History of U.S. paper money: a 1776 Continental Currency three dollar bill, an 1869 ten dollar Rainbow Legal Tender note and a 1901 ten dollar Bison Legal Tender note on a gold background

1776 Continental Currency, 1869 $10 "Rainbow" and 1901 $10 "Bison" Legal Tender notes. Images: public domain; 1869 and 1901 notes from the Smithsonian National Numismatic Collection.

U.S. Paper Currency Information

U.S. paper currency has a history as long as the country itself, from the bills of credit printed by the American colonies to the Federal Reserve Notes in your wallet today. This guide covers that history, the main types of U.S. paper money, how to tell them apart by size, seal color and series, and how notes are graded, so you can understand what you have.

American Rarities has appraised and bought U.S. paper money since 1990, and our in-house experts offer free grading without slabbing. For a free, no-obligation appraisal, use the form on this page or text 720-600-4740.

This is the information regarding U.S. and even foreign paper currency that you have been looking for. Collecting paper money or paper currency is a deep subject with a long history. There have been paper money collector for a long as paper currency has been around. For U.S. paper money collectors that starting point was at the onset of the first colonies circa 1607. Collecting paper money has several key components, Quality, Rarity, and Value. Below is the information you need to understand what your paper currency collection is worth.

If you want to cut to the chase and would like to go ahead and get a free appraisal for your paper currency collection, go to our Paper Currency Purchasing page.

A Short History of U.S. Paper Money

Paper money in America began more than 80 years before the United States did. The timeline below shows the main milestones; you can read more in the history of U.S. currency from the Federal Reserve’s U.S. Currency Education Program and the history of the U.S. Treasury.

Year	Milestone in U.S. paper money
1690	The Massachusetts Bay Colony issues the first paper money in the American colonies to pay for a military expedition. Other colonies soon print their own bills of credit.
1775	The Continental Congress issues Continental Currency to pay for the Revolutionary War. So many were printed that they lost most of their value, giving rise to the phrase “not worth a Continental.”
1790s to 1860s	With no federal paper money, state-chartered banks issue their own notes. Many of these banks later failed, and their notes are now collected as obsolete or “broken bank” notes.
1861	To finance the Civil War, the Treasury issues Demand Notes, the first paper money of the federal government. Their green backs earn them the nickname “greenbacks.”
1862	The Legal Tender Act creates United States Notes, and the first $1 note shows Treasury Secretary Salmon P. Chase. The Treasury begins trimming and sealing notes in-house, the start of today’s Bureau of Engraving and Printing. Fractional Currency for amounts under a dollar follows from 1862 to 1876.
1863	The National Currency Act lets nationally chartered banks issue National Bank Notes printed with their own names. Gold certificates follow later in the decade.
1878	The Treasury begins issuing Silver Certificates, redeemable in silver.
1890	Treasury (Coin) Notes are issued to pay for government purchases of silver bullion.
1913 to 1914	The Federal Reserve Act of 1913 creates the Federal Reserve System, and the first Federal Reserve Notes are issued in 1914.
1929	Small-size notes (Series 1928) replace the larger notes. They are about 30 percent smaller, with standard designs, and are still the size used today.
1957	“In God We Trust” first appears on paper money, on Series 1957 $1 Silver Certificates.
1969	The Federal Reserve stops issuing $500, $1,000, $5,000 and $10,000 notes.
1996 to 2013	New-design notes with larger, off-center portraits and added security features begin with the Series 1996 $100. The redesigned $100 with a blue 3-D security ribbon follows in 2013.

1862 one dollar Legal Tender United States Note with a portrait of Treasury Secretary Salmon P. Chase at left — 1862 $1 United States Note with Salmon P. Chase

Series 1928 one dollar Silver Certificate with George Washington, blue seal and serial number A00000001A, the first small-size note — Series 1928 $1 Silver Certificate, serial A00000001A

Today all U.S. paper money is printed by the Bureau of Engraving and Printing and issued by the Federal Reserve. Many historic notes, including the two above, are preserved in the Smithsonian’s National Numismatic Collection.

Note images above: Smithsonian National Museum of American History, National Numismatic Collection (public domain).

Types of U.S. Paper Currency

Raw and certified US paper money types and grades:

Three large-size U.S. notes stacked: the orange back of a Series 1907 $1,000 Gold Certificate, a Series 1891 $10 Silver Certificate with Thomas Hendricks and a Series 1922 $500 Gold Certificate with Abraham Lincoln

How to Identify U.S. Paper Money: Size, Seal Color and Series

Three details tell you most of what you need to know about a U.S. note:

Size: notes dated before Series 1928 are “large-size” notes, about 7.4 by 3.1 inches, sometimes called horse blankets. Small-size notes from Series 1928 on measure about 6.1 by 2.6 inches. Learn more about large-size notes.
Title: the words across the top or near the seal name the type of note, such as Silver Certificate, United States Note, Federal Reserve Note or National Currency, along with the issuing bank.
Series: the series year shows when a design or a change to it was approved, not when the note was printed. A letter after the year, such as 1935A, marks a later change, often new signatures.

