1x 1928 $10 Small Size Gold Certificate Grades VF/XF. In 1928, the U.S. Government introduced small-size bank notes to save money on expensive, custom-made bank-note paper. The first small-size Gold Certificate was the Series of 1928 $10 bill. Denominations started at $10, and went up to ten thousand dollars!Gold Certificates were backed by Gold Dollar coins or gold bullion held in the United States Treasury. Until 1934, holders of the notes could actually exchange them for the gold. Gold certificates were withdrawn from circulation along with all gold coins and gold bullion as required by the Gold Reserve Act of 1934. Gold certificates circulated until December 28, 1933. That is when the President ordered private owners of gold certificates to deliver their notes to the Treasurer of the United States by midnight on January 17, 1934. It was then illegal to hold gold certificates. C. Douglas Dillon, the 57th Secretary of the Treasury, removed the restrictions on the acquisition or holding of these notes on April 24, 1964.It is a legal tender $10 bill that once circulated alongside other types of paper currency, including green seals, red seals and blue seals. 1928 is the only year set you can acquire with all four colors.Unlike today’s notes printed in green, the Treasury seal and serial numbers are gold. The phrase “In God We Trust” does not appear on this note; it was first added to bills in 1956. The front features the familiar portrait of Alexander Hamilton that is still used on today’s $10 bills.