two $5 notes

[tigerbychild]

My husband is a mechanic with a big honest heart (I know....it's shocking huh), and happened to be at a gas station when an elderly man pulled in. His car was smoking, so my husband walked over to see if he needed assistance. The mans car had a busted radiator hose so my husband offered to take him to get a new hose and put it on for him, the old man accepted the offer. After my husband had fixed the car the old man offered to pay him, my husband said "no", "and that he was happy to help". The old man came over to me and handed me $35, then left. I looked at the bills and noticed that some of them looked "different". One of the $5 bills was a silver note, the other $5 bill had a red seal on it, and the $1 bills (five of them) were silver notes. OK, now the questions.......

why would this man be carring these around?
what does the red seal mean?
this is the first $5 silver note I've ever seen, did they make larger denominations too?
what is their worth?
how do I protect them?

thanks for any info

 

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[TreasureTales]

Like most other collectibles, currency values are based on condition and scarcity. The note with the red seal is called a US NOTE, and the silver one is known as a SILVER CERTIFICATE. What their values are is ultimately determined by what someone is willing to pay for them. On eBay you might be able to sell them for more than face value. Coin dealers may or may not be as interested, but you won't know unless you ask a dealer. To protect them you can purchase (inexpensively) some small note protectors from any coin dealer. Be sure to buy those that are acid-free, most are anyway. Why the elder man had them is hard to say. Maybe he withdrew some cash from his safe or a safe deposit box so that he could pay cash to get his car fixed. Or maybe he had to remove some bills from his own private collection in order to pay for car repairs. Who knows?

Your husband did a good thing and will undoubtedly be repaid many times over as a result of his good deed. I tip my hat to him.

 

[EDDE]

prolly the old dude has been hording cash for eons hence the older bills

 

[aa battery]

My question is did he have a white beard and dressed in red.

 

[Michael Karr]

OLD PEOPLE STACH MONEY ALL OVER,THAT DAY HE GOT IN AN OLD STACH,AND PULLED THAT MONEY OUT,HE THOUGHT IT WAS TIME TO SPEND IT,,,,,,,,,,,,,,,,,,,MIKE

 

[tigerbychild]

Actually he was dressed in a suit (on a very hot day ), and he said he was a preacher from Mississippi and on his way home. I'm glad we ran into each other....he was a sweet old man....so ya think that the bills were just a normal thing to him? How strange....how common do ya think that is? Sorry for the sort of simple question...I've never really thought about it till now. Plus I never had a place to talk (with like minded folks) about it till now. So really, what does the red seal mean?

 

[TreasureTales]

Actually he was dressed in a suit (on a very hot day ), and he said he was a preacher from Mississippi and on his way home. I'm glad we ran into each other....he was a sweet old man....so ya think that the bills were just a normal thing to him? How strange....how common do ya think that is? Sorry for the sort of simple question...I've never really thought about it till now. Plus I never had a place to talk (with like minded folks) about it till now. So really, what does the red seal mean?

I'm going to give you some advice here. I'm not trying to be harsh, just trying to EDUCATE you a little. You obviously have a computer, so use your search engine. Type into Google or Yahoo or Ask?.com the following words, exactly like this "United States Note" Your first and therefore closest match to those words will probably be a definition from Wikipedia. Read the Wikipedia description and history of the US Note. You'll know everything you want to know and then some. As treasure hunters, we need to learn to do RESEARCH. Personal computers have made doing research extremely easy from the comfort of our own homes and/or offices. Learn to do research and you will learn to be a better treasure hunter. You'll also learn what things are valuable and what is hot in the collector markets.

You can also do a search at online auctions like eBay. There you will find what specific items are worth to people because the auctions show what people are willing to pay. You could check an auction for a bill like your US Note and see what the winning bid was. It will give a pretty good idea of what your bill is worth, of coures the auction item and your item will have to be similar or the same in condition, age, denomination, etc. to get an accurate idea of value.

