Error notes are the result of mistakes during the printing and cutting process that slipped through quality control at the Bureau of Engraving and Printing. Because they represent a failure in a highly controlled industrial process, genuine error notes are rare — and the more dramatic the error, the more valuable the note.
Types of Error Notes
Error notes fall into several distinct categories based on how the mistake occurred:
- ✦Offset printing errors — Ink from one side transfers to the other, leaving a mirror-image ghost print.
- ✦Misalignment errors — The design is shifted significantly off-center, sometimes dramatically.
- ✦Missing printing — An entire color layer (face, back, or overprint) fails to print.
- ✦Double printing — A note passes through the press twice, creating a doubled image.
- ✦Fold-over errors — The paper folds during printing, creating an unprinted tab or a section printed on the wrong side.
- ✦Ink smear errors — Wet ink smears during printing.
- ✦Mule notes — Face and back from different series years are coupled together (different plate numbering systems).
- ✦Inverted back — The back is printed upside down relative to the face.
- ✦Missing serial numbers — Overprint stage fails entirely, leaving no serial numbers or seals.
- ✦Wrong denomination — A note is printed with a face of one denomination and a back of another.
What Makes an Error Valuable?
Not all errors are created equal. Value is determined by three factors: rarity, severity, and condition. A missing back print is far rarer than a minor misalignment. A fold-over with a dramatic unprinted wing is more visually striking than a slight shift. And like all notes, condition matters — an Uncirculated error is worth far more than a circulated one.
How to Authenticate an Error Note
The counterfeiting of error notes is a real concern. Before paying a premium, verify:
- ✦The error is consistent with a known printing process failure (errors have a logic to them).
- ✦There are no signs of chemical alteration, trimming, or mechanical manipulation.
- ✦The paper feels right — genuine Federal Reserve Note paper has distinctive texture and security features.
- ✦Have valuable error notes certified by PMG or PCGS before buying or selling — third-party grading provides authentication and dramatically increases buyer confidence.
Are Error Notes Legal Tender?
Yes. Error notes are legal tender at their face value. They were issued by the Federal Reserve and are genuine US currency — just imperfect ones. Their collector value is entirely separate from their face value.