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)
“One should never make one’s debut with a scandal. One should reserve that to give an interest to one’s old age.”
—Oscar Wilde (1854–1900)
“The prairies were dust. Day after day, summer after summer, the scorching winds blew the dust and the sun was brassy in a yellow sky. Crop after crop failed. Again and again the barren land must be mortgaged for taxes and food and next year’s seed. The agony of hope ended when there was not harvest and no more credit, no money to pay interest and taxes; the banker took the land. Then the bank failed.”
—Rose Wilder Lane (1886–1968)
“In his very rejection of art Walt Whitman is an artist. He tried to produce a certain effect by certain means and he succeeded.... He stands apart, and the chief value of his work is in its prophecy, not in its performance. He has begun a prelude to larger themes. He is the herald to a new era. As a man he is the precursor of a fresh type. He is a factor in the heroic and spiritual evolution of the human being. If Poetry has passed him by, Philosophy will take note of him.”
—Oscar Wilde (1854–1900)