New High Serial for the $2 Series of 1928C Mules
Collector Derek Higgins set another record with a $2 LT 1928C mule featuring the highest reported serial number for this very scarce variety.
Small Size U.S. variety collector Derek Higgins set another record with the $2 LT 1928C mule pictured here. This is now the highest reported serial number for this very scarce variety.
His find is C03716665A G190/289, which extends the known range by a quarter million serials. The total reported range for the variety is now B97675359A- C03716665A.
He bought the note at the August 2023 American Numismatic Association World’s Fair of Money show in Pittsburgh.
The find was a one-two punch for him within the past year because, in March 2023, he reeled in the previous high serial for the variety in an eBay purchase. That find was reported in the September-October issue of Paper Money. Ironically, that report came out just after he found the note featured here.
A mule is defined as a note with a micro-size plate serial number on one side and a macro on the other. This 1928C mule variety is characterized by a micro-size plate serial number on the face and a macro on the back. Such mules resulted from a mix of micro and macro plates on both the back and face presses during a transition period after the size of the plate serial numbers was increased at the request of the Secret Service so their agents could read the numbers on worn notes.
The last Series of 1928C face plates were retired on Feb. 12, 1940. Consequently, the only macro backs that could have been mated with them to produce mules had to be printed before then. There were two such back printings. The first was a temporary early use of macro back plates between August 22 and Sept. 7, 1939. The second began four and a half months later, on Jan. 22, 1940, when the macro back plates went into sustained regular production.
All the known $2 Series of 1928C mules came from the Aug. 22-Sept. 7, 1939 press run. In contrast, the macro backs that were printed beginning Jan. 22, 1940, were mated with 1928D faces later in 1940, owing to the lag time between back and face printings.
The production of the Series of 1928C mules is inseparable from the equally scarce $2 Series of 1928D BA block non-mules. All the macro backs on the 1928D BA block notes were from the same Aug. 22-Sept. 7, 1939 press run. The use of 1928D faces had begun on March 13, 1939, so the macro backs from that run also served as the first macro back feedstock for them.
The first $2 serial number printed in 1940 was C00872001A, so the last of the serials in the BA block were used on the 1928C mules and the first of the 1928D non-mules in late 1939.
The important early use of the macro backs owes its origin to a sudden temporary surge in $2 back production between Aug.11 and Sept. 7, 1939, when about five million backs were ordered. Maximum production was reached on August 22 when eight of the newly available macro back plates were added to the presses to augment production from 26 micros.
A total of 27 different micro backplates were used between August 11 and September 7, one being phased out before the eight macros were added on August 22. Production from the eight macros accounted for about 20 percent of the backs printed during this period.
The backs moved forward to face production on or slightly before September 8 and were finished by December 15. About 43 percent of face production at the time involved micro Series of 1928C plates. As a result, many of the macro-backs found themselves muled with 1928C faces.
These scarce 1928C mules were the result. Serial numbering of the group commenced at the end of December and ended in January.
The most exciting find yet to be made in the $2 1928 Legal Tender series is a 1928C mule star note. It is possible no examples were printed; however, there is nothing to preclude it.
Any change in our understanding of the production of scarce varieties such as these 1928C mules and 1928D BA non-mules is newsworthy. Specimens gradually leaked into the market over the decades, most in low grades. No collectors were even aware of their existence, let alone saving them when they were current. At present, no true uncirculated examples of either variety have been found.
Derek certainly is on a roll with these 1928C mules. Let’s see if he can bring in the first star note for the variety.
Sources of Data
Huntoon, Peter, Sep-Oct 1992, The $2 Legal Tender Series of 1928C and 1928D mules: Paper Money, v. 31, p. 156-161, 169.
Huntoon, Peter, Jan-Feb 1997, $2 legal tender Series of 1928C mules and Series of 1928D BA block non-mules: Paper Money, v. 36, p.7-12.
Huntoon, Peter, May-Jun 2001, Profile of two rarities, $2 legal tender Series of 1928C mule & Series of 1928D BA block non-mule: Paper Money, v. 40, p. 218-228.
Huntoon, Peter, Jul-Aug 2012, Origin of macro plate numbers laid to Secret Service: Paper Money, v. 51, p. 294, 296, 316.
Huntoon, Peter, Mar-Apr 2023, Legal tender Series of 1928 non-star serial number ranges: Paper Money, v. 62, p. 100-110.
Huntoon, Peter, Sep-Oct 2023, High serial discovery $2 LT Series of 1928C mule: Paper Money, v. 62, p. 344-345.
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