Lisa W. writes: I would like to find the value if any of a $5 bill that I have, or any information on what it is. The issue date is 1928 and the main difference is this bill has printed on it that it is payable in gold on demand. I have never seen any other bill with this printed on it. Can you be of any help? The bill in is good condition, but it is fairly worn and wrinkled, but no rips or tears and barely faded. Thanks for any help you could give me.
You have a 1928 $5 Federal Reserve Note. The obligation printed on the note at that time was for redemption for $5 in gold coin at a Federal Reserve or member bank. The convertibility of currency for gold ended, by Presidential decree, in 1933. The note does have collector value. Please see the What’s it Worth? page to learn the current market value.
All paper money has an obligation, that is how the note can be redeemed. A long time ago, the United States was on a bi-metal system and paper money was a receipt for bullion in the form of gold or silver coins. Gold Certificates were receipts and could be redeemed on demand for its face value in gold. Until 1933, your $5 gold certificate would have gotten you a $5 gold piece on demand at your local bank.
