Federal Reserve Bank Notes, issued until 1971, are banknotes that are legal tender in the United States, together with United States Notes, Silver Certificates, Gold Certificates, National Bank Notes and Federal Reserve Notes. They had the same value as other kinds of notes of similar face value. Federal Reserve Bank Notes differ from Federal Reserve Notes in that they are backed by one of the twelve Federal Reserve Banks, rather than by all collectively, in a similar way to National Bank Notes, but using Federal Reserve banks instead of chartered National banks. The only US banknotes still in production as of 2012 were the Federal Reserve Notes.
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.
Small size Federal Reserve Bank Notes were printed as an emergency issue in 1933 using the same paper stock as National Bank Notes. They were printed in denominations of $5 through $100. A National Bank Note has a line for the national bank's president's signature. The small size Federal Reserve Bank Note printed a bar over the label for this line since Federal Reserve Banks had governors, not presidents. This emergency issue was prompted by the public hoarding of cash because of the 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 no longer available from banks since 1945. As small size notes, they have brown seals and serial numbers, as do National Bank Notes of the era.
Famous quotes containing the words federal, reserve, bank and/or note:
“If the federal government had been around when the Creator was putting His hand to this state, Indiana wouldn’t be here. It’d still be waiting for an environmental impact statement.”
—Ronald Reagan (b. 1911)
“Mutual repect implies discretion and reserve even in love itself; it means preserving as much liberty as possible to those whose life we share. We must distrust our instinct of intervention, for the desire to make one’s own will prevail is often disguised under the mask of solicitude.”
—Henri-Frédéric Amiel (1821–1881)
“Good resolutions are useless attempts to interfere with scientific laws. Their origin is pure vanity. Their result is absolutely nil. They give us, now and then, some of those luxurious sterile emotions that have a certain charm for the weak.... They are simply cheques that men draw on a bank where they have no account.”
—Oscar Wilde (1854–1900)
“Is whispering nothing?
Is leaning cheek to cheek? Is meeting noses?
Kissing with inside lip? Stopping the career
Of laughter with a sigh?—a note infallible
Of breaking honesty.”
—William Shakespeare (1564–1616)