Product Description:
MetalStacks proudly presents an exceptional and historically significant piece of pre-Depression American currency with this Series 1928-A $10 Federal Reserve Note — featuring the iconic green Treasury seal, the historically momentous "Redeemable in Gold on Demand" clause, and a genuine miscut printing error that elevates this note well beyond standard circulation issues. This note combines three of the most sought-after attributes in U.S. paper money collecting: a pre-1933 gold-redeemable issue, a historically significant signature pairing, and a verified Bureau of Engraving and Printing production error.
(PSV 25)
The 1928-A series is the second-ever small-size $10 Federal Reserve Note issue, produced during the brief window when the U.S. dollar was still directly convertible to physical gold. Just five years after this note was printed, President Franklin D. Roosevelt signed Executive Order 6102 in 1933, prohibiting private gold ownership and effectively ending the gold redemption clause forever. This single piece of legislation transformed every pre-1933 gold-redeemable note into a genuine artifact of a closed monetary era — making this 1928-A note a tangible piece of American history before the U.S. departed from the gold standard.
This particular example exhibits a noticeable miscut error, with the design shifted off-center — a Bureau of Engraving and Printing production irregularity that produces an asymmetrical border and creates a true one-of-a-kind collectible. The combination of a gold-redeemable issue with a visible production error is an exceptionally rare convergence in U.S. paper money collecting — error notes from the pre-1933 era are particularly scarce, as fewer examples have survived in collectible condition with verifiable production irregularities intact.
The note features a striking engraved portrait of Alexander Hamilton — the first U.S. Secretary of the Treasury and founding architect of the American financial system — at center. The note bears the signatures of W.O. Woods (Treasurer of the United States) and Andrew W. Mellon (Secretary of the Treasury) — one of the most influential Treasury Secretaries in American history, who served under Presidents Harding, Coolidge, and Hoover. Issued by the Federal Reserve Bank of New York (District 2), the financial capital of the United States.
This particular example is housed in a protective rigid currency holder and elegantly presented within a handsome wood display frame with a black matted backdrop, transforming it into a finished showcase piece ready for immediate display. The note exhibits natural signs of age and circulation consistent with its nearly century-old vintage, including subtle toning, paper texture variations, and minor wear that authentically reflect its journey through American history. Only one note is available, and it bears a unique serial number, making this a truly one-of-one collectible offering.
Note Information
- Series: 1928-A
- Denomination: $10
- Type: Federal Reserve Note (Gold Redeemable Issue)
- Seal Color: Green Treasury Seal
- Issuing Bank: Federal Reserve Bank of New York (B2)
- Serial Number: B27738400A
- Portrait: Alexander Hamilton (1st U.S. Secretary of the Treasury)
- Signatures: W.O. Woods (Treasurer) / Andrew W. Mellon (Secretary of the Treasury)
- Error Type: Miscut / Off-Center Printing Error
- Special Feature: "Redeemable in Gold on Demand" clause (pre-1933 issue)
- Grade: Circulated
- Issuer: United States of America
- Paper Type: Government-issued cotton/linen blend
- Redemption Clause: "Redeemable in Gold on Demand at the United States Treasury, or in Gold or Lawful Money at any Federal Reserve Bank" (historical)
- Presentation: Rigid currency holder mounted within a wood display frame
- Availability: One (1) note only
Design Details
Obverse: Features the classic engraved portrait of Alexander Hamilton at center, framed by ornate scrollwork and the Federal Reserve Bank of New York seal (B2). The green Treasury seal appears to the right of Hamilton's portrait, with matching green serial numbers (B27738400A) flanking the central design. The inscription "FEDERAL RESERVE NOTE" appears prominently across the top, while the historically significant gold redemption clause runs along the upper left of the note: "REDEEMABLE IN GOLD ON DEMAND AT THE UNITED STATES TREASURY, OR IN GOLD OR LAWFUL MONEY AT ANY FEDERAL RESERVE BANK." The "SERIES OF 1928 A" designation appears alongside the signature of Secretary Andrew W. Mellon, while Treasurer W.O. Woods's signature appears at the lower left. The promise "WILL PAY TO THE BEARER ON DEMAND" runs along the bottom border — a hallmark of the gold-standard era of American currency. The miscut error is plainly visible, with the design shifted from its standard alignment — an authentic Bureau of Engraving and Printing production irregularity that adds significant collector appeal.