On small-size notes, the color of the Treasury seal and serial numbers is the quickest clue:

Seal color	Type of note	Small-size series
Blue	Silver Certificate	Series 1928 to 1957
Red	United States Note (Legal Tender)	Series 1928 to 1966
Green	Federal Reserve Note	Series 1928 to today
Gold (yellow-orange)	Gold Certificate	Series 1928 and 1934
Brown	National Bank Note or Federal Reserve Bank Note; also the 1934 and 1935 HAWAII emergency notes	Series 1929, 1934 and 1935A
Yellow	Silver Certificate issued for U.S. troops in North Africa and Europe during World War II	Series 1934 and 1935A

Once you know the type, our paper money price guide gives approximate ranges for common notes.

For the denominations in use today, see the Federal Reserve’s currency FAQ. Wikipedia’s overview of banknotes of the United States dollar covers every series in more detail, and the PMG grading scale explains how notes are graded from 1 to 70.

Free Paper Money Grading With the Appraisal of Your Currency Collection

We provide free appraisals and free paper currency grading for all US currency collections we inspect for potential purchase.

Establishing a value for your US paper money requires utilizing a number of information sources as there isn’t a one stop paper money price guide or paper currency price guide. Our expert paper currency dealers utilize the Certified Currency Dealer Newsletter, known as the Green Sheet, recent auction sales, population reports and other information sources to appraise your notes.

Certified U.S. Paper Currency

Paper money similar to rare coins can be authenticated and graded by a third party service. This can assist in the appraisal and valuation of your notes. We appraise and purchase paper currency collections graded by CGA, CGC, PMG and PCGS Currency, in addition to “raw” or non-graded US paper currency collections. We are a submission center for all the aforementioned grading services. We can submit your notes for grading, whether for your own collection or as a preface to buying your paper money. A certified grade can help you get full market value for your U.S. paper currency collection.

American Rarities is a reputable paper currency dealer you can trust. When you Google “Currency Collectors near me”, “My Currency Collection”, US Paper Money Buyers near me”, and “US Paper Currency Values”, “currency collector near me”, you want to find a company like American Rarities.

Find out the value of your paper currency. Request a no-obligation free appraisal and offer on your US paper currency collection! Our expert buyers can provide a fair, accurate valuation of your paper money collection.

When you are ready to sell, see how we buy notes and what drives their value on our sell paper currency and paper money values page.

Grading Services

Currency Grading Authentication (CGA)
PCGS Banknote
Legacy Currency Grading
Paper Money Grading (PMG)
PCGS Currency (no longer in operation)

Population Reports

American Rarities Buys U.S. Paper Currency of All Types

Three large-size U.S. notes: a Series 1899 $5 Running Antelope Silver Certificate, a Series 1923 $5 Lincoln Porthole Silver Certificate and a Series 1875 $5 National Bank Note from the Vineland National Bank, New Jersey

United States Notes of varying types, 1862-1994
Also known as legal tender notes, United States Notes were issued in denominations of $1, $2, $5, $10, $20, $50, $100, $500 and $1000. The interesting, and often intricate, designs of large size Legal Tender Notes have collectors and several have been given interesting nicknames such as:
- “Rainbow” ($10 Legal Tender – Series 1869)
- “Bison” ($10 Legal Tender – Series 1901)
- “Woodchopper” ($5 Legal Tender – Series 1907)
- “Sawhorse Back” ($1 Legal Tender – Series 1917)
Fractional Currency 1862-1876
National Bank Notes 1863-1938

Gold Certificates 1878-1965
Silver Certificates 1878-1965
Treasury (or Coin) Notes 1890-1899
Federal Reserve Notes 1914-Present
Federal Reserve Bank Notes 1915-1945
Large Size US Notes
Colonial Currency
Obsolete Notes (issued by private banks in the 1880’s)
Confederate States of America notes
Small Size US Notes
Error Notes

Ready to sell? Read how to sell paper currency step by step, then send us photos and/or a list for a complimentary appraisal using the form below.

