All of the 1928 small-size gold certificates are now obsolete due to the Gold Reserve Act of 1933 that required all gold certificates, large and small size to be surrendered to the Treasury Department. This was because of the Gold Clause that stipulated that these gold certificates could be redeemed in gold. This was done to prevent the run of gold on the US Treasury Department. The Gold Act of 1933 was appealed in 1964 which removed all restrictions from owning or holding these notes. However they are no longer redeemable in gold only.
The $10, $20, $50, $100, $500 and $1,000 gold certificates ,were all ,issues of 1928 and had a gold seal. The $100 and $1,000 gold certificates were also printed in 1934 but never issued or released.
A 1928 $5,000 and a 1928 and 1934 $10,000 gold certificate was printed and used exclusive for transactions between the Federal Reserve Bank and the Treasury Department. Since the $5,000 and $10,000 gold certificates were never release to the public they are illegal to own.
Unlike the large size gold certificates the small size gold certificates are printed in green on the back or reverse of the note. Small size gold certificates are considered much scarcer than the large size gold certificates.
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