Star Notes and Replacement Notes Explained
What a replacement note is, why the United States marks its own with a star, how other countries flag theirs, why they are scarcer than regular notes, and how to verify a replacement claim against the serial number.
Last updated: July 2026
A replacement note is a banknote printed to take the place of one that was damaged, misprinted, or spoiled during production. Because every note in a print run must carry a unique serial number, the printer cannot simply reprint the same serial, so it substitutes a specially marked note from a separate reserve run. In the United States that mark is a star in the serial number, which is why collectors call them star notes. Because they exist only to cover spoilage, replacements are printed in far smaller numbers than regular notes, so they tend to be scarcer and often command a premium.
What is a replacement note?
A replacement note is a note printed to substitute for one that was spoiled during production. The printer inserts a specially marked note from a reserve run so the count of good notes stays correct, without ever repeating a serial number.
Printing paper money is a high-volume process, and a share of every run is pulled during inspection because of a smudge, a misalignment, a fold, or an ink flaw. Those spoiled notes have to be accounted for, because serial numbers are the ledger that keeps a print run honest. Every note is supposed to carry a unique, sequential serial, so the printer cannot just run off another note bearing the identical number to fill the gap. Instead, printers keep a separate reserve of notes carrying a distinctive mark, and they feed one of those in wherever a spoiled note is removed.
That distinctive mark is the whole point. It tells anyone examining the note that it did not come from the ordinary sequence, which is exactly what makes replacement notes a small, self-contained category that collectors chase. The mark takes different forms in different countries, from a printed star to a reserved letter prefix, but the function is always the same.
Replacement note
A banknote printed to replace one removed during production for a defect. It carries a distinctive serial-number mark, such as a star or a reserved prefix, so it never duplicates the serial of the note it replaced.
What is a US star note?
A star note is the United States name for a replacement note. The Bureau of Engraving and Printing prints it with a star symbol in the serial number in place of a letter, and on modern small-size notes that star appears at the end of the serial.
When a United States note is spoiled during printing, the Bureau of Engraving and Printing substitutes a note from a separately printed run whose serial number carries a star. On a genuine star note, both serial numbers show the star, and the star is printed in the same ink and the same style as the rest of the serial. That consistency is important, because the mark has to be part of the original printing rather than something added afterward.
Star notes have historically served a second, more mechanical purpose as well. When a run's eight-digit serial number reached the top of its counter and could not roll any higher, the Bureau used a star note rather than break the numbering scheme. Today they are printed chiefly as replacements, and that is how most collectors encounter them.
Star note
The United States term for a replacement note, identified by a star printed in the serial number in place of a letter. On modern small-size notes the star sits at the end of the serial, and both serial numbers on the note carry it.
How do other countries mark replacement notes?
Most countries do not use a star. Many identify a replacement instead by a reserved serial-number prefix, a specific letter or group of letters set aside for replacement printing. A few issuers use a star or symbol the way the United States does.
The replacement idea is nearly universal among modern printers, but the marking is a local convention. Some authorities print a symbol inside the serial, others reserve part of the prefix, and some have changed their method over the years as printing technology evolved. The table below groups the common approaches. Treat the examples as representative rather than complete, because conventions vary by issuing authority and by series.
| Marking style | How it works | Where you see it |
|---|---|---|
| Star or asterisk in the serial | A star symbol is printed within the serial number itself | The United States, where the star sits at the end of the serial; India, which places a star in the serial number panel |
| Reserved serial prefix | A specific letter or group of letters is set aside for replacement notes | The United Kingdom, where the Bank of England has used designated serial prefixes for replacements |
| A symbol later replaced by a prefix | The convention changes over time as printing methods change | Canada, which used an asterisk on older notes and later moved to designated replacement prefixes |
Because the marking is not standardized across borders, a serial that looks unusual is not proof of anything on its own. The reliable step is to check the prefix or symbol against a specialized catalog for that country and series, which lists the ranges a given issuer actually used for replacements.
Why are replacement notes scarcer and worth more?
Replacement notes are scarcer because they are printed only to cover spoilage, so any series produces a small fraction of them compared with regular notes. That scarcity, plus collector demand to complete sets, is what supports a premium.
A regular series can run to enormous quantities, while the reserve of replacement notes is sized to the much smaller number of spoiled notes it needs to cover. Fewer are printed, fewer reach circulation, and fewer still survive in uncirculated condition, so the pool a collector can actually buy is narrow. Collectors who assemble a series by prefix or run also need the replacements to finish it, and that demand meets a thin supply.
