1934 $5 FRNs

Blue-Green Seal Non-Mules

Scarce $5 Federal Reserve Series of 1934 notes with yellow-green backs with micro plate numbers and blue-green serial numbers and seals comprise a distinctive variety in the series. They were printed from stockpiled sheets carrying both intaglio back and face printings dating from 1935-37 that were serial numbered and sealed after mid-1941. Examples exist from each Federal Reserve Bank, and all the San Francisco notes for this variety were Series of 1934 Hawaii issues.

Three BEP Changes

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The annual reports of the Bureau of Engraving and Printing (BEP) reveal they produced no $5 Federal Reserve Notes between mid-1937 and mid-1941. In 1937, Treasury officials had decided to limit production of $5s to silver certificates and legal tender notes to facilitate redemption of worn notes. Tens and $20s would fill the gap for Federal Reserve Notes. Central to our story were three changes in the printing of currency adopted during the 1937-41 hiatus.

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First, during November 1937 the ink used to print the serial numbers and seals on Federal Reserve notes was changed from a vivid yellow-green to dull blue-green.

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Second, also in 1937, the Secret Service asked the BEP to enlarge the size of the plate serial numbers internal to the face and back designs so their agents could readily read them on worn notes. On plates made thereafter, the BEP replaced the micro numbers with macro numbers that were about forty percent larger.

The first macro $5 back plate was 940, and those plates went into production on March 16, 1938. All $5 back production after February 14, 1940, was from macro plates (except for plates 629 and 637, which were lurking unused in the plate vault and have their own stories: see link.)

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The first $5 Federal Reserve Note macro face plates were Series of 1934A plates. The first of those, for New York, went into production on July 31, 1941. However, many still serviceable and unused Series of 1934 Federal Reserve Note face plates were carried forward and used from 1941 to 1946.

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Printing presses used to print intaglio backs and faces carried four plates. There was a transition period during which both micro and macro plates were used on the same printing presses, often for both the back and face printings, until the stock of micro plates wore out. These are called mules, which are notes with a micro number on one side and a macro on the other (and vice versa). An example is a Series of 1934 face mated with a macro back: It’s a mule because Series of 1934 plates carried micro plate serial numbers.

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Third, during 1940, the inks used to print currency backs were changed from a yellow-green to forest-green. This was followed in the next few years by a progressive change to a blue-green ink. Each of these color changes was transitional rather than abrupt.

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The consequence of these changes was that all new $5 Federal Reserve Notes printed from 1941 had dark-green macro backs and received blue-green serial numbers and treasury seals. In contrast, $5 Federal Reserve notes printed up to 1937 had yellow-green backs with micro plate numbers, and yellow-green serial numbers and seals.

Stockpiled Sheets

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The peculiar Series of 1934 $5 Federal Reserve Notes treated herein had 1935-37 vintage yellow-green backs with micro plate numbers but blue-green serial numbers and seals, or for Hawaii notes, brown serial numbers and seals, of post-1940 vintage. It was obvious that sheet stock with yellow-green backs had bridged the 1937-41 hiatus and later been numbered and sealed. Thus, the notes constitute a visually distinctive variety.

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It is easy to demonstrate that the stockpiles for the various districts carried both back and face printings because all the backs were printed in 1935-37, and all those plates had been canceled by the end of 1938. Importantly, many of the face plates involved were also canceled in 1936-37. Many of the plates appearing on these notes were not available from 1941, which clearly reveals that the stock was two-sided. However, the notes bear blue-green serial numbers and seals of post mid-1941 vintage.

Resumption of $5 Federal Reserve Notes Production

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Demand for $5s once again began to outstrip supply as the economy strengthened during the military buildup to World War II. Even though the flood of $5 silver certificates continued to swell, Treasury found it necessary to once again turn to $5 Federal Reserve notes to shore up the supply of $5s.

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The printing of $5 Federal Reserve Notes resumed on July 11, 1941, beginning with New York. The last district to return to production was Minneapolis in October 1942. The first sheets to be numbered for about half the districts were those from the stockpiles. They were followed by new stock printed from the Series of 1934 plates that had been carried forward. In these cases, serial number breaks between the two were distinct.

For some districts, batches of stockpiled sheets were alternately numbered in succession with batches. These include Philadelphia, Atlanta, Minneapolis, Kansas City, Dallas, and San Francisco. In fact, it appears that new stock was numbered before any of the stockpiled sheets for Atlanta.

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New $5 sheet stocks printed from 1941 using Series of 1934 plates were printed on macro back sheets and are mules. They were made in large quantities owing to the large inventory of Series of 1934 plates that were carried forward over the 1937-41 hiatus. The last 1934 plate used was for Richmond in 1946.

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In time, new Series of 1934A face plates were mixed in on the presses as they became available, the first being for New York on July 31, 1942. No Series of 1934A plates were made for Minneapolis, Kansas City, or Dallas.

The $5 Hawaii printings nicely illustrate what happened. Printing of $5 Hawaiian notes began on June 6, 1942, and the available stockpiled San Francisco sheets were sent directly to the serial numbering presses to kick off those production runs. Scarce Series of 1934 non-mule yellow-green backs were the result. One million notes were delivered to the treasurer on June 8, followed by another consecutive 1.6 million notes on July 15. The first $5 Hawaii note bore serial L12396001A, a Series of 1934 non-mule that was the first San Francisco $5 printed since 1937.

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However, the stockpile of San Francisco sheets was insufficient to satisfy the order. Consequently, twenty-eight Series of 1934 San Francisco face plates were rushed to press on June 6 as the order went into production and their impressions were mated with contemporary green backs with macro plate serial numbers. Batches of these Series of 1934 mules began to arrive at the numbering presses along with the last of the stockpile so a mix of the two were in the June 1942 deliveries.

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The stockpile of vintage San Francisco sheets was depleted by June 15. None were available when blue seal production resumed, so no San Francisco $5 Series of 1934 non-mule blue-green seal, yellow-green backs were made. The first green seal Series of 1934 San Francisco note was a contemporary blue-green seal mule with serial number L14996001A.
 

Written by Jamie Yakes