When most people think of coin collecting, they picture Morgan Dollars, wheat pennies, and gold coins. But there's an entire world of collectible paper currency that many hobbyists overlook — and it's one of the most fascinating and rewarding areas of numismatics.
Gold Certificates, Red Seal United States Notes, Silver Certificates, and other obsolete U.S. paper currency offer collectors a tangible connection to eras of American history that no longer exist. These aren't just old bills — they're artifacts from a time when the paper in your pocket was directly backed by gold or silver sitting in a government vault.
If you've ever been curious about collecting old paper money, or if you've recently discovered some interesting bills in a family collection, this guide will walk you through the major types of collectible U.S. currency, what makes them valuable, and how to get started.
Why Collect Paper Currency?
Paper money collecting — known formally as notaphily — appeals to collectors for several reasons that coins alone can't match.
First, there's the artwork. U.S. currency from the late 1800s and early 1900s features some of the most intricate and beautiful engraving ever produced by the Bureau of Engraving and Printing. Large Size Notes in particular — those issued before 1929 — are significantly bigger than modern bills and showcase elaborate designs, ornate borders, and detailed vignettes that make modern currency look plain by comparison.
Second, there's the history. Each type of U.S. currency tells a story about the economic policies, political decisions, and financial systems of its era. Gold Certificates represented actual gold on deposit. Silver Certificates could be redeemed for silver dollars. National Bank Notes were issued by individual banks across the country. Each note is a window into a different chapter of American monetary history.
Third, there's the scarcity. Paper money is inherently more fragile than coins. Bills get folded, torn, stained, and discarded at far higher rates than metal currency. As a result, surviving examples — especially in higher grades — can be genuinely rare and valuable. Our certified currency collection features hand-selected notes that have survived decades in remarkable condition.
Gold Certificates: Paper Backed by Real Gold
Gold Certificates are among the most popular and visually striking collectible notes in American numismatics. These notes were issued by the U.S. Treasury and were redeemable for their face value in gold coin. They were used primarily for large transactions and bank-to-bank transfers, though smaller denominations circulated publicly as well.
The most commonly encountered Gold Certificates for collectors are the Series 1922 notes, issued in denominations from $10 to $1,000. These Large Size Notes feature distinctive gold-tinted paper and orange-gold backs that make them immediately recognizable.
The $10 Gold Certificate from 1922 is one of the most accessible entry points into Gold Certificate collecting. Featuring a portrait of Michael Hillegas — the first Treasurer of the United States — on the obverse, these notes are large, beautiful, and available in a range of conditions and price points. You can find an example in our currency collection, and it's the kind of note that stops people in their tracks when they see it for the first time.
The $20 Gold Certificate (Series 1922) features George Washington and is another popular collector piece, as is the $50 featuring Ulysses S. Grant. Higher denominations — $100, $500, and $1,000 Gold Certificates — exist but are significantly rarer and more expensive.
Gold Certificates were officially withdrawn from circulation in 1933 when President Franklin D. Roosevelt issued Executive Order 6102, which required citizens to turn in most of their gold coins, bullion, and Gold Certificates. While the legal restriction on holding Gold Certificates was lifted in 1964, the fact that so many were turned in and destroyed during the 1930s contributes to their scarcity today.
For collectors, Gold Certificates offer a unique combination of beauty, history, and tangible connection to the gold standard era. They pair exceptionally well with pre-1933 U.S. gold coins for collectors interested in building a gold-themed collection.
Red Seal United States Notes: America's First Paper Currency
If you've ever come across a bill with a bright red Treasury seal and serial numbers, you've found a United States Note — one of the oldest forms of American paper currency still occasionally found in circulation.
United States Notes (also called Legal Tender Notes) were first authorized by Congress in 1862 to help finance the Civil War. They were the first nationally issued paper currency — predating Federal Reserve Notes by more than 50 years. Unlike Gold or Silver Certificates, United States Notes weren't backed by specific metal reserves. Instead, they were backed by the "full faith and credit" of the U.S. government, similar to the Federal Reserve Notes we use today.
The distinctive red seal makes these notes instantly identifiable. They were issued in denominations from $1 to $10,000, though collectors most commonly encounter them in $2 and $5 denominations from the 1928 through 1963 series.
Small Size Red Seal notes from the late 1920s and 1950s are very collectible and surprisingly affordable in lower grades. A circulated 1928 series $5 Red Seal, for instance, can be purchased for well under $100, making them an excellent starting point for new currency collectors. We carry select examples in our currency collection, including the 1928F series that represents one of the later printings of this classic design.
Large Size Red Seal notes from the 1800s and early 1900s are considerably rarer and more expensive, but they're also some of the most beautiful pieces of American paper currency ever produced. The intricate engraving, large format, and historical significance make them prized additions to any serious collection.
Silver Certificates: Redeemable for Real Silver
Silver Certificates were issued from 1878 to 1964 and could be redeemed at any U.S. bank for their face value in silver dollars or silver bullion. They represent another fascinating chapter in American monetary history — a time when paper money had a direct, tangible link to precious metals.
The most commonly collected Silver Certificates are the small-size $1 notes from the 1935 and 1957 series, identifiable by their blue Treasury seal and serial numbers. These are abundant in lower grades and very affordable — you can often find circulated examples for just a few dollars above face value. They make excellent gifts for young collectors or anyone interested in monetary history.
The end of Silver Certificates came gradually. In 1964, the Treasury stopped redeeming them for silver dollars, and in 1968, redemption in silver bullion ended as well. Today, Silver Certificates are legal tender at face value — but their collector value far exceeds the numbers printed on them.
