Currency Trivia: 1929

The last large-size US currency was printed in 1929. Ninety-six years ago, the United States fundamentally changed how its paper money looked and felt. This transition marked the end of an era and the beginning of the smaller, more familiar bills we use today. But what exactly was large-size currency, and why did the government make such a dramatic change?

What Does “Large-Size” Currency Mean?

Large-size US currency refers to paper money printed from 1861 through 1929 that measured approximately 7.42 inches by 3.13 inches. Compare that to today’s bills, which measure just 6.14 inches by 2.61 inches. While the difference might not sound significant on paper, holding a large-size note reveals just how substantial these bills were. They’re nearly an inch and a half longer and half an inch taller than modern currency.

The original size was chosen during the Civil War era when paper currency became a permanent fixture of American commerce. At the time, larger bills were considered more prestigious and harder to counterfeit. The intricate designs and detailed engravings that characterized these notes required the extra space to achieve their artistic and security goals.

Why the Switch Happened in 1929

The Bureau of Engraving and Printing had been studying ways to reduce currency production costs for years. By the late 1920s, the numbers were compelling. Switching to smaller notes would save approximately 35% on paper costs alone. With billions of notes printed annually, these savings added up quickly.

Beyond paper costs, the smaller size meant more efficient production. More notes could be printed per sheet, reducing labor costs and speeding up the printing process. Storage and transportation became more economical as well, since the same vault space could now hold significantly more currency.

The timing coincided with broader modernization efforts at the Bureau. New high-speed presses were being installed, and redesigning the currency offered an opportunity to incorporate improved security features. The transition wasn’t rushed; it was the result of years of planning and testing.

Types of Large-Size Notes

Collectors today can pursue several distinct types of large-size currency, each with its own history and characteristics:

Silver Certificates

These notes were backed by silver dollars held in the Treasury. Issued from 1878 to 1964 in various sizes, the large-size versions feature distinctive blue seals and serial numbers. They could be redeemed for actual silver coins at any bank.

Gold Certificates

Backed by gold held in Treasury vaults, these notes featured striking orange or gold-colored backs and seals. They were primarily used for large transactions and bank-to-bank transfers. Gold certificates were recalled in 1933 when private gold ownership was restricted, making surviving examples particularly desirable.

Federal Reserve Notes

First issued in 1914, these notes were backed by commercial paper and government bonds rather than precious metals. Large-size Federal Reserve Notes are relatively common in the collector market, though high-grade examples from certain districts command premium prices.

National Bank Notes

Perhaps the most fascinating category, these notes were issued by individual chartered banks across the country. Each note bears the name of the issuing bank and its location, creating thousands of different varieties. Notes from small towns or banks that operated briefly are especially sought after.

Collectibility and Value Ranges Today

Large-size currency has become a cornerstone of paper money collecting. Values vary dramatically based on type, condition, rarity, and visual appeal.

Common large-size notes in circulated condition, such as 1923 Silver Certificates, can be found for $30 to $75. These make excellent entry points for new collectors wanting to own a piece of monetary history.

Mid-range collectible notes typically sell from $100 to $500. This category includes better-preserved common types, interesting serial numbers, or notes from more desirable series.

Rare varieties can reach into thousands of dollars. National Bank Notes from small towns, high-denomination Gold Certificates, and notes with printing errors command significant premiums. A crisp, uncirculated $500 or $1000 Gold Certificate can sell for five or six figures at auction.

How to Identify and Authenticate Large-Size Notes

Authentication begins with understanding what genuine notes look like. The paper used for large-size currency contains distinctive red and blue security fibers embedded throughout. These fibers are part of the paper itself, not printed on the surface.

Examine the printing quality carefully. Genuine Bureau of Engraving and Printing work shows crisp, sharp lines with no bleeding or fuzzy edges. The intaglio printing process created raised ink you can feel by running your finger lightly across the surface.

Serial numbers and Treasury seals should align properly with consistent color saturation. Compare any note you’re considering against known genuine examples or high-resolution images from reputable auction houses.

For valuable notes, professional grading and authentication through services like PCGS Currency or PMG provides peace of mind. These services encapsulate notes in protective holders with grade assessments, making them easier to buy and sell with confidence.

Building a Large-Size Collection

New collectors might start with a type set, acquiring one example of each major category. This approach provides variety while teaching the nuances of different issues. Others focus on a single denomination, seeking examples from different years and issuing authorities.

Whatever approach you choose, large-size currency offers a tangible connection to American history. Each note tells a story of the banks, businesses, and people who used them during a transformative period in our nation’s financial development.