Auction Star

An incredibly rare 1928E $2 star note sold for $16,800 on March 12. Graded Paper Money Guaranty (PMG) Choice Uncirculated-64 EPQ, the note was a highlight at Stack’s Bowers Galleries’ U.S. Currency Rarities Night sale. 

The 1928E★ $2

Despite millions entering circulation over the decades, $2 notes have occupied a special place in the hearts of many Americans. The 1928E example is even more fascinating, as the Series of 1928 introduced small-size U.S. paper money. Additionally, a star in the serial number signifies it’s a replacement note, which are issued in much smaller quantities than regular notes. The Series 1928E $2 Legal Tender notes are also scarce, representing only 4.4 percent of the total number produced for the preceding Series of 1928D. The rarity of the 1928E star note becomes more stark when examining population data, as the PMG population report lists just 30 graded examples. PMG reports only three notes at this level, with none graded higher. Only two examples at this grade have appeared publicly in the past 20 years.

A Transient Signature

Adding another layer of elusiveness to the note is that it carries a rare signature combination, signed by both Treasurer of the United States W.A. Julian and Secretary of the Treasury Fred M. Vinson. Though Julian served in his position from 1933 to 1949 (setting a record for length of service), Vinson only briefly served as secretary of the Treasury in 1945 before he was nominated to chief justice of the United States the next year. As a result, the Julian-Vinson signature combination appeared for less than a year between 1945 and 1946.