Do your research, you will learn more in many ways than merely asking us for help. WE ARE WILLING TO HELP, and WE WILL HELP, and this post is also offered as help to you. Learn to help yourself and you will be far better off. After you try to learn for yourself, then come back if you still have questions. Tell us what you know and what you still need to know and then we can help you fine-tune your information.

Please, take this advice in the friendly and helpful spirit in which it is given and you will someday thank me for teaching you how to help yourself.

 

[tigerbychild]

I did do some research, but I used different words. I got allot of ebay auctions, but they didn't explain what the red seal was for, I saw that they called it a "United States Note" but I did not realize it was issued by a different area of the government. I don't want to sell it, I just got curious about general value from reading some of the other post here. I treasure hunt mostly because I like the "feel" of the object in my hand or the creative energy it holds. I collect everything from art to artifacts, I surround myself with all of it and sometimes use them for inspiration....I use my computer for research very often, but it's mostly art history, that is one of my expertise.....many many years of education. This is fairly new to me, and I don't know the "lingo",or the defining terms, so please pardon my slow progress. Thank you for the advice though, I'm just not sure what/how to ask now

 

[TreasureTales]

Throughout the history of American paper money (currency) different types have been issued. Some currency notes were issued with silver backing them up--Silver Certificates. With Silver Certificates technically a person (prior to 1964, after 1964 this law was changed and this no longer applies)could go to a Federal Bank and redeem the Silver Certificate for a like amount in silver dollars. Again, this is information available online at places like Wikipedia.

There were also Gold Certificates that prior to 1934 could be redeemed for gold coins. See, at one time our money was backed by REAL gold and silver. It no longer is. Now it is "backed" or "supported" by good faith only.

OK, so along come United States Notes which were actually issued by the US Government as general circulation currency. They were as good as any other currency and are still perfectly good to spend on anything you want. But they were discontinued in 1970, and once something is discontinued it usually becomes collectible. US Notes were not backed by gold or silver, but they were redeemable for all debts public and private and were supported by the full faith and credit of the US Government. They were issued by the US Treasury Department.

Federal Reserve Notes, the ones we see all the time today, are issued by a PRIVATE corporation...which just so happens to be UNCONSTITUTIONAL, but who reads the Constitution anymore Not the politicians, that's for sure. (Sorry, got off on a political rant. LOL)
These bills (currency) are backed by the faith people put in our country. This money has no real backup or support. It is not supported by gold nor silver nor the US Government in actuality. They are issued by a private bank that is contracted by the government, hence the name United States Federal RESERVE Bank. It's not really a part of our government but it is treated as if it is. If somebody gave me a fistful of Federal Reserve Notes (our current form of currency) I certainly wouldn't turn them down, but they don't have anything backing them up, unlike in the old days when our currency had REAL value. Of course, since the laws changed, Silver Certificates and Gold Certificates are no longer redeemable for silver and gold, they became virtually the same as Federal Reserve Notes. Except to collectors. Remember, if something is discontinued, it often becomes collectible.

It's not easy to explain these things completely because it is very complicated in many ways. Suffice to say that your US Note is no longer being made because the US Government itself no longer prints money for itself. If you were to read the entire Wikipedia description and history of the US Note you would see what I've been trying to explain here, only Wikipedia perhaps does so in a clearer way. You might want to give it a look-see and read the entire encyclopedic entry there.

 

[tigerbychild]

I looked up the Wikipedia description....I got off subject by following the links because I did'nt know what it was. Your explanation......sweet and to the point.......now I get it. This is very interesting.......

