Star Note Errors: Understanding Replacement Notes with Defects

Star notes are replacement bills printed to substitute for defective notes that were destroyed during quality control. They are identified by a star symbol in the serial number. When a star note itself contains a printing or cutting error, collectors consider it doubly interesting — a replacement note that is itself defective. Star note errors combine two collectible attributes into one item.

What This Means

The Bureau of Engraving and Printing produces star notes in smaller quantities than regular notes, making them scarcer by default. Each Federal Reserve district has its own star note print runs, and some runs are very small — producing only a few hundred thousand notes compared to millions for regular runs. When errors occur on these already-scarce notes, the result is particularly collectible.

What to Look For

• All standard error types (offsets, miscuts, ink errors) but on star notes
• Low print run star notes — check star note production tables for your serial range
• Mismatched serial numbers where the star designation is affected
• Overprint shifts on star notes — shifted stars and serials
• Cutting errors that still show the star serial clearly
• Double printing or offset errors combined with the star replacement designation

Common Mistakes to Avoid

• Assuming all star notes are valuable — common star notes are worth face value
• Not checking print run data — small runs are more valuable than large runs
• Thinking the star symbol itself is an error — it is an intentional replacement designation
• Overpaying for common star notes without understanding production volumes
• Not verifying the star note is genuine — counterfeits exist

What Affects Value

Star note error values combine the replacement note premium with the error premium. A note from a small print run with a dramatic error is particularly valuable. The specific Federal Reserve district, series year, print run size, error type, and condition all factor into value. Star notes from runs under 640,000 are considered scarce.