Federal Reserve Bank Note

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Federal Reserve Bank Notes are banknotes that are legal tender in the United States issued between 1915 and 1934, together with United States Notes, Silver Certificates, Gold Certificates, National Bank Notes and Federal Reserve Notes. [1] They were specified in the Federal Reserve Act of 1913 and had the same value as other kinds of notes of similar value. Federal Reserve Bank Notes are different from Federal Reserve Notes in that they are backed by one of the twelve Federal Reserve Banks, rather than by all collectively. Federal Reserve Bank Notes were envisioned as a replacement for National Bank Notes, but that did not prove to be the case. [2] They were backed in a similar way to National Bank Notes, using U.S. bonds, but issued by Federal Reserve banks instead of by chartered National banks. Federal Reserve Bank Notes are no longer issued; the only U.S. banknotes still in production since 1971 are the Federal Reserve Notes.

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Large size Federal Reserve Bank Notes were first issued in 1915 in denominations of $5, $10, and $20, using a design that shared elements with both the National Bank Notes and the Federal Reserve Notes of the time. Additional denominations of $1, $2, and $50 were issued in 1918 as an emergency replacement for Silver Certificates, which were temporarily removed from circulation under the Pittman Act. [3]

Small size Federal Reserve Bank Notes were printed as an emergency issue in 1933 using the same paper stock as 1929 National Bank Notes. They were printed in denominations of $5 through $100. A National Bank Note has a line for the signature of the president of the national bank, but the small size Federal Reserve Bank Note printed a bar over the label for this line, since Federal Reserve Banks had governors, not presidents. [4] The wording, "Or by like deposit of other securities" was added after the phrase, "Secured by United States bonds deposited with the Treasurer of the United States of America". [5] This emergency issue of notes was prompted by the public hoarding of cash due to many bank failures happening at the time. This also limited the ability of the National Banks to issue notes of their own. Small size Federal Reserve Bank Notes were discontinued in 1934 and have not been available from banks since 1945. [4] As small size notes, they have brown seals and serial numbers, as do National Bank Notes of the era. But while they look very similar, and both have the words, "National Currency" across the top of the obverse, they had different issuers and are considered to be distinctly different types of bills.

Complete denomination type set of Federal Reserve Bank Notes

Large-size notes

Large-size Federal Reserve Bank Notes: Series 1915/1918
ImageValueDimensionsMain ColorDescription
Obverse/ReverseObverseReverse
US-$1-FRBN-1918-Fr.713.jpg $1 Large-size note
7.375 x 3.125 inches (187 x 79 mm)
Green; Black George Washington Eagle with flag.
US-$2-FRBN-1918-Fr.749.jpg $2 Large-size note
7.375 x 3.125 inches (187 x 79 mm)
Green; Black Thomas Jefferson Battleship (New York Class, BB-34 and BB-35).
US-$5-FRBN-1918-Fr.790.jpg $5 Large-size note
7.375 x 3.125 inches (187 x 79 mm)
Green; Black Abraham Lincoln Columbus in sight of land; landing of the pilgrims
US-$10-FRBN-1915-Fr.817.jpg $10 Large-size note
7.375 x 3.125 inches (187 x 79 mm)
Green; Black Andrew Jackson Industry vignettes (farm and factory)
US-$20-FRBN-1915-Fr.828.jpg $20 Large-size note
7.375 x 3.125 inches (187 x 79 mm)
Green; Black Grover Cleveland Transportation vignettes (land, sea, and air)
US-$50-FRBN-1918-Fr.831.jpg $50 Large-size note
7.375 x 3.125 inches (187 x 79 mm)
Green; Black Ulysses S. Grant Panama between two ships
US-$100-FRBN-1915-PROOF (no Fr.).jpg $100 Large-size proof
7.375 x 3.125 inches (187 x 79 mm)
Green; Black Benjamin Franklin None, this denomination was never issued (proof only)

Small-size notes

Small-size Federal Reserve Bank Notes: Series 1929
ImageValueDimensionsMain ColorDescription
Obverse/ReverseObverseReverse
US-$5-FRBN-1929-Fr.1850-B.jpg $5 Small-size note
6.125 x 2.625 inches (156 x 67 mm)
Green; Black Abraham Lincoln Lincoln Memorial
US-$10-FRBN-1929-Fr.1860-B.jpg $10 Small-size note
6.125 x 2.625 inches (156 x 67 mm)
Green; Black Alexander Hamilton US Treasury Building
US-$20-FRBN-1929-Fr.1870-D.jpg $20 Small-size note
6.125 x 2.625 inches (156 x 67 mm)
Green; Black Andrew Jackson The White House
US-$50-FRBN-1929-Fr.1880-B.jpg $50 Small-size note
6.125 x 2.625 inches (156 x 67 mm)
Green; Black Ulysses S. Grant US Capitol Building
US-$100-FRBN-1929-Fr.1890-D.jpg $100 Small-size note
6.125 x 2.625 inches (156 x 67 mm)
Green; Black Benjamin Franklin Independence Hall

