A plain-English primer for anyone buying, selling, or just curious about old American currency.
Large-Size vs. Small-Size
“Large-size” notes were printed before 1929 and are noticeably bigger than modern bills — collectors call them “horse blankets.” In 1928–29 the government shrank currency to today’s size (“small-size”). Both are collectible; large-size notes are generally older, scarcer, and among the most beautiful money this country ever printed.
The Major Types
Gold Certificates — once redeemable in gold coin; typically a gold or orange seal. Silver Certificates — once redeemable in silver; often blue seals. United States (Legal Tender) Notes — red seals; among the longest-running U.S. types. National Bank Notes — issued by federally chartered local banks, each carrying its bank’s name and hometown. Federal Reserve Notes — the type still in your wallet today. Confederate & Obsolete — Civil War-era and pre-Civil War bank notes.
Grading
Paper money is graded on a 1–70 scale, from Poor to Gem Uncirculated. Third-party services (PMG and PCGS Banknote) authenticate and grade notes, sealing them in tamper-evident holders (“slabs”). Designations like EPQ or PPQ mean the paper is original and undisturbed. Raw (uncertified) notes are graded by the seller’s judgment — which is why who is grading matters.
What Drives Value
Rarity (the Friedberg number and any variety — star notes, mules, low serials), condition and grade, eye appeal, and current demand. Two notes of the same type and grade can be worth very different money based on the specific variety and how it looks in hand.
When Certification Is Worth It
For investment-grade and higher-value notes, third-party certification protects both buyer and seller and usually pays for itself. For inexpensive or heavily circulated notes, slabbing often costs more than it adds. We’ll give you a straight answer on which side of that line a note falls.