1928 Silver Certificate Value: $1 Funnyback Price Chart

Series 1928. Nicknamed the "Funnyback": the Treasury seal on the front has spiked rays, and the text below the Washington portrait reads ONE SILVER DOLLAR; the back is printed with an unusually large ONE in lighter green ink, a design element newly added compared with the previous (1923) issue.

• Series 1928 — Tate (Treasurer) and Mellon (Secretary), blue seal
• Series 1928A — Woods (Treasurer) and Mellon (Secretary), blue seal
• Series 1928B — Woods (Treasurer) and Mills (Secretary), blue seal
• Series 1928C — Woods (Treasurer) and Woodin (Secretary), blue seal
• Series 1928D — Julian (Treasurer) and Woodin (Secretary), blue seal
• Series 1928E — Julian (Treasurer) and Morgenthau (Secretary), blue seal

This certifies that there has (or have) been deposited in the Treasury of the United States of America X silver dollar(s) payable to the bearer on demand (some versions read "X dollars in silver coin payable to the bearer on demand")

• The Treasury seal on the front is blue with spiked rays
• The text below the Washington portrait reads ONE SILVER DOLLAR (not yet changed to ONE DOLLAR)
• The back is the "Funnyback": an unusually large, lighter-green ONE in the center
• The serial numbers are blue

Difference from the 1934 series: the 1934 series changed the front text to ONE DOLLAR and moved the seal to the right, overlapping the ONE, and added a blue numeral 1 on the left; but the Funnyback design on the back is the same as 1928, so the back alone cannot distinguish 1928 from 1934 — check the front text and seal position instead.

Distinguished from the 1928 series only by the signatures.

Distinguished from the other 1928 lettered varieties only by the signatures.

Greysheet (Greensheet & Friedberg CPG) retail value ranges, updated September 25, 2026, from a worn circulated note to a top-grade crisp uncirculated one:

• 1928 (Fr. 1500): $80–$8,000
• **1928 Star Replacement (Fr. 1500*):** $1,100–$35,000
• 1928 (Fr. 1600): $21–$1,200
• **1928 Star Replacement (Fr. 1600*):** $50–$1,900
• 1928A (Fr. 1601): $21–$1,000
• **1928A Star Replacement (Fr. 1601*):** $30–$3,000
• 1928B (Fr. 1602): $20–$1,400
• **1928B Star Replacement (Fr. 1602*):** $65–$4,000
• 1928C (Fr. 1603): $68–$3,000
• **1928C Star Replacement (Fr. 1603*):** $1,800–$18,000
• 1928D (Fr. 1604): $30–$2,500
• **1928D Star Replacement (Fr. 1604*):** $1,000–$100,000
• 1928E (Fr. 1605): $200–$3,000
• **1928E Star Replacement (Fr. 1605*):** $5,500–$34,000

The low end is a folded, circulated note; the high end is a gem uncirculated note, usually one certified by PMG or PCGS Banknote. Star notes (a star next to the serial number) replaced misprinted sheets and usually sell above the regular note. Condition moves the price more than anything else: a note that has been folded even once is no longer uncirculated. Fancy serial numbers can add more; check yours with the serial number checker.

A circulated 1928, 1928A or 1928B $1 silver certificate lists $8–$22, while the scarcer letters list higher: 1928C $20–$125, 1928D $20–$55 and 1928E $300–$700+ (US Currency Auctions, viewed September 25, 2026). Uncirculated notes list $50+ for 1928 to 1928B, $300+ for 1928D, $450+ for 1928C and $1,500+ for 1928E. Those are Fine to Extremely Fine figures; the Greysheet ranges in the chart above run from a worn low grade up to top-grade certified notes, which is why their upper ends are much higher.

The first two lines of the Greysheet chart above, 1928 (Fr. 1500) and its star (Fr. 1500*), come from Greysheet's legal tender listing: Fr. 1500 is the Series 1928 $1 United States Note, which has a red seal, not a blue one. It is not a silver certificate. Wikipedia notes that only a small number of these red-seal $1s entered circulation when issued in 1933 and the rest were kept in Treasury vaults until 1949, when they were issued in Puerto Rico. US Currency Auctions lists it at $20–$50 circulated and $250+ uncirculated (viewed September 25, 2026). If your 1928 $1 has a blue seal, use the Fr. 1600 to Fr. 1605 lines.

Three things: the series letter, a star, and condition. Among blue-seal $1s, 1928C, 1928D and 1928E are the scarce letters. 1928C and 1928D carry the signature of William H. Woodin, who was Secretary of the Treasury only from March 1933 to December 31, 1933 (Wikipedia), and 1928E carries the Julian and Morgenthau pair. Stars on these letters are the most valuable: Greysheet (September 25, 2026) ranges the 1928C star at $1,800–$18,000, the 1928D star at $1,000–$100,000 and the 1928E star at $5,500–$34,000. On the plain 1928, 1928A and 1928B, a note that has never been folded is the main thing that lifts the price.

The serial number is printed in blue on the front: a letter, eight digits and a letter; on these older notes a replacement star usually comes before the number, as in *75681423A (US Currency Auctions). Then:

• Read the series letter next to the year, or match the signatures in the list above.
• Check the seal colour: blue means silver certificate, red means the Fr. 1500 United States Note.
• Look for folds, soiling and edge wear; any fold means it is not uncirculated.
• Compare with the price lines above. For a 1928C, 1928D, 1928E or any star, grading by PMG or PCGS Banknote is worth it before selling.