Collectors rarely encounter a $2 note like this.
A 1928E $2 Legal Tender Star Note graded PMG Choice Uncirculated 64 EPQ will appear at auction when Stack’s Bowers Galleries presents its U.S. Currency Rarities Night sale on March 12.
At first glance, it may resemble a typical small-size $2 bill. Yet the note tells a far deeper story. Its rarity stems from a perfect storm of factors: a short-lived signature combination, replacement-note status, and exceptional preservation.
For advanced collectors, this piece represents far more than a denomination novelty. It stands among the most elusive survivors of its kind.
The Enduring Appeal of the $2 Note
The $2 note has always occupied a special place in American currency collecting.
Although millions entered circulation over the decades, the denomination never achieved the everyday familiarity of the $1 or $5 bill. As a result, collectors developed a lasting fascination with the note.
However, the importance of this example begins with its series.
The Series of 1928 introduced the first reduced-size U.S. paper money. The government adopted the smaller format to reduce printing costs and simplify handling. Consequently, the issue marked the beginning of the modern era of American currency.
Collectors today often seek high-grade examples from these early small-size issues.
A Signature Pairing That Barely Lasted a Year
The historical story behind this note centers on its signatures.
The note carries the engraved signature of Treasurer of the United States W.A. Julian, who served from 1933 to 1949. Julian’s tenure set a record for length of service. During those years, he worked with multiple Treasury Secretaries under two presidential administrations.
One of those officials was Fred M. Vinson of Kentucky.
President Harry S. Truman appointed Vinson as Secretary of the Treasury in 1945. Yet his time in the position proved brief. In 1946, Truman nominated Vinson to become Chief Justice of the United States.
The Senate confirmed the appointment. Vinson therefore joined a small group of Americans who served in all three branches of the federal government.
Because of this transition, the Julian–Vinson signature combination appeared on currency for less than a year, between 1945 and 1946.
Naturally, that short window limited the number of notes produced.
Replacement Star Notes Are Always Scarcer
This particular note becomes even more desirable because it is a replacement star note.
The Bureau of Engraving and Printing issued star notes only when it needed to replace defective sheets during production. These substitutes carried a star symbol in the serial number instead of a letter suffix.
Because of this process, replacement notes always exist in smaller quantities than regular issues.
The Series 1928E $2 Legal Tender Notes themselves are scarce. In fact, the entire printing represents only about 4.4% of the total number produced for the preceding Series 1928D.
Precise replacement totals remain unknown. Still, collectors understand that very few star notes emerged from such a limited production.
An Elite Survivor in Remarkable Condition
The rarity of this note becomes even clearer when examining population data.
According to Track & Price, only 32 examples appear in their database. Meanwhile, the PMG Population Report lists just 30 graded examples across all grades.
This particular note carries the grade PMG Choice Uncirculated 64 EPQ.
Even more remarkable, PMG reports only three notes at this level with none graded higher.
Auction records also tell a striking story. Only two examples at this grade have appeared publicly in the past twenty years.
In other words, collectors seldom receive an opportunity like this.
A Building Block for an Elite Collection
Serious currency collectors often search for notes that combine multiple layers of rarity.
This example delivers exactly that combination.
It features:
- The widely collected $2 denomination
- A first-generation small-size issue from 1928
- The short-lived Julian–Vinson signature pairing
- Replacement star note status
- Exceptional preservation
Taken together, these attributes create a note that few collectors will ever encounter in person.
When the hammer falls on March 12 at Stack’s Bowers Galleries, bidders will compete not simply for a $2 bill, but for one of the finest known survivors of a remarkable chapter in U.S. paper money history.
The post An Excessively Rare 1928E $2 Star Note Comes to Auction appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.
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