Reverse: Displays a detailed engraved view of the U.S. Treasury Building in Washington, D.C., flanked by bold "10" and "TEN" denominations at each corner. Ornate scrollwork frames the central vignette, with "THE UNITED STATES OF AMERICA" arched across the top and "TEN DOLLARS" across the bottom. The inscription "U.S. TREASURY" appears beneath the central engraving. The miscut alignment carries through to the reverse, providing visual confirmation of the printing error across both sides of the note. This reverse design — the original 1928 Treasury Building view — was used until the 1950 series redesign, making it a key visual identifier of pre-Depression $10 Federal Reserve Notes.
Historical Significance
The Series 1928-A $10 Federal Reserve Note is a tangible artifact from one of the most consequential transitions in American monetary history. Issued during 1928 and 1929, the 1928-A series spans the final years of the Roaring Twenties and the immediate run-up to the Stock Market Crash of October 1929 — the event that triggered the Great Depression and ultimately reshaped American monetary policy forever.
Gold-Redeemable Currency: The defining feature of this note is the "REDEEMABLE IN GOLD ON DEMAND" clause printed on its obverse. Until 1933, holders of Federal Reserve Notes could legally walk into the U.S. Treasury or any Federal Reserve Bank and exchange their paper currency for physical gold coins or gold bullion. This direct convertibility to gold defined the American monetary system for generations — and is something that has never returned to U.S. paper currency since.
Executive Order 6102 (1933): Just five years after this note was printed, President Franklin D. Roosevelt signed the historic executive order that prohibited the private ownership of gold in the United States. Citizens were required to surrender their gold coins, bullion, and gold certificates to the Federal Reserve in exchange for paper currency, at a rate of $20.67 per ounce. The gold redemption clause on Federal Reserve Notes was effectively voided, and by 1934 — following the Gold Reserve Act — the U.S. dollar was officially devalued and the domestic gold standard was abolished.
The Mellon Era: This note bears the signature of Andrew W. Mellon, one of the most consequential Treasury Secretaries in American history. Serving from 1921 to 1932 under three presidents (Harding, Coolidge, and Hoover), Mellon was a pivotal figure in American economic policy during the Roaring Twenties and the early years of the Great Depression. As one of the wealthiest men in America at the time, Mellon's tenure shaped post-WWI tax policy, federal debt reduction, and the financial architecture leading into the Depression. Notes bearing his signature carry profound historical weight far beyond their numismatic value.
Hamilton's Legacy: The choice of Alexander Hamilton for the $10 note is itself historically meaningful. As the first U.S. Secretary of the Treasury (1789–1795), Hamilton designed the foundational structure of American finance — establishing the U.S. Mint, the First Bank of the United States, and the federal credit system. His portrait has appeared on the $10 bill in every series since 1928 and remains there today, making this Hamilton portrait one of the longest-running design elements in American paper currency.
Federal Reserve Bank of New York: This note was issued by the Federal Reserve Bank of New York (B2) — the largest, most influential, and most active of the twelve regional Federal Reserve Banks. Located in the heart of Wall Street, the New York Fed has always served as the operational center of U.S. monetary policy and international financial transactions. Notes from this district carry additional collector appeal due to the New York Fed's outsized historical role.
The Significance of the Miscut Error: Error notes from the pre-1933 era are particularly desirable to advanced collectors, as fewer examples have survived in collectible condition with verifiable production irregularities intact. The Bureau of Engraving and Printing's quality control standards in the late 1920s were highly stringent, and notes with visible miscut errors that escaped inspection are uncommon. When such an error appears on a gold-redeemable note — itself a closed category of U.S. currency — the result is a doubly significant rarity: a piece of pre-Depression American currency that combines historical, monetary, and production-error significance in a single example. This convergence of attributes makes this note a standout addition for serious U.S. paper money collectors, error note specialists, and pre-1933 currency enthusiasts alike.
Presentation
This nearly century-old gold-redeemable error note is securely housed in a protective rigid currency holder and elegantly mounted within a wood display frame with a black matted background, ready for immediate display on a desk, shelf, mantel, or wall. The framed setup protects the fragile vintage paper while allowing full visibility of its design, green seal, Hamilton portrait, gold redemption clause, serial number, signatures, and the distinctive miscut error. As with all MetalStacks offerings, the note has been carefully handled and verified for authenticity.
Because only one example is available, the exact note shown — including its distinct serial number, miscut error, and individual condition — is the note you will receive.
For additional details or collector inquiries, please contact MetalStacks at (561) 529-3001.