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1928 $20 Bill - Probably Not, But Going To Ask Anyways

 
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Author Previous TopicReplies: 7 / Views: 421Next Topic  
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 Posted 06/05/2020  11:06 am Show Profile   Bookmark this topic Add catskillcoin to your friends list Get a Link to this Message
So, the Teller at the bank showed me this $20 bill and I bought it.. It's not in the best of condition, but curious, can somebody still send this bill to the Treasury for gold?

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 Posted 06/05/2020  11:16 am  Show Profile   Bookmark this reply Add hfjacinto to your friends list Get a Link to this Reply
No, all gold redemption stopped in 1934. While the below is for gold certificates, the law still applies to the 1928 note.

" A 1934 federal law ordered all of these certificates taken out of circulation; the law allows the certificates to be swapped for currency but prohibits the government from exchanging them for gold. According to the Treasury Department, you can bring certificates to a Treasury office or any bank and exchange them for modern currency of the same face value. In other words, if you have a $10 Gold Certificate, you could turn it in and get $10 worth of "regular" money."
Edited by hfjacinto
06/05/2020 11:18 am
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 Posted 06/05/2020  11:27 am  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Your Series 1928 note is from the first issue of the (then) new small-size Federal Reserve Notes, in this case from the Cleveland district. While the premium is not huge, it is certainly worth well over face value.
Edited by Coinfrog
06/05/2020 11:28 am
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 Posted 06/05/2020  11:59 am  Show Profile   Bookmark this reply Add catskillcoin to your friends list Get a Link to this Reply
Thanks for the info coinfrog, I hadn't done much research on it yet, but that info is good news.
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 Posted 06/05/2020  12:26 pm  Show Profile   Bookmark this reply Add SteveInTampa to your friends list Get a Link to this Reply
If you could get gold,...let's see, at $54 per gram, you'd get about 1/3rd of a gram.
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 Posted 06/05/2020  1:33 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
While the premium is not huge, it is certainly worth well over face value.
That being said, very nice!
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 Posted 06/05/2020  1:46 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
Apologies - I was valuing this as a 1928-A Cleveland, which is a fairly tough note. For the 1928 issue as shown, if you wanted to buy it at a coin shop, you would pay a premium but not much.
Edited by Coinfrog
06/05/2020 2:19 pm
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 Posted 06/07/2020  6:16 pm  Show Profile   Bookmark this reply Add suipakpaikungfu to your friends list Get a Link to this Reply
Still worth $20!!
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