What Is a Star Note?
A complete guide to understanding U.S. star notes, how to identify them, and what makes them valuable to collectors.
Star Notes Explained
Star notes are replacement bills printed by the Bureau of Engraving and Printing (BEP) to replace defective notes detected during the manufacturing process. Instead of the normal letter suffix in the serial number, star notes have a star symbol (★).
When the BEP finds a defective sheet or pack of bills during quality control, those notes are destroyed and replaced with star notes to maintain accurate serial number accounting. This is why star notes often have smaller print runs than regular notes — they are only printed as needed to replace errors.
How to Identify a Star Note
Look at the serial number on the front of your bill. If it ends with a small star (★) instead of a letter, you have a star note. The star replaces the normal suffix letter that would appear at the end of the serial number.
Why Are Star Notes Valuable?
Star notes are collected because of their relative scarcity compared to regular notes. The value depends primarily on:
- Print run size — The smaller the run, the rarer the note. Runs of 640,000 or fewer are considered rare.
- Condition — Uncirculated (crisp, no folds) notes command significant premiums.
- Denomination and series — Some combinations have particularly small print runs.
- Single-run status — If only one print run exists for a denomination/series/FRB combination, it is more desirable.
Two Types of Star Notes
Star notes are produced in two ways, which affects how they enter circulation:
- Sheet replacements (SHEET) — Printed to replace defective sheets found before cutting. These are scattered randomly through production and are harder to find in consecutive sequence. Generally smaller runs.
- Pack replacements (PACK) — Printed to replace damaged 100-note packs found after cutting. Found in consecutive packs of 100. Generally larger runs (1.28M to 3.2M).
Federal Reserve Bank Districts
Every U.S. bill is printed for one of the 12 Federal Reserve Bank districts, identified by a letter (A–L) in the serial number.
| Letter | Number | Federal Reserve Bank |
|---|---|---|
| A | 1 | Boston |
| B | 2 | New York |
| C | 3 | Philadelphia |
| D | 4 | Cleveland |
| E | 5 | Richmond |
| F | 6 | Atlanta |
| G | 7 | Chicago |
| H | 8 | St. Louis |
| I | 9 | Minneapolis |
| J | 10 | Kansas City |
| K | 11 | Dallas |
| L | 12 | San Francisco |
Star Note Rarity Tiers
Rarity is primarily determined by the size of the production run:
| Tier | Run Size | Est. Value Multiple |
|---|---|---|
| Extremely Rare | 160,000 or fewer | 10-50x |
| Very Rare | 320,000 or fewer | 5-20x |
| Rare | 640,000 or fewer | 2-10x |
| Uncommon | 1,280,000 or fewer | 1.5-5x |
| Common | 3,200,000 or fewer | 1-2x |
| Abundant | Over 3,200,000 | Face value |