart of the Great Depression, this note belongs to the series of small-size Federal Reserve Notes first introduced in 1929. These notes replaced the larger-sized currency that had been in circulation since the 19th century, marking a turning point in both design and production for United States paper money. The $50 denomination, though not as commonly circulated as smaller bills, represented a significant sum during the economically turbulent era, making surviving examples from this time period especially noteworthy and collectible.
The redesign of U.S. currency in 1929 led to the introduction of what is known as small-size notes. These new notes were 25% smaller than their large-size predecessors and standardized across all denominations and types of federal paper money. This change allowed for more efficient printing and handling, and the updated layout introduced a new, modern aesthetic. The 1929 $50 Federal Reserve Notes were issued by each of the twelve regional Federal Reserve Banks, with the New York district represented by the letter “B” and the corresponding Federal Reserve Bank of New York, which served one of the most important financial hubs in the nation. Notes from the New York district are especially appealing due to the city's historical role in American banking and commerce.
The obverse of the 1929 $50 Federal Reserve Note features a detailed portrait of Ulysses S. Grant, the 18th President of the United States and a commanding general during the Civil War. Grant’s image exudes strength and stability—qualities that were deeply needed during the economic hardship of the late 1920s and early 1930s. His portrait is centered on the left side of the note, surrounded by an ornate frame, with the inscriptions “Federal Reserve Note,” “The United States of America,” and “Fifty Dollars” prominently featured. The Treasury seal and the serial numbers appear in dark brown ink, characteristic of the Federal Reserve Notes from this period. In G-VG condition, the design remains visible, although signs of wear and fading are common due to extended circulation.
The reverse of the note presents an elegant vignette of the U.S. Capitol building in Washington, D.C., rendered with classical architectural detail and surrounded by floral scrollwork. The words “FIFTY DOLLARS” and “THE UNITED STATES OF AMERICA” are boldly displayed, along with smaller inscriptions identifying the denomination in multiple locations. This design was intended to evoke the strength and permanence of the federal government and the American democratic system. On notes in lower grades such as Good to Very Good, the reverse may show considerable soiling, creases, or softening of the paper, but the central imagery and major inscriptions are typically still legible, even if some details have been lost to time and handling.
The 1929 $50 Federal Reserve Notes were printed in relatively limited quantities compared to smaller denominations. Specifically for the New York district, these notes are less commonly encountered today, particularly in collectible condition. Many were retired, redeemed, or damaged during decades of use, and few have survived in collectible form. High-denomination notes like the $50 were typically used in business transactions and bank transfers rather than everyday consumer purchases, which further limited their exposure to casual collectors at the time of issue. This relative scarcity, especially in mid-to-high grades, has contributed to the growing interest in these notes among enthusiasts of early 20th-century American currency.
All 1929 Federal Reserve Notes, including the $50 issue, bear the signatures of the then-Treasurer of the United States and the Secretary of the Treasury. The 1929 notes feature printed (not handwritten) signatures, a modernizing shift that accompanied the transition to small-size notes. The exact combination of signatures varies depending on when the notes were printed during the lifespan of the series. These signature pairs, along with the serial number and the Federal Reserve district identifier, are important features for collectors, as they help establish the note’s place in the broader historical timeline of U.S. paper currency production.
As a note in Good to Very Good condition, this 1929 $50 Federal Reserve Note from New York shows significant evidence of circulation. Paper softness, multiple folds, edge tears, staining, or ink smudges may be present. The margins may be uneven or exhibit minor chipping, and the overall appearance of the note may be dull due to handling and time. However, despite its wear, the note retains its integrity, with no major pieces missing and all primary elements—such as the serial numbers, portraits, and key inscriptions—still visible. These notes, even in lower grades, are desirable for their historical value and as accessible examples of a key transitional period in U.S. currency design.
Collectors of early Federal Reserve Notes are often drawn to the 1929 issues for their blend of vintage design and modern sizing. The notes serve as a bridge between the ornate, large-size currency of the 19th and early 20th centuries and the uniform, utilitarian notes of the modern era. The $50 denomination, with its depiction of Ulysses S. Grant and the Capitol building, offers a particularly strong visual narrative of American leadership and democratic ideals. Owning an original 1929 $50 bill—even in circulated condition—connects the holder to a time of both financial hardship and governmental innovation as the U.S. sought to stabilize its economy and reassure the public.
The New York district adds another layer of appeal, as it represents the country’s financial epicenter. The Federal Reserve Bank of New York has long been the most influential among the twelve reserve banks, responsible for implementing national monetary policy and managing foreign exchange reserves. A 1929 $50 note from New York thus carries more than just monetary symbolism—it reflects the institutional backbone of America’s financial system during one of its most challenging decades. This historical significance makes such notes attractive to collectors who value context as much as condition or rarity.
The 1929 $50 Federal Reserve Note from New York in G-VG condition is a tangible link to the past, rich in symbolism, history, and numismatic value. While its aesthetic may be worn and its paper softened by time, its place in the narrative of American money is secure. From the austere portrait of Ulysses S. Grant to the dignified image of the Capitol, and from the role of the Federal Reserve in managing an evolving economy to the emergence of standardized small-size notes, this bill encapsulates a transformative moment in U.S. currency history. Whether as a foundational piece in a paper money collection or a historical artifact to be appreciated for its age and endurance, this note continues to hold both fascination and meaning nearly a century after its creation.