"Federal Reserve Notes, the ones we see all the time today, are issued by a PRIVATE corporation...which just so happens to be UNCONSTITUTIONAL, but who reads the Constitution anymore  Not the politicians, that's for sure. (Sorry, got off on a political rant. LOL)
These bills (currency) are backed by the faith people put in our country.  This money has no real backup or support.  It is not supported by gold nor silver nor the US Government in actuality.  They are issued by a private bank that is contracted by the government, hence the name United States Federal RESERVE Bank.  It's not really a part of our government but it is treated as if it is.  If somebody gave me a fistful of Federal Reserve Notes (our current form of currency) I certainly wouldn't turn them down, but they don't have anything backing them  up, unlike in the old days when our currency had REAL value.  Of course, since the laws changed, Silver Certificates and Gold Certificates are no longer redeemable for silver and gold, they became virtually the same as Federal Reserve Notes." 

......a PRIVATE corporation....not really a part of our government.....hmmm

 

[diggummup]

The old guy probably has cash stashed all over his house.His eyes aren't what they used to be.He just grabs a pile of bills whenever he needs some.He said he was a preacher,he probably has ALOT of money stashed all over place!

 

[Ricardo_NY1]

They are both collectible/sellable notes. A quick glance shows a 1934 in at least a fine + and a 1963? (small pic) in probably VG condition. Each one would probably sell on Ebay from around $7-9 dollars, the silver cert $5 note in my opinion would sell better and quicker. Silver cert $1 in umcirculated condition, unless they are a certain series are worth very little over face value, however, I am suprised every month by what some people have started to pay for circulated 1935 and 57 $1. This older gent probably saved alot or most of his money in the early years and doesn't care for currency as a collectable item like we do.

 

[mikesand]

hey i absolutely love to research. anything new to learn, i crave the knowledge... i have a few of the five's printed in red ink also. and i checked this link to further my knowledge about them as well. thanks for your help.

 

[Digginman]

I looked up the Wikipedia description....I got off subject by following the links because I did'nt know what it was. Your explanation......sweet and to the point.......now I get it. This is very interesting.......

"Federal Reserve Notes, the ones we see all the time today, are issued by a PRIVATE corporation...which just so happens to be UNCONSTITUTIONAL, but who reads the Constitution anymore Not the politicians, that's for sure. (Sorry, got off on a political rant. LOL)
These bills (currency) are backed by the faith people put in our country. This money has no real backup or support. It is not supported by gold nor silver nor the US Government in actuality. They are issued by a private bank that is contracted by the government, hence the name United States Federal RESERVE Bank. It's not really a part of our government but it is treated as if it is. If somebody gave me a fistful of Federal Reserve Notes (our current form of currency) I certainly wouldn't turn them down, but they don't have anything backing them up, unlike in the old days when our currency had REAL value. Of course, since the laws changed, Silver Certificates and Gold Certificates are no longer redeemable for silver and gold, they became virtually the same as Federal Reserve Notes."

......a PRIVATE corporation....not really a part of our government.....hmmm

Yep, the Federal Reserve isn't Federal at all.

DM

 

[fyrfighter17]

United States Red Seal Notes
Currency with a red treasury seal and red serial numbers is one of the most curious types of money to be found in circulation. These notes are printed with the words "United States Note" in the scrollwork at the top center of the note. These notes, issued at a time when money was redeemable for gold or silver, were backed only by the credit of the United States Government. They were issued in $1, $2, $5 and $100 denominations.
Every type of currency has an obligation printed on the note. An obligation describes how that type of note may be used or redeemed. On Red Seal notes beginning in the 1928 series, the obligation states:

"This note is a legal tender at its face value for all debts public and private except duties on imports and interest on the public debt."

In May of 1933 the obligation was changed to read:

"This note is a legal tender at its face value for all debts public and private."

It was changed again in 1963 and notes of that series say:

"This note is legal tender for all debts, public and private."


The $1 Red Seal is very popular with collectors since it was only issued with the 1928 series date and less than two million notes were printed. The 1966 $100 red seal is currently the most valuable as well as the last of this type of note.

1928 $5 Red Seal notes will bring some premium even in circulated grades though the note was printed into the 1950 (series 1928 A-F). It was replaced by the 1953 series (A-C) and the 1963 series, the last of this type of note. This last group currently only brings a premium in high grade


from coinsite.com