Scarce Series 1928 $1000 Federal Reserve Note with gold redemption clause
- Source: eBay
For sale here is a Series 1928 $1000 Federal Reserve Note from the Chicago district. It has no tears, pinholes or grafiti, and the back is very clean whereas the front has some soiling. The note is well-centered and should certainly fit in most anyone's small size type collection nicely. After Gold redemption was halted in 1933, the 1928 Series FRNs were aggressively withdrawn from circulation and replaced by Series 1934 FRNs. That is why they are so much more rare. All 1928 Federal Reserve Notes were redeemable in Gold at the U. S. Treasury and also at any Federal Reserve Bank, though the Fed could substitute United States Notes as an alternative method of paying off their obligation. $1000 FV in Gold was 50 troy ounces, which would be worth over $60k today. No this note is no longer redeemable, but it is still worth face value. The auction will start below that and will have no reserve.