5 Dollars Federal Reserve Note, small portrait

The "small portrait" designation distinguishes this from the oversized notes that preceded it — the 1928 series marked the United States' switch to reduced-format currency, a change driven largely by the Treasury's desire to cut production costs during a period of massive circulation volume. The transition was the first resizing of American paper money since the Civil War era.

Notes from the 1928–1934 window span multiple suffix letters (A through D) and carry different Federal Reserve district signatures, making the run considerably more varied than it first appears. The 1934A issues, printed against the backdrop of New Deal banking reforms, reflect a Federal Reserve system that had been substantially restructured by the Banking Act of that year.