Product Description:
MetalStacks proudly presents an exceptional piece of pre-World War II American currency with this Series 1928-D $2 United States Note — a Legal Tender Note featuring the iconic red Treasury seal and signatures of W.A. Julian (Treasurer of the United States) and Henry Morgenthau Jr. (Secretary of the Treasury). Issued during the New Deal era under President Franklin D. Roosevelt, this note represents one of the most historically significant and visually distinctive classes of American currency: the red-seal United States Note, issued directly by the U.S. Treasury rather than through the Federal Reserve System.
(PSV 20)
The note features a striking engraved portrait of Thomas Jefferson — the 3rd President of the United States and principal author of the Declaration of Independence — at center. The bold red Treasury seal and red serial numbers immediately distinguish this note from Silver Certificates and Federal Reserve Notes, identifying it as part of the centuries-old Legal Tender Note tradition that began during the Civil War in 1862.
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. These natural characteristics enhance its authenticity and historical character as a genuine artifact of the Great Depression and New Deal era. 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-D
- Denomination: $2
- Type: United States Note (Legal Tender Note)
- Seal Color: Red Treasury Seal
- Serial Number: D09569909A
- Portrait: Thomas Jefferson (3rd U.S. President)
- Signatures: W.A. Julian (Treasurer) / Henry Morgenthau Jr. (Secretary of the Treasury)
- Grade: Circulated
- Issuer: United States of America (Direct Treasury Issue)
- Paper Type: Government-issued cotton/linen blend
- Legal Tender Clause: "This Note Is a Legal Tender at Its Face Value for All Debts Public and Private"
- Presentation: Rigid currency holder mounted within a wood display frame
- Availability: One (1) note only
Design Details
Obverse: Features the classic engraved portrait of Thomas Jefferson at center, framed by ornate scrollwork. The bold red Treasury seal appears on the left side of Jefferson's portrait, with matching red serial numbers (D09569909A) flanking the central design. The inscription "UNITED STATES NOTE" appears prominently across the top, distinguishing this note from Silver Certificates and Federal Reserve Notes. The legal tender clause appears within the red seal: "THIS NOTE IS A LEGAL TENDER AT ITS FACE VALUE FOR ALL DEBTS PUBLIC AND PRIVATE." The "SERIES OF 1928 D" designation appears beneath the seal, alongside the signature of Treasurer W.A. Julian. Secretary Henry Morgenthau Jr.'s signature appears to the right of Jefferson's portrait. The promise "WILL PAY TO THE BEARER ON DEMAND" runs along the bottom border, a historical artifact from an era when paper currency was tied to a more direct redemption framework.
Reverse: Displays a detailed engraved view of Monticello — Thomas Jefferson's iconic Virginia estate — framed by ornate scrollwork and bordered by bold "2" and "TWO" denominations at each corner. The inscriptions "TWO DOLLARS" appear at all four corners, with "THE UNITED STATES OF AMERICA" arched across the top. The Monticello reverse was used on $2 notes from 1928 through 1976, when it was replaced by the John Trumbull "Declaration of Independence" engraving for the Bicentennial issue. The pairing of Jefferson's portrait on the obverse with his historic Monticello home on the reverse makes this one of the most thematically unified currency designs in American history.
Historical Significance
The Series 1928-D $2 United States Note is a tangible piece of one of the most consequential eras in American monetary history. The 1928 series marked the transition from large-size to small-size currency — the standardized compact format we still use today. The $2 United States Note was issued throughout multiple 1928 sub-series (1928, 1928-A, 1928-B, 1928-C, 1928-D, 1928-E, 1928-F, and 1928-G), each distinguished by different signature combinations and minor printing changes.
The 1928-D variant specifically carries the signatures of W.A. Julian and Henry Morgenthau Jr., who served together under President Franklin D. Roosevelt during the height of the Great Depression. Henry Morgenthau Jr. is one of the most historically significant Treasury Secretaries of the 20th century — serving from 1934 to 1945, he financed the New Deal, oversaw the wartime financing of World War II through Liberty Bonds, and was a chief architect of the Bretton Woods Agreement that established the post-war international monetary system. Notes bearing his signature carry profound historical weight far beyond their numismatic value.
United States Notes (also called Legal Tender Notes) represent a distinct and historic class of American paper currency. First authorized by Congress in 1862 to help finance the Civil War, they are notable for being issued directly by the U.S. Treasury rather than through the Federal Reserve System. They are identified by their distinctive red Treasury seal and red serial numbers, in contrast to the green seals of Federal Reserve Notes. This red-seal classification gives them a unique visual identity and a place of honor in U.S. currency history.
The $2 United States Note was issued continuously from 1928 through 1963, after which production was discontinued. By 1971, the entire United States Note program had been retired, making every surviving example — particularly an early-series 1928 issue — a genuine artifact of a closed chapter in American monetary policy. The 1928 series notes are especially prized by collectors as they represent the earliest small-size $2 notes ever produced.
Presentation
This nearly century-old 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, vibrant red seal, Jefferson portrait, serial number, and signatures. 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 and individual condition — is the note you will receive.
For additional details or collector inquiries, please contact MetalStacks at (561) 529-3001.