Paper Currency Grading Standards

Good: A heavily circulated note with obvious signs of handling. May include soiling and considerable wear and tear. Corners of the note may also be missing.
Very Good: An obviously well-circulated bank note with many creases, folding and wrinkling noticeable. Note may be dirty, “limp”, and dark in appearance. Corners may show severe wear and rounding, and some tears may be present. Note should be complete however, with no pieces missing.
Fine: Note has been considerably circulated and may have creases, folds and visible wrinkles. Edges show evidence of circulation, and there may be slight tears. May have very minor loss of color or extremely light stains.
Very Fine: A circulated note that still shows some signs of crispness. May have several vertical and horizontal folds as well as slight dirt or smudging visible. Will show signs of handling, though a VF note will have no tears on the edges.
Extra Fine: Paper is clean and bright with only faint evidence of circulation or handling. Bill may have several minor folds or one strong crease visible. Tears and discolorations are not present.
About Uncirculated: A note that may initially appear as uncirculated, but closer examination discloses the slightest signs of handling, some minor corner folds, a light bend or minor crease or a slight finger smudge. Paper is still crisp and bright and has original sheen.
Crisp Uncirculated: A note that has not been released into circulation and still has its original crispness. Basically the note is in the same condition as it was first produced. The paper must be firm and crisp, without any creases, folds or tears, and the corners must be sharp and square.

U.S. Paper Currency Star Notes

Star notes are used by the BEP (Bureau of Engraving and Printing) to replace misprinted / damaged currency before it goes into circulation. These replacement notes are printed just like normal notes, except there is a star printed in the serial number. On Federal Reserve Notes, the star is where the block letter normally is (the last letter of the serial number). On Legal Tender notes and Silver Certificates, the star is where the prefix normally is (the first letter of the serial number).

Paper Money Fancy Serial Numbers

Solid Serial Number – All One Number
Low Serial Number – Two Digits or Less
Trailing Zero Serial Number – Seven Zeros after Number
Ladder Serial Number – Sequence of Consecutive Numbers
Radar Serial Number – Reads the Same Both Ways
Flipper Serial Number – Reads the Same Upside Down
Repeater Serial Number – Two Numbers Repeated
Binary Serial Number – All Zeros and Ones
Stand Alone Serial Number – Number Surrounded by Zeros

Fancy Serial Number Rarity - how rare is my fancy serial number?

Fancy Serial Number Type	Number of Occurrences in 99,999,999	Odds that a random note will be this type
Solid	9	1 in 11,111,111
Ladder	6	1 in 16,666,667
Radar	9,990	1 in 10,010
Repeater	9,990	1 in 10,010
Super radar	90	1 in 11,111,111
Super repeater	90	1 in 11,111,111
Radar repeater	90	1 in 11,111,111
Double quad	90	1 in 11,111,111
Seven-in-a-row	180	1 in 555,556
Seven-of-a-kind	720	1 in 138,889
Binary	11,430	1 in 8,749

Paper Currency Error Notes

Series 1957B one dollar Silver Certificate with mismatched serial numbers U47031502A and U37031502A, with close-ups circling the different digits

Paper Currency Printing Process

To better understand error notes it will help to have a basic understanding of the three stages of the printing process. Errors can occur at any stage.

First Print. This is when the back of the note is printed.
Second Print. When the front of the note is printed.
Overprint. This includes the treasury seal and serial numbers.

Types of Error Notes

This is a concise listing of the basic types of error notes. It is important to remember that many of these errors may be seen in combination with other note error types.

Misalignment Error
Gutter Fold Error
Cutting Error
Insufficient Inking Error
Board Break Error
Ink Smear Error
Solvent Smear Error
Offset Printing Error
Missing Print Error
Printed Fold Error
Obstructed Print Error with Retention
Overprint on Back Error
Mismatched Serial Number Error
Wet Ink Transfer Error
Paper Jam Error
Inverted Back Error
Inverted Overprint Error
Test Note Error
Double Denomination Error – The king of error notes.

Quick Answers: U.S. Paper Currency

What do the seal colors on U.S. paper money mean?

On small-size notes, the seal color shows the type of note: blue for Silver Certificates, red for United States Notes, green for Federal Reserve Notes, gold for Gold Certificates and brown for National Bank Notes, Federal Reserve Bank Notes and the 1934 and 1935 HAWAII notes. Yellow seals appear on World War II Silver Certificates made for troops in North Africa and Europe.

Are old silver certificates and other old notes still legal tender?

Yes. All U.S. currency issued since 1861 remains valid at full face value. Silver Certificates can no longer be exchanged for silver, which ended in 1968, but many old notes are worth more than face value to collectors, so it is worth getting them appraised before you spend them.

What is the difference between large-size and small-size notes?

Large-size notes were issued before 1929 and measure about 7.4 by 3.1 inches. In 1929 the government switched to small-size notes, Series 1928 and later, which measure about 6.1 by 2.6 inches and are the size still used today. Large-size notes are older and often have more elaborate designs.

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