Quick Answer: Federal Reserve Bank Notes (brown seal bills) range in value from $25 for common 1929 small-size notes in circulated condition to over $50,000 for rare large-size 1918 denominations in high grade. Star notes from either era command significant premiums, with some 1929 FRBN star notes among the rarest U.S. currency in existence.
Federal Reserve Bank Notes are one of the most misunderstood types of U.S. paper currency. They look similar to the Federal Reserve Notes we use today, but they are a completely different class of currency with their own history, design features, and collector values. If you have a bill with a brown Treasury seal and the words "National Currency" across the top, you may be holding a Federal Reserve Bank Note worth far more than face value.
What Is a Federal Reserve Bank Note?
Federal Reserve Bank Notes (FRBNs) were issued between 1915 and 1934 by individual Federal Reserve Banks rather than by the Federal Reserve System collectively. They carry two key distinguishing features:
- Brown Treasury seal (unlike the green seal on modern Federal Reserve Notes)
- "National Currency" printed across the top of the bill
The Bureau of Engraving and Printing produced these notes in two distinct formats: large-size notes (Series 1915 and 1918) and small-size notes (Series 1929). Both formats are now obsolete, making every surviving example a collectible.
How FRBNs Differ from Federal Reserve Notes
Many collectors confuse Federal Reserve Bank Notes with Federal Reserve Notes. Here is how to tell them apart:
| Feature | Federal Reserve Bank Note | Federal Reserve Note |
|---|---|---|
| Treasury Seal Color | Brown | Green |
| Top Inscription | "National Currency" | "Federal Reserve Note" |
| Issuer | Individual Federal Reserve Bank | Federal Reserve System collectively |
| Backing | U.S. bonds deposited with Treasury | Full faith and credit of the U.S. |
| Still in Production | No (discontinued 1934) | Yes |
| Denominations Issued | $1, $2, $5, $10, $20, $50, $100 | $1 through $100 |
Understanding this distinction matters because FRBNs are typically worth more to collectors than equivalent-era Federal Reserve Notes.
Large-Size Federal Reserve Bank Notes (1915-1918)
Large-size FRBNs measure 7.375 x 3.125 inches, significantly larger than modern currency. Two series were produced.
Series 1915
The Series of 1915 was a limited issue with $5, $10, and $20 notes printed for only five Federal Reserve Banks: Atlanta, Chicago, Kansas City, Dallas, and San Francisco. These are considerably scarcer than Series 1918 notes.
Series 1918
Series 1918 expanded the issue to include denominations from $1 to $50 across all twelve Federal Reserve districts, though not every district issued every denomination.
Large-Size FRBN Value Chart
| Denomination | Design Nickname | Known Examples | Circulated Value | Uncirculated Value |
|---|---|---|---|---|
| $1 | "Flying Eagle" | ~10,000 | $25-$200 | $400-$3,150 |
| $2 | "Battleship" | ~4,000 | $100-$500 | $1,500-$10,000+ |
| $5 | Lincoln/Columbus | ~1,500 | $100-$300 | $500-$1,500 |
| $10 | Jackson/Industry | ~130 | $600-$2,000 | $3,000-$12,000 |
| $20 | Cleveland/Transport | ~70 | $2,500-$8,000 | $10,000-$30,000 |
| $50 | Grant (St. Louis only) | ~60 | $4,000-$15,000 | $20,000-$51,500 |
Values based on CDN/Greysheet pricing and Heritage Auctions results.
The Famous "Battleship" $2 Note
The 1918 $2 Federal Reserve Bank Note is one of the most iconic pieces of American currency. Its reverse features a dramatic scene of a World War I-era battleship, earning it the nickname "Battleship Note" among collectors.
These notes are popular with collectors even in lower grades because of their striking design. A well-circulated example with good eye appeal can sell for $100 to $500, while gem uncirculated notes from scarcer districts have brought over $10,000 at Heritage Auctions.
Rare Large-Size Districts
Not all districts are created equal. For 1918 large-size FRBNs, rarity varies dramatically:
- $10 notes were issued by only four districts: Chicago, New York, Atlanta, and St. Louis
- $20 notes were issued by only Atlanta and St. Louis (St. Louis is the rarer of the two)
- $50 notes were issued exclusively by St. Louis, making them the pinnacle of FRBN collecting
Small-Size Federal Reserve Bank Notes (1929)
Small-size FRBNs were an emergency issue printed during the banking crisis of the early 1930s. The government needed additional currency quickly, so it issued these notes using the same paper stock and format as 1929 National Bank Notes.
