What’s my One Dollar Legal Tender Worth?
$1 Legal Tender red seal notes can be worth a lot of money depending on numerous factors we go over in this old money guide. As you can see, one dollar Legal Tenders were printed for 7 different years: 1862, 1863, 1869, 1874, 1875, 1878, 1917, and 1928. All Legal Tenders before 1928 are Large Size bills.
Almost all Legal Tender notes will come with a red seal and serial number ink. This is one of the easiest ways to quickly distinguish these notes, as well as them says “United States Note” somewhere on the bill. As you can see from the pictures above, most of these Legal Tender bills have George Washington pictured at the center of each banknote.
Determining the value of your old $1 Legal Tender will depend on many factors we list below, however, typically these banknotes are worth anywhere between $25 and over $1,000. The most common Legal Tender bill is the 1928 $1 Legal Tender note with George Washington pictured at the center.
If you’re unsure how much your Legal Tender is worth, contact us today and we’ll respond within 24 hours with how much your bill is worth along with our best offer, no obligations.
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The first and arguably most important factor is supply and demand. Typically with most Legal Tenders, the older the bills had smaller print runs than later issues, meaning less supply and oftentimes more demand. I’ve purchased bills from the late 1700s with incredibly low supply thinking the low supply would equate to high demand only to find this wasn’t the case.
One of the many reasons why Legal Tenders have the demand they do is because of their history. These $1 Legal Tenders were once fully redeemable at banks for their value in currency. This means even today you could bring a $1 Legal Tender to a grocery store and spend it, although I highly advise against it as these are now collectibles worth much more than their face value.
Something many people don’t take into consideration is rare serial numbers. If you’re unsure what a rare or fancy serial number is, check out this guide we wrote on fancies to learn more. A fancy serial number can dramatically increase the value of a banknote, regardless of type or condition.
Condition is a pivotal factor when trying to figure out how much your $1 Legal Tender is worth. Beat up Legal Tenders from 1917 (AKA Horse Blanket Bills) are typically worth $30 to $50, while pristine uncirculated examples will fetch over $150 at times. Condition really is King and should be taken seriously when trying to determine the value of a bill. Contact us if you’re unsure how to grade your Legal Tender as we have decades of experience in this area.
The final factor in determining the value of your $1 Legal Tender is the market. The market has a strong impact on how much a bill is going to be worth. Just like any market, the market for collectible paper money is constantly in flux. One of the most detrimental moments I’ve experienced while collecting and dealing with paper money was during the housing crash of 2008. The market for old banknotes nearly cut in half, as this collectible was not desirable at the time.