The Great Depression started in late 1929 following the Stock Market crash. During the 1930’s, unemployment skyrocketed, thousands of businesses collapsed, and the economy was in ruins. It was the darkest time in American history, and it didn’t end until the early 1940’s. Before 1928, currency was larger than it is today. In 1928, the U.S. Government introduced small-size bank notes to save money on expensive, custom-made bank-note paper.

1928 five-dollar bills are unique because they were redeemable in gold. They read “Redeemable In Gold On Demand At The United States Treasury, Or In Gold Or Lawful Money At Any Federal Reserve Bank.” Federal Reserve notes have not been redeemable in gold since January 30, 1934. The average cost of a loaf of bread in 1930 was nine cents, a gallon of gas was 10 cents.

1928 ten-dollar bills were redeemable in gold. They read “Redeemable In Gold On Demand At The United States Treasury, Or In Gold Or Lawful Money At Any Federal Reserve Bank.” The above phrase is known as the gold clause. The average cost of a new car in 1930 was six hundred dollars, and yearly wages were about nineteen hundred dollars.

1928 twenty-dollar bills were also redeemable in gold. No 1928 notes ever have the motto “In God We Trust” on them. The average cost for monthly rent was twenty-six dollars, and a new house cost approximately thirty-eight hundred dollars.

In 1934, new Federal Reserve Notes were printed, removing the gold clause and read “This Note Is Legal Tender For All Debts, Public And Private, And Is Redeemable In Lawful Money At The United States Treasury, Or At Any Federal Reserve Bank.”