All small-size FRBNs share these characteristics:
- Series 1929 date
- Brown seal and serial numbers
- Same dimensions as modern currency (6.125 x 2.625 inches)
- Issued in $5, $10, $20, $50, and $100 denominations
- Printed for 11 of the 12 Federal Reserve districts (Richmond did not issue)
1929 FRBN Value Chart by Denomination
| Denomination | Poor Condition | Average Circulated | Uncirculated | Gem Uncirculated |
|---|---|---|---|---|
| $5 | $25-$35 | $35-$70 | $100-$300 | $350-$850 |
| $10 | $30-$40 | $35-$75 | $100-$250 | $300-$650 |
| $20 | $30-$45 | $40-$80 | $120-$300 | $400-$900 |
| $50 | $65-$85 | $75-$120 | $200-$500 | $700-$1,900 |
| $100 | $115-$150 | $140-$175 | $250-$500 | $600-$1,500 |
Values for common districts. Scarcer districts command premiums above these ranges. Source: CDN/Greysheet and dealer pricing.
Most Valuable 1929 Districts
The issuing district significantly affects a 1929 FRBN's value. Look for the Federal Reserve Bank name on the front of the note:
Premium Districts (higher values):
- San Francisco ($5 notes especially scarce, valued $300-$20,000)
- St. Louis ($5 notes carry strong premiums)
- Minneapolis (lower print runs across denominations)
- Atlanta (certain denominations are scarce)
Common Districts (baseline values):
- New York
- Chicago
- Cleveland
- Philadelphia
- Boston
A 1929 $5 FRBN from San Francisco in gem uncirculated condition can be worth 20 to 30 times more than the same denomination from New York.
1929 FRBN Star Notes: Extreme Rarities
Star notes (replacement notes with a star symbol in the serial number) from the 1929 FRBN series are among the rarest collectible U.S. currency. According to CDN/Greysheet estimates, only about 300 star notes are known to exist across all denominations and districts combined.
For comparison, that is fewer surviving examples than most Colonial-era currency. If you find a 1929 FRBN with a star in the serial number, it could be worth thousands of dollars regardless of condition.
| Star Note Type | Estimated Value |
|---|---|
| $5 Star Note (common district) | $500-$5,000 |
| $5 Star Note (San Francisco) | $5,000-$25,000+ |
| $10 Star Note | $1,000-$10,000 |
| $20 Star Note | $2,000-$15,000 |
| $50 Star Note | $5,000-$25,000+ |
| $100 Star Note | $5,000-$25,000+ |
Learn more about star notes and how to identify them in our complete guide to star notes.
How to Identify Your Federal Reserve Bank Note
Follow these steps to determine exactly what you have:
Step 1: Check the Seal Color
Look at the Treasury seal on the right side of the bill. A brown seal indicates either a Federal Reserve Bank Note or a National Bank Note. A green seal means it is a modern Federal Reserve Note.
Step 2: Read the Top Inscription
If it says "National Currency" across the top, you have either a FRBN or a National Bank Note. FRBNs will say "The Federal Reserve Bank of [City]" on the front, while National Bank Notes list a specific chartered bank name.
Step 3: Determine the Size
- Large-size (about 7.375 x 3.125 inches): Series 1915 or 1918
- Small-size (about 6.125 x 2.625 inches): Series 1929
Step 4: Identify the District
Find the Federal Reserve Bank name on the front of the note. This is critical for determining value, since some districts are far scarcer than others.
Step 5: Assess Condition
The paper money grading scale runs from Poor (P-1) to Superb Gem Uncirculated (68). Even a rough assessment of condition helps narrow the value range significantly.
Step 6: Scan with CashScan
Use the CashScan app to instantly identify your bill's series, type, and notable features. The app can help you distinguish between Federal Reserve Bank Notes, National Bank Notes, and Federal Reserve Notes at a glance.
Federal Reserve Bank Note vs. National Bank Note
Both FRBNs and National Bank Notes have brown seals and say "National Currency," so collectors often confuse them. Here is how to tell them apart:
| Feature | Federal Reserve Bank Note | National Bank Note |
|---|---|---|
| Issuer Name | "The Federal Reserve Bank of [City]" | Specific bank name (e.g., "First National Bank of Springfield") |
| Charter Number | None | Printed in brown ink on front |
| Serial Number | 7-8 digits | 6 digits |
| Number of Issuers | 12 Federal Reserve Banks | Thousands of chartered national banks |
| Collectibility | Type collecting (by district) | Bank/location collecting |
For a deeper look at National Bank Notes, see our National Bank Note value guide.
