If you've ever held a pre-1928 US banknote, you know immediately that something is different. The notes are larger, more ornate, and feel like art objects rather than everyday currency. The 1928 redesign reduced note dimensions by roughly 25% — and forever separated US currency history into two distinct collecting eras.
The Physical Difference
Large size notes (pre-1928) measure approximately 7.42 × 3.13 inches — significantly larger than the wallet-sized notes we use today. Small size notes (1928–present) measure 6.14 × 2.61 inches. The reduction was purely practical: smaller notes cost less paper to produce and are easier to handle in wallets. For collectors, the old format represents a completely different aesthetic era.
Large Size Note Types
The pre-1928 era produced several distinct note types, each with its own history and collecting following:
- ✦Legal Tender Notes (United States Notes, 1862–1923) — Red seal. Among the earliest federally issued paper money.
- ✦Silver Certificates (1878–1923) — Blue seal. Redeemable for silver coin. Popular with collectors for elaborate portrait designs.
- ✦Gold Certificates (1863–1922) — Gold/orange seal. Redeemable for gold coin. Relatively scarce today.
- ✦Treasury Notes (Coin Notes, 1890–1891) — Short-lived series. Highly desirable and rare.
- ✦National Bank Notes (1863–1929) — Issued by individual chartered banks. Thousands of different issuing banks create near-limitless collecting variety.
- ✦Federal Reserve Notes (1914–1928) — The large size predecessor to today's currency.
- ✦Federal Reserve Bank Notes (1915–1918) — Distinct from Federal Reserve Notes; issued by individual FR banks.
Small Size Note Types
The 1928 redesign standardized the format across all types, many of which continued for decades:
- ✦Federal Reserve Notes (1928–present) — The most common type. Today's everyday currency.
- ✦Silver Certificates (1928–1964) — Redeemable for silver; discontinued in 1964.
- ✦Gold Certificates (1928–1934) — Recalled after the 1933 gold confiscation; survivors are scarce.
- ✦Legal Tender Notes (1928–1966) — Red seal United States Notes, issued alongside FRNs.
- ✦WWII Emergency Issues — Hawaii overprints and North Africa yellow-seal notes issued for special wartime use.
- ✦National Bank Notes (1929–1935) — Final years of National Bank issuance in the new small format.
Which Era Is Right for You?
Large size notes are generally more expensive at equivalent grades because of their age and visual impressiveness. A Fine large size Silver Certificate might cost $150–$500; a similar small size example might be $30–$80. However, large size notes in high grades are extraordinarily rare and can be worth thousands. Small size notes offer tremendous variety at all price points and are an excellent entry point for new collectors. Many serious collectors pursue both eras simultaneously.