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$500 Series of 1928 Gold Certificate Sheets

$500 Series of 1928 Gold Certificate Sheets

*Courtesy of Heritage Auctions

Standard 12-Subject Sheets

Series of 1928 notes were printed on 12-subject sheets consisting of 2 columns of 6 notes each. If $500 Series of 1928 Gold Certificates were printed in standard form, the following format would have been used on the first 12 notes printed and on all notes thereafter:

Left Column Right Column
A (S/N: A00000001A) G (S/N: A00000007A)
B (S/N: A00000002A) H (S/N: A00000008A)
C (S/N: A00000003A) I (S/N: A00000009A)
D (S/N: A00000004A) J (S/N: A00000010A)
E (S/N: A00000005A) K (S/N: A00000011A)
F (S/N: A00000006A) L (S/N: A00000012A)

But, that does not appear to have been the case. In the charts below, you can see a curious pattern emerging from known serial numbers documented by

Plate Position Letters (A-F) Plate Position Letters (G-L)
A00000001A - A00033598A -
- A00037169A - A00070152A
A00078615A - A00094268A -
- A00097039A - A00114610A
A00120561A - A00171569A -


Notes appear to have been printed on one column or the other for a given serial number range. This raises some questions for which we currently have no answers.

1) Were the $500 Gold Certificates printed on half sheets?

This seems unlikely, because if this were the case, the plate position letters would have all been position letters A-F. As we can see in the alternating pattern, both columns were used.

2) Is is possible that a dual printing of stars and non-stars were used on both sheets?

Possible, but note that only 4000 stars were printed, as opposed to 420,000 standard notes. This would have meant a lot of stars were discarded -- 416,000 to be exact.

3) Dual denomination sheets were possibly used?

Nothing would seem to indicate this. The most likely candidate notes would have been other high denomination notes. But this presents a problem considering that those other denominations also commenced their printing runs on the same left-hand column.


Even the breaks between column shifts appear to be somewhat irregular. There are 5 discernible breaks based on the known serial numbers. The first two breaks would seem to indicate a break in intervals of 36,000. This pattern works until we get to the 3rd break, which would occur at A00108000A. As we can see from the chart above, there does not appear to be a break in this particular serial number range.

$500 Series of 1928 Gold Certificate Plate Position Letters: Updated 11-23-2019

Total Confirmed Notes Total Notes Reported
115 ✔ 139
Serial Number Plate Position Letter
A00000001A A
A00000021A ✖ Reported - Existence in Doubt
A00000831A C
A00001114A D
A00001516A D
A00003511A A
A00003783A C
A00004164A F
A00004260A F
A00004818A Reported - Credible Source
A00005023A A
A00006245A E
A00006291A C
A00009033A C
A00009152A B
A00011784A Reported - Unconfirmed
A00012321A C
A00013088A B
A00013089A C
A00013178A B
A00016107A C
A00017752A ✖ Reported - Existence in Doubt
A00017753A E
A00018038A B
A00018454A D
A00019719A C
A00020326A D
A00021630A -
A00023372A B
A00024854A B
A00024876A F
A00024925A Reported - Unconfirmed
A00026489A E
A00027019A Reported - Unconfirmed
A00027831A C
A00028275A C
A00031404A F
A00032144A B
A00032340A F
A00032963A Reported - Unconfirmed
A00033049A A
A00033598A D
A00033803A Reported - Unconfirmed
A00035121A Reported - Unconfirmed
A00037169A K
A00038992A J
A00039232A J
A00039233A K
A00039235A G
A00039236A H
A00040169A K
A00043314A L
A00043853A K
A00044581A G
A00045691A G
A00046987A G
A00047346A L
A00047909A K
A00048806A Reported - Unconfirmed
A00049933A G
A00050893A G
A00051144A Reported - Unconfirmed
A00051273A I
A00054818A H
A00054941A K
A00054955A K
A00055127A K
A00055128A Reported - Unconfirmed
A00055714A J
A00057830A H
A00058386A Reported - Unconfirmed
A00058545A I
A00058687A G
A00060409A G
A00061983A I
A00062188A J
A00063448A J
A00063545A K
A00063846A L
A00064740A ✖ Reported - Existence in Doubt
A00065180A H
A00066196A Reported - Unconfirmed
A00066869A K
A00066870A L
A00066937A G
A00067392A L
A00067393A G
A00067747A Reported - Unconfirmed
A00069861A I
A00070146A Reported - Unconfirmed
A00070151A K
A00070152A L
A00070893A Reported - Unconfirmed
A00077452A -
A00078615A C
A00079106A B
A00083036A Reported - Unconfirmed
A00083037A C
A00084268A Reported - Unconfirmed
A00089547A C
A00089549A E
A00089855A E
A00089876A B
A00090140A B
A00090141A C
A00091202A B
A00091426A D
A00092147A E
A00094268A B
A00097039A G
A00099254A Reported - Unconfirmed
A00102959A K
A00103127A K
A00103191A I
A00103584A L
A00104559A I
A00105053A K
A00105219A I
A00105402A L
A00105498A L
A00105571A Reported - Unconfirmed
A00106557A I
A00106832A H
A00107388A L
A00109218A L
A00112334A H
A00112787A K
A00112788A L
A00113196A L
A00113198A Reported - Unconfirmed
A00113656A J
A00114610A J
A00120561A C
A00120562A D
A00166481A E
A00170959A A
A00170982A F
A00171567A Reported - Unconfirmed
A00171569A E