National Bank Notes: Hyper-Local Collecting
One of the most unique areas of currency collecting is National Bank Notes — bills issued by individual nationally chartered banks from 1863 to 1935. These notes bear the name of the issuing bank and city, making them intensely personal to collectors. Imagine holding a $10 bill issued by the First National Bank of your hometown in 1902 — that's the appeal.
Values vary dramatically based on the issuing bank, state, denomination, and condition. Notes from small towns can be extremely rare, with only a handful of known survivors. Common large-city notes in lower grades might start around $75 to $150, while rare territorial or small-town notes can bring thousands. They complement coin collections beautifully, especially for collectors interested in local or regional history, and pair well with other currency types for a comprehensive American money collection alongside your coin holdings.
How Paper Currency Is Graded
Just like coins, paper currency is graded on a standardized scale that dramatically affects its value. The primary grading service for currency is PMG (Paper Money Guaranty), which is part of the same parent company as NGC. PCGS also offers currency grading through PCGS Banknote.
The grading scale for currency uses a 1 to 70 system similar to coins, with the following general ranges:
Good to Very Good (G/VG, grades 4-10): Heavy circulation wear, possible tears, stains, or writing. The note is complete and all major design elements are visible, but the paper is limp and well-used. For rare notes, even these grades can be valuable.
Fine to Very Fine (F/VF, grades 12-35): Moderate circulation with visible fold lines, but the note retains reasonable crispness and eye appeal. This is a popular grade range for collectors building type sets, as it offers a balance between condition and affordability.
Extremely Fine to About Uncirculated (EF/AU, grades 40-58): Light handling with minimal fold lines. The note retains most of its original crispness, color, and detail. Notes in this range represent excellent value for collectors who want high quality without gem prices.
Uncirculated (grades 60-70): No folds or circulation wear. The note retains its original crispness, color, and embossing. Gem Uncirculated notes (grades 65 and above) command the highest premiums, especially for scarcer types.
As with coins, certification matters enormously for currency. A professionally graded and encapsulated note from PMG or PCGS Banknote gives buyers confidence in both authenticity and condition — which is critically important given the prevalence of altered, repaired, and counterfeit notes in the market.
How to Start a Currency Collection
If you're interested in adding paper money to your collecting pursuits, here are some practical approaches:
Start with a type set. Acquire one example of each major currency type: a Gold Certificate, a Red Seal United States Note, a Silver Certificate, a National Bank Note, and a Federal Reserve Note. This gives you a comprehensive overview of American paper money history in just five notes. You can build this set in circulated grades for a few hundred dollars total.
Focus on a denomination. Some collectors pursue all the different types of $5 bills, or all the varieties of $1 Silver Certificates. Denomination-focused collecting provides a clear, achievable structure.
Collect by era. Large Size Notes (pre-1929) offer maximum visual impact and historical interest. Small Size Notes (1929-present) are more affordable and easier to store. Choose the era that appeals to you most.
Go local. If National Bank Notes interest you, start by researching which banks in your area issued currency. Pursuing notes from your home state or city adds a deeply personal dimension to the hobby.
Buy certified when possible. Especially for higher-value notes, purchasing PMG or PCGS Banknote certified currency protects you from the risks of altered or repaired notes. The certification holders also provide excellent long-term storage and protection.
Our currency collection at Certified Coin Vault is a great place to start exploring. We carry select Gold Certificates, Red Seal notes, and other collectible currency — each chosen for its quality, historical interest, and collector appeal.
Currency and Coins: Better Together
One of the things we love about collectible currency is how well it complements a coin collection. A collector who owns a certified gold eagle from the 1890s can pair it with a Gold Certificate from the same era — holding both the coin and the paper that represented it. Someone building a half dollar collection spanning the 20th century can add Silver Certificates from the same period to create a more complete picture of American money.
Currency also makes for spectacular display pieces. A framed Large Size Gold Certificate or a beautifully preserved Red Seal note catches the eye in a way that even the finest coins can't quite match — simply because of their larger size and elaborate designs.
And for gift-giving, collectible currency is hard to beat. A genuine Gold Certificate from 1922 or a crisp Red Seal from the 1950s makes a memorable, meaningful gift that most people have never seen before. It's history you can hold in your hands.
Protecting Your Currency Collection
Paper money requires different care than coins. Use mylar or polyethylene currency holders to protect notes from oils, dirt, and environmental damage — never PVC-based holders. Always handle notes by the edges with clean, dry hands. Store your collection in a cool, dry place away from direct sunlight, ideally in a climate-controlled safe or safe deposit box.
Most importantly, never attempt to clean or press a note. Just as with coins, cleaning currency reduces its value. Pressing or ironing a note to remove fold lines is considered an alteration and will result in a "Details" designation from grading services, significantly reducing the note's market value. For valuable notes, buying certified examples from PMG or PCGS Banknote provides both authentication and excellent long-term protection in the encapsulated holder.
Explore the World of Collectible Currency
Whether you're a seasoned coin collector looking to expand into new territory or a complete beginner intrigued by the beauty of old paper money, collectible currency offers a rewarding and endlessly fascinating hobby. The history is rich, the designs are stunning, and the collecting community is welcoming to newcomers.
Ready to see what's available? Browse our curated currency collection to find Gold Certificates, Red Seal notes, and other collectible currency — all hand-selected for quality and historical significance.
And if coins are more your speed, don't miss our certified pennies, quarters, half dollars, and gold coins. Whether paper or metal, every item in our store has been independently authenticated and graded by NGC or PCGS — because trust is the foundation of everything we do at Certified Coin Vault.
Have questions about a specific note or need help getting started? Reach out to us anytime — we're here to help.