1928 Funnyback silver certificate
The first small-size $1 silver certificate, and the only one with the distinctive ornate back that collectors nicknamed the funnyback.
What it is worth
Condition does most of the work here. The gap between a worn example and a crisp one is larger than the gap between this series and its neighbours.
| Denomination | Circulated | Uncirculated |
|---|---|---|
| $1 | $15 – $45 | $90 – $300 |
Where these numbers come from
Unlike the serial number odds and star note print runs elsewhere on this site, these figures are not computed and do not come from a government production report — no such dataset exists for silver certificate prices. They reflect commonly observed dealer and auction ranges, they are wide on purpose, and a real price for your note comes from completed sales of the same series in the same grade.
How to be sure that is what you have
- Blue seal and blue serials, series 1928 through 1928E.
- The back has a large ornate "ONE" filling most of the design — quite unlike any later $1.
- "ONE DOLLAR IN SILVER PAYABLE TO THE BEARER ON DEMAND" on the face.
Why it is priced the way it is
This is the note that started the small-size format in 1928, when US currency shrank to the dimensions still used today. Circulated examples are affordable and common enough, but the later sub-series were printed in far smaller numbers — 1928E in particular is genuinely scarce and worth many times the base series.
Varieties that change the answer
Most signature and series-letter combinations make no practical difference. These do.
- 1928 to 1928D. The common run. Values track the band above.
- 1928E. A short printing and much scarcer. Expect several times the base figures, and more again uncirculated.
Check the serial number before you conclude anything
A collector pattern in the eight digits adds a premium on top of whatever the note is worth as a 1928 silver certificate, and it is the one factor nobody checks. A solid, a ladder, a radar or a serial under 100 can be worth more than the note itself.
Silver certificates are not Federal Reserve Notes, so the letter before the serial is a block letter rather than a Federal Reserve district. Our checker tests the eight digits for collector patterns, which applies here exactly as it does to any other note — but ignore the district and series decoding it reports for a silver certificate, because that is Federal Reserve Note logic.
Check a serial for collector patterns — it tests all 34 at once and shows the computed odds for each.
Replacement notes
Star notes from the 1928 series are scarce in any grade and are one of the better targets in small-size silver certificates.
Questions
How much is a 1928 silver certificate worth?
In circulated condition, a $1 runs $15 – $45. Uncirculated examples are worth considerably more. Condition drives the answer more than anything else, and the ranges are wide because the market for these is set by completed sales rather than a price list.
Is a 1928 silver certificate rare?
Scarcer than the common small-size series, yes, but "rare" overstates it. What you have is an old note in a market with steady demand, and the price depends mostly on how well it survived.
Can I still redeem a silver certificate for silver?
No. Redemption for silver ended in June 1968. A silver certificate is still legal tender at face value, which is why a worn common one is worth a little over face rather than nothing — but the silver promise printed on it is no longer honoured.
Does the serial number affect the value?
It can, and it is the one thing most people never check. A collector pattern in the eight digits — a solid, a ladder, a radar, a very low number — adds a premium on top of whatever the note is worth as a silver certificate. The patterns and their odds are the same as on any other US note.
Selling one? Where to sell rare currency covers the options and what each costs you.