For a great deal of time this was left as an open question. Thanks to Jamie Yakes, we have answers.

The high denomination gold certificates from the Series of 1928 were indeed printed in complete 12 subject sheets. According to Jamie, the BEP "applied the serial numbers consecutively by the half sheets. So for a 1,000-sheet run they would have printed serials 1-6,000 on the AF side, and serials 6,001-12,000 on the GL side." He goes on to comment on our serial number ranges. "The first two serial ranges you have listed for $500s -- 1-33598 and 37168-70152 -- indicate a 6,000-sheet print run with serials 1-36,000 printed on the AFs and 36,001-72,000 printed on the GFs."

Concerning a few other points the BEP did print some Series of 1928 sheets with both stars and non-stars present on the same sheet, but no dual denomination sheets were ever printed for this series. Thanks again to Jamie for the clarification and answers!

Additional Information

It is no surprise that we find a similar pattern on the $1,000 Series of 1928 Gold Certificates. On this denomination, the column shift only occurs once on the known serial numbers compiled by

*Courtesy of Heritage Auctions

$1,000 Series of 1928 Gold Certificate Plate Position Letters: Updated 7-30-2019

Plate Position Letters (A-F) Plate Position Letters (G-L)
A00000001A - A00070911A -
- A00073004A - A00124866A

Total Confirmed Notes Total Notes Reported
77 ✔ 93
Serial Number Plate Position Letter
A00000001A A
A00001416A F
A00005014A D
A00008168A B
A00010344A F
A00012545A E
A00012845A E
A00014105A E
A00014372A B
A00014699A E
A00015127A A
A00015892A D
A00016348A D
A00016573A Reported - Unconfirmed
A00019053A Reported - Unconfirmed
A00019155A C
A00019265A E
A00019964A B
A00020884A D
A00021273A C
A00022451A Reported - Unconfirmed
A00023401A A
A00028275A Reported - Unconfirmed
A00029158A D
A00029947A -
A00033815A E
A00047593A A
A00048014A B
A00050101A Reported - Unconfirmed
A00057967A A
A00058064A B
A00059948A Reported - Unconfirmed
A00060887A E
A00061001A E
A00061446A A
A00061975A A
A00062344A D
A00062938A D
A00064381A A
A00068591A E
A00068594A Reported - Unconfirmed
A00068897A E
A00070144A Reported - Unconfirmed
A00070145A E
A00070146A F
A00070148A B
A00070911A C
A00073004A H
A00076767A I
A00077355A I
A00077547A I
A00077548A -
A00077552A H
A00081891A I
A00081892A J
A00081893A K
A00081899A K
A00081900A Reported - Unconfirmed
A00084066A L
A00085429A Reported - Unconfirmed
A00085763A K
A00085971A I
A00085973A -
A00086093A K
A00087051A I
A00087104A H
A00087161A K
A00091118A H
A00091468A J
A00091495A G
A00091712A H
A00092492A H
A00092630A Reported - Unconfirmed
A00096082A -
A00100237A -
A00101320A Reported - Unconfirmed
A00101675A K
A00102383A K
A00102512A H
A00104173A -
A00104381A K
A00104400A L
A00106634A Reported - Unconfirmed
A00106635A I
A00107223A I
A00108615A I
A00110951A K
A00110986A -
A00120983A Reported - Unconfirmed
A00120984A Reported - Unconfirmed
A00124866A L
A00125354A H
A00126247A Reported - Unconfirmed