Quick – grab that $2 bill you’ve got stashed somewhere in your closet, and see if it has
a green treasury seal and serial numbers, or red ones.
They’re green?
Probably worth just two bucks.
But if it were red?
You’d really have something.
What do you know about red seal 2 dollar bills?
Hey everyone, it’s John, director of The Two Dollar Bill Documentary.
Welcome to the first in a new series of videos where I answer your questions about the $2 bill.
If you have a question you'd like me to answer, you can comment on this video,
or go to the Community page on this channel and leave your question under the appropriate post.
If I use your question in one of my future videos, I’ll send you a crisp, new $2 bill.
So our first question comes from YouTube user manchesterunited212, who asks,
What's up with the red ones?”.
Well, red seal $2 bills are most commonly those issued between 1928 and 1963.
The red seal is the main indicator that the bill was classified as a United States Note,
which it clearly states above Thomas Jefferson’s head, unlike today’s green-seal $2 bills,
which are known as Federal Reserve Notes.
But let’s go back in time for a minute.
Soon after the Civil War, America’s First Legal Tender Act authorized most forms of
currency to be designated as United States Notes, issued by the Treasury and backed only
by faith in government, not in silver or gold as they had been before.
United States Notes were issued in all denominations, featured the words 'United States Note' somewhere
on the bill, and also carried a red seal.
In 1913, the Federal Reserve System was implemented.
Printed money was now issued to, and to be distributed by, any of the 12 Federal Reserve banks.
Even though most new currency notes were now to be labeled as Federal Reserve Notes, there
was a legal requirement to keep a certain number of United States Notes in circulation.
In 1928, when currency was shrunk down in size and redesigned, only ones, twos and fives
were issued as United States Notes, keeping that red seal.
This is a 1928 series $2 legal tender.
The paper quality is, I mean, just stark white with that big bold red seal that pops and
I just really love this note.
Monticello – Jefferson’s home in Charlottesville, Virginia – was placed on the back of the $2 bill.
There were over 430 million $2 bills printed in the 1928 series.
Soon after its printing though, the bill began to lose popularity during an
era known as The Great Depression.
During the 30s, even though people are hoarding cash, they don't want twos.
They're turning them back into the Treasury. People became far more comfortable using ones.
And responding to demand, the Treasury began printing more ones and more ones.
It would be another quarter century before more $2 bills were printed.
The 1953 series featured a slight redesign, with a shifting of the red seal, and a reduction
of the large lettered TWO, just to name a few.
Ten years later, the 1963 series was issued, with only two minor changes: The Legal Tender
disclaimer on the front of the bill was shortened, and on the back, the words In God We Trust
were added.
But with diminishing demand came decreased printing runs.
The 1963 series saw just 18 and a half million notes printed.
So in 1966, the bills were discontinued.
By executive order, now they were going to be removed from circulation.
When a new $2 bill was released for the bicentennial in 1976, it was finally a Federal Reserve Note,
with green seals and a new design on the back.
So where did that leave the red seal bills?
Because they’re from a system of United States Notes that no longer exists, they’re
often removed from circulation when they get back to banks.
But that rarely happens anymore, since most people are aware that these are unique kind of $2 bill.
There are probably very few United States note $2 bills that are actually being spent
into circulation by private citizens at this point.
Most people who have them probably know that they're worth a bit more than their face value.
They keep them as collector's items or maybe perhaps want to sell them for some kind of a premium.
If you really want a red seal $2 bill, you can undoubtedly find one at a coin & currency show in your
city, or perhaps just look on eBay – there are plenty to go around.
I hope that answered your question, manchesterunited212.
For the rest of you, I look forward to reading your questions and potentially answering them
in a future video. In the meantime, here’s some more great $2 bill content.
Thanks for watching.