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1928 Silver Certificate $1 Funny Bak Currency
 
 
Current Bid:   Maximum Bid:
$29.00 $
(enter $31.00 or more)
Time Remaining: Closed
Opening Bid: $1.00
Bid Increment: $2.00
Quantity: 1
Number of Bids: 14 (Bid History)
Open Date: Feb 24, 2012 04:00:00 AM EST
Close Date: Feb 26, 2012 05:08:00 PM EST
Listing Type: English Auction
Auction #: 552750
SKU #: 64000579
 
 
PRODUCT DESCRIPTION:
 

1928 Silver Certificate $1 Funny Back Currency

As many collectors know, when the Federal government?s first general circulation paper money was issued to finance the Civil War it copied the size of bank notes then circulating which were familiar to the public. These notes measured 7.5 inches across and 3 1/8 inches high. But after 60+ years printing currency, requirements for the special paper on which the notes were printed had reached such a level, that bean counters in the government figured they could save a buck or two by reducing the size of these notes.

The feds had been experimenting with printing smaller 6 1/4 by 2 5/8 Silver Certificates and Treasury Certificates for the Philippines, which the U.S. had acquired as a colony following the Spanish American War. These ?Philippine Size? notes were 60% smaller than the old large size ?saddle blanket? notes. The Philippine bills were printed at the Bureau of Engraving and Printing just like U.S. paper money. Their faces said they were backed by U.S. gold coins, and politicians referred to them as ?junior U.S. dollars.?

Their ready acceptance, and economy attracted officials with sharp pencils trying to keep up with burgeoning currency requirements. So Treasury secretary Andrew W. Mellon called for new designs in a smaller form. In May 1927, Mellon approved the new designs, including the so-called ?Funny Back? for the One Dollar Legal Tender Notes (U.S. Notes) and Silver Certificates. Other classes of currency (Gold Certificates, National Currency) did not have the one dollar denomination, and $1 Federal Reserve Notes did not arise until 1963.

BEP engravers of the small size note back mimicked the style of the back design used on the then current large size dollars, creating ?generic? designs which just said ONE DOLLAR but not specifying what kind of currency (Silver Certificate, U.S. Note) a note was. This was economical because it allowed the back design to be used on several classes of currency, speeding up and simplifying currency production.

BEP presses began cranking out small size U.S. currency beginning in 1928, and when sufficient quantities were on hand, notes were released after the beginning on the next Fiscal Year. These stream-lined bills debuted July 10, 1929. First issued were Series 1928 Tate-Mellon Silver Certificates. More than 600 million were printed. Five additional series (1928A, 1928B, 1928C, 1928D, 1928E) with a variety of signature combinations, due to musical chairs in the Treasury Department, followed totalling nearly three billion more bills.

This frequent turn over brought about approval to overprint signatures rather than engrave them on the high volume one dollar notes. So another ?Funny Back? note Series of 1934 Silver Certificate with imprinted signatures of Treasurer W.A. Julian and Treasury Secretary Henry Morgenthau appeared. To accommodate this overprinting many of the design features on the note face were rearranged.

However, the famous portrait of George Washington after a painting by Gilbert Stuart, engraved in 1918 by BEP chief engraver G.F.C. ?Fred? Smillie. and the ?Funny Back? carried over.


Guaranteed Authenticity
Guaranteed Forensic Authenticators (GFA) certifies the grade and authenticity of the following coin(s) is US minted rare coin and is in Mint State Plus condition.
GFA guarantees your coin for up to one year from the date of purchase, providing the coin('s) sonic sealed case or heat sealed slip is not broken, cut, and/or tampered with in any way.





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