Related Research Articles

Federal Reserve Note Current paper currency of the United States

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United States Note

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This Note is a Legal Tender for All Debts Public and Private Except Duties On Imports And Interest On The Public Debt; And Is Redeemable In Payment Of All Loans Made To The United States.

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Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.

United States five-dollar bill Current denomination of United States currency

The United States five-dollar bill ($5) is a denomination of United States currency. The current $5 bill features the 16th U.S. President (1861-65), Abraham Lincoln's portrait on the front and the Lincoln Memorial on the back. All $5 bills issued today are Federal Reserve Notes.

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The United States ten-dollar bill ($10) is a denomination of U.S. currency. The obverse of the bill features the portrait of Alexander Hamilton, who served as the first U.S. Secretary of the Treasury. The reverse features the U.S. Treasury Building. All $10 bills issued today are Federal Reserve Notes.

United States twenty-dollar bill Current denomination of United States currency

The United States twenty-dollar bill ($20) is a denomination of U.S. currency. A portrait of Andrew Jackson, the seventh U.S. president (1829–1837), has been featured on the obverse of the bill since 1928; the White House is featured on the reverse.

United States fifty-dollar bill Current denomination of United States currency

The United States fifty-dollar bill ($50) is a denomination of United States currency. The 18th U.S. President (1869-77), Ulysses S. Grant, is featured on the obverse, while the U.S. Capitol is featured on the reverse. All current-issue $50 bills are Federal Reserve Notes.

United States one-hundred-dollar bill Current denomination of United States currency

The United States one-hundred-dollar bill ($100) is a denomination of United States currency. The first United States Note with this value was issued in 1862 and the Federal Reserve Note version was launched in 1914, alongside other denominations. Statesman, inventor, diplomat, and American founding father Benjamin Franklin has been featured on the obverse of the bill since 1914. On the reverse of the banknote is an image of Independence Hall in Philadelphia, which has been used since 1928. The $100 bill is the largest denomination that has been printed and circulated since July 13, 1969, when the denominations of $500, $1,000, $5,000, and $10,000 were retired. The Bureau of Engraving and Printing says the average life of a $100 bill in circulation is 90 months before it is replaced due to wear and tear.

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Gold certificate

A gold certificate in general is a certificate of ownership that gold owners hold instead of storing the actual gold. It has both a historic meaning as a U.S. paper currency (1863–1933) and a current meaning as a way to invest in gold.

National Bank Note

National Bank Notes were United States currency banknotes issued by National banks chartered by the United States Government. The notes were usually backed by United States bonds the bank deposited with the United States Treasury. In addition, banks were required to maintain a redemption fund amounting to five percent of any outstanding note balance, in gold or "lawful money".

Demand Note

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Series of 1928 (United States Currency)

The Series of 1928 was the first issue of small-size currency printed and released by the U.S. government. These notes, first released to the public on July 10, 1929, were the first standardized notes in terms of design and characteristics, featuring similar portraits and other facets. These notes were also the first to measure 6.14" by 2.61", quite a bit smaller than the large-sized predecessors of Series 1923 and earlier that measured 7.421 8" by 3.125"

This page is a glossary of notaphily. Notaphily is the study of paper money or banknotes.

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Multiple types of banknotes of the United States dollar have been issued, including Federal Reserve Notes, Silver Certificates, Gold certificates and United States Notes.

A silver certificate is a certificate of ownership that silver owners hold instead of storing the actual silver. Several countries have issued silver certificates, including Cuba, the Netherlands, and the United States. Silver certificates have also been privately issued by various mints and bullion companies. One example was the Liberty Dollar issued by NORFED from 1998 to 2009.

References

  1. "Legal Tender Status" . Retrieved 3 September 2015.
  2. Carlson R. Chambliss and Gene Hessler (2014), The Comprehensive Catalog of U.S. Federal Large-Size Notes, 1861-1929, Page 230
  3. Chambliss and Hessler (2014), Page 240
  4. 1 2 "Six Kinds of United States Paper Currency" . Retrieved 3 September 2015.
  5. "USPaperMoney.Info: History of Currency Designs" . Retrieved 3 September 2015.