Tips for Buying and Selling FRBNs
For Sellers
If you have a Federal Reserve Bank Note to sell, consider these options based on value:
Notes worth $50-$500:
- Local coin dealers or currency shows
- eBay (check completed listings for comparable sales)
- Online currency forums
Notes worth $500+:
- Heritage Auctions for professionally graded notes
- Stack's Bowers currency auctions
- Specialized currency dealers
Before selling:
- Get a professional grade from PMG or PCGS Currency for notes worth over $200
- Research recent auction results for your exact Friedberg number
- Never clean, press, or attempt to "improve" the note's appearance
For a complete guide to selling, visit our article on where to sell old paper money.
For Buyers and Collectors
Building a FRBN collection is approachable because you can start with common 1929 notes under $50 and work toward scarcer pieces:
- Start with a type set: One example of each denomination ($5, $10, $20, $50, $100) in circulated condition
- Expand by district: Collect one note from each of the 11 issuing banks
- Add a large-size example: A 1918 $1 "Flying Eagle" or $2 "Battleship" makes a dramatic centerpiece
- Hunt for stars: 1929 FRBN star notes are the ultimate prize for advanced collectors
Condition and Grading Impact on Value
Condition dramatically affects FRBN values. Here is how grading translates to pricing for a typical 1929 $20 FRBN from a common district:
| Grade | Description | Approximate Value |
|---|---|---|
| Good (G-4) | Heavy wear, soft, no holes | $30-$40 |
| Very Good (VG-8) | Well circulated, all design visible | $35-$45 |
| Fine (F-12) | Moderate wear, some crispness | $40-$55 |
| Very Fine (VF-20) | Light wear on high points | $55-$80 |
| Extremely Fine (EF-40) | Minimal wear, mostly crisp | $80-$120 |
| About Uncirculated (AU-50) | Slight handling, no folds | $120-$200 |
| Uncirculated (MS-63) | No wear, minor handling marks | $200-$400 |
| Gem Uncirculated (MS-65) | Perfect centering, no flaws | $500-$900 |
Learn more about grading terminology in our paper money grading guide.
Frequently Asked Questions
What is a Federal Reserve Bank Note?
A Federal Reserve Bank Note is a type of U.S. currency issued between 1915 and 1934 by individual Federal Reserve Banks. They have brown Treasury seals and say "National Currency" across the top. They differ from the green-seal Federal Reserve Notes still in circulation today, and all FRBNs are now obsolete collectibles.
How do I know if my brown seal bill is a Federal Reserve Bank Note?
Look for the words "The Federal Reserve Bank of [City]" printed on the front of the note. If it names a specific Federal Reserve Bank (like Boston, New York, or Chicago) rather than a private bank, it is a Federal Reserve Bank Note. National Bank Notes also have brown seals but list a specific chartered bank name and include a charter number.
Are all 1929 brown seal bills valuable?
Most 1929 Federal Reserve Bank Notes in average circulated condition are worth $25 to $80 depending on denomination. Notes from scarcer districts like San Francisco, St. Louis, and Minneapolis carry higher premiums. Star notes from 1929 are extremely rare, with only about 300 known to exist across all varieties, and can be worth thousands of dollars.
What is the most valuable Federal Reserve Bank Note?
The rarest FRBNs are the 1918 $50 notes issued by St. Louis, with fewer than 60 known examples and values reaching over $50,000 in top condition. Among small-size notes, 1929 star notes from scarce districts are the most valuable, with some examples bringing $25,000 or more at auction.
Should I get my Federal Reserve Bank Note graded?
Professional grading from PMG or PCGS Currency is recommended for any FRBN you believe is worth $200 or more. Grading authenticates the note, assigns an objective condition grade, and encapsulates it in a protective holder. This makes the note easier to sell and typically increases its market value.
Where can I find Federal Reserve Bank Notes for sale?
Reputable sources include Heritage Auctions, Stack's Bowers, dealer websites, and currency shows held by organizations like the Professional Currency Dealers Association. Always buy from established dealers or graded notes from PMG/PCGS for authenticity assurance.
Conclusion
Federal Reserve Bank Notes represent a fascinating chapter in American monetary history. Whether you own a common 1929 $5 bill worth $25 or a rare 1918 $50 note worth tens of thousands, understanding the type, denomination, district, and condition is essential to knowing your bill's true value.
The brown seal on your bill is your first clue that it may be special. Check the district, look for star notes, and assess the condition using our guidelines above. For a broader look at valuable old bills across all types, explore our guide to rare dollar bills worth money.
Want to identify your brown seal bill instantly? Scan it with CashScan to determine whether you have a Federal Reserve Bank Note, National Bank Note, or another collectible type.
CashScan helps you identify any banknote instantly. Download free on the App Store.
