The Enigmatic Series of 1928D $5 Federal Reserve Note

Part of the so-called “Gold Clause” Federal Reserve Notes first issued under the Series of 1928, the $5 Federal Reserve Notes issued under the Series of 1928D account for a rare series imprint for the type that can only be found on the Atlanta district. These notes are seldom encountered as the recorded population numbers fewer than 70 pieces overall. Most survivors fall around the middle of the grading spectrum and examples without apparent signs of technical circulation represent major rarities, seldom offered and typically only years apart.

Little is known about this enigmatic series imprint. It was printed during the early months of Franklin Roosevelt’s presidency as reflected by the short-lived Woods – Woodin signature combination. Per Jamie Yakes in Paper Money, plates were prepared for several districts starting in May 1933 after Executive Order 6102 had been imposed in April.

Atlanta was ultimately the only district to issue notes with this series imprint and “tens of thousands” were released before the production of all “Gold Clause” Federal Reserve Notes ceased by February 1934. Those that went unissued were ultimately destroyed, as notes bearing newer series imprints absent the obsolete “Gold Clause” became more available, with time accumulating in even greater numbers among government stockpiles.

Today Federal Reserve Notes issued under this short-lived series imprint are popular with collectors, often bringing strong realizations reflective of their rarity. In our February 2026 Collectors Choice Auction (Lot 93317) an example realized approximately $1,920 against an estimate that proved rather conservative in retrospect.

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