Not every star or replacement note is rare. Scarcity varies enormously from one run to the next. Some replacement runs are relatively common and carry only a modest premium, while others are genuinely hard to find. Value always depends on the specific series, how many were printed, and condition, so treat any single note on its own facts rather than assuming a star alone makes it valuable.
Condition drives price here just as it does across the rest of the hobby, and for higher-value replacements that is where third-party grading earns its keep. A note graded and sealed by PMG or PCGS is verified for both authenticity and grade, and the replacement or star designation is noted on the holder label. Our banknote grading guide explains the 1 to 70 scale and what the paper-quality designations mean, and you can browse certified examples in the graded banknotes collection.
How do you verify a replacement or star note?
Verify a replacement by reading the serial number itself. The mark has to be part of the original printing, it must match the documented convention for that country and series, and the note has to be genuine overall, not just the mark.
The mark is easy to fake by hand, so the first job is to confirm it was printed as an original part of the note. On a United States star note, both serial numbers carry the star, in the same ink, size, and style as the digits around it. For a note from another country, the prefix or symbol has to correspond to a replacement range that a specialized catalog actually records for that series. Use the checks below before you accept any replacement claim.
| Step | What to confirm | Red flag |
|---|---|---|
| Read the serial | The mark is printed as part of the serial number itself | A star or symbol that sits outside the serial or looks hand-added |
| Check both serials | On a US note, both serial numbers carry the identical star | Only one serial has a star, or the two stars differ |
| Match ink and style | The mark matches the serial's ink color, size, and font | A mark in different ink, a mismatched size, or the wrong font |
| Cross-check the prefix | The prefix or symbol matches a documented replacement range in a catalog | A prefix or symbol no catalog lists as a replacement for that series |
| Confirm the whole note | The note passes authentication overall, not only the mark | A genuine-looking mark on a note that fails authentication |
A real replacement mark on a counterfeit note is still worthless, so the note's overall authenticity comes first. The simplest way to remove both the authenticity risk and the grade risk is to buy from a source-first dealer that authenticates every note and provides a Certificate of Authenticity, and to prefer third-party graded examples for anything above pocket-change value. To sharpen your eye for altered and counterfeit paper, read our guide to spotting counterfeit banknotes.
Related references
- Banknote Glossary: plain-language definitions for replacement note, star note, prefix, serial number, and the rest of the vocabulary.
- Banknote Grading Guide: how the PMG and PCGS 1 to 70 scale works, and why condition drives a replacement note's price.
- Graded Banknotes: certified notes sealed by PMG or PCGS, with the grade and any replacement designation on the holder label.
- How to Spot Counterfeit Banknotes: reading security features so a fake mark or a fake note does not get past you.
- How to Start Collecting World Banknotes: choosing a focus, buying safely, and building a collection with a shape.
Frequently asked questions
What is a replacement note?
A replacement note is a banknote printed to take the place of a note that was damaged, misprinted, or spoiled during production. Because every note in a print run must carry a unique serial number, the printer cannot simply reprint the exact same serial, so it substitutes a specially marked note from a separate reserve run. The mark, a star in the United States or a distinctive prefix or symbol elsewhere, is the only outward sign that a note is a replacement.
What is a star note?
A star note is the United States term for a replacement note. The Bureau of Engraving and Printing prints it with a star symbol in the serial number in place of a letter, so on modern small-size notes the star appears at the end of the serial. Both serial numbers on a genuine star note carry the star, printed in the same ink and style as the rest of the serial. The star is the collector's signal that the note replaced a spoiled one during production.
Why are replacement notes worth more than regular notes?
Replacement notes command a premium because far fewer of them are printed. They exist only to cover notes pulled during inspection, so any given series produces a small fraction of them compared with regular notes, and fewer still survive in uncirculated condition. Scarcity varies widely by run: some replacement runs are common and carry only a modest premium, while others are genuinely rare. Value always depends on the specific series, how many were printed, and condition.
How can I verify that a note is really a replacement?
Check the serial number itself. For a United States star note, confirm the star is printed as part of both serial numbers in the same ink and style, not drawn or added later. For notes from other countries, confirm the prefix or symbol matches a documented replacement range for that series in a specialized catalog. The note must also be genuine overall, since a real replacement mark on a counterfeit note is still worthless, so buy from a source-first dealer that authenticates every note and provides a Certificate of Authenticity.
Do all countries use a star to mark replacement notes?
No. The star is mainly a United States convention, and it is also used by a few other issuers such as India, which places a star in the serial number panel. Many countries instead identify replacements with a distinctive serial-number prefix rather than a symbol. Because conventions differ by issuing authority and change over time, the reliable way to confirm a replacement is to check the note's prefix or mark against a specialized catalog for that country and series.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.