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Federal Reserve Notes, also United States banknotes, are the currently issued
banknotes of the United States dollar Banknote, Banknotes of the United States dollar are currently issued as Federal Reserve Notes (1914–). Previous banknote versions that have been issued include: Silver certificate (United States), Silver Certificates (1878–1964), Gold certif ...
. The United States Bureau of Engraving and Printing produces the notes under the authority of the
Federal Reserve Act of 1913 The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913. The law created the Federal Reserve System, the central banking system of the United States. The Pani ...
and issues them to the Federal Reserve Banks at the discretion of the Board of Governors of the Federal Reserve System. The Reserve Banks then circulate the notes to their member banks, at which point they become liabilities of the Reserve Banks and obligations of the United States. Federal Reserve Notes are legal tender, with the words "this note is legal tender for all debts, public and private" printed on each note. The notes are backed by financial assets that the Federal Reserve Banks pledge as collateral, which are mainly Treasury securities and mortgage agency securities that they purchase on the open market by fiat payment.


History

Prior to centralized banking, each commercial bank issued its own notes. The first institution with responsibilities of a central bank in the U.S. was the
First Bank of the United States First or 1st is the ordinal form of the number one (#1). First or 1st may also refer to: *World record, specifically the first instance of a particular achievement Arts and media Music * 1$T, American rapper, singer-songwriter, DJ, and rec ...
, chartered in 1791 by
Alexander Hamilton Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was an American military officer, statesman, and Founding Father who served as the first United States secretary of the treasury from 1789 to 1795. Born out of wedlock in Charlest ...
. Its charter was not renewed in 1811. In 1816, the Second Bank of the United States was chartered; its charter was not renewed in 1836, after President Andrew Jackson campaigned heavily for its disestablishment. From 1837 to 1862, in the Free Banking Era, there was no formal central bank, and banks issued their own notes again. From 1862 to 1913, a system of national banks was instituted by the 1863 National Banking Act. Federal Reserve Notes have been printed from Series 1914 in large-note format, and from Series 1928 in modern-day (small-note) format. The latter dimensions originated from the size of the Philippine peso Silver Certificates issued in 1903 while William Howard Taft served as Philippine governor-general under the United States colonial administration. In view of its highly successful run,
President Taft William Howard Taft (September 15, 1857March 8, 1930) was the 27th president of the United States (1909–1913) and the tenth chief justice of the United States (1921–1930), the only person to have held both offices. Taft was elected pr ...
subsequently appointed a committee that reported favorably on the advantages and savings from adopting the dimensions of Philippine notes for use in the United States. Final implementation of today's small-size format, however, only occurred in 1928.


Value

The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the United States Treasury, Federal Reserve Notes carry the (engraved) signature of the Treasurer of the United States and the United States Secretary of the Treasury. The long vacancy of the Treasurer's position led to over a year's delay before a new currency series was produced in the Biden Administration. At the time of the Federal Reserve's creation, the law provided for notes to be redeemed to the Treasury in gold or "lawful money." The latter category was not explicitly defined, but included United States Notes, National Bank Notes, and certain other notes held by banks to meet reserve requirements, such as clearing certificates. The Emergency Banking Act of 1933 removed the gold obligation and authorized the Treasury to satisfy these redemption demands with current notes of equal face value (effectively making change). Under the
Bretton Woods system The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement. The Bretto ...
, although citizens could not legally possess gold (except as rare coins, jewelry, for industrial purposes and the like), the federal government continued to maintain a stable international gold price. This system ended with the Nixon Shock of 1971. Present-day Federal Reserve Notes are not backed by convertibility to any specific commodity, but only by the collateral assets that Federal Reserve Banks post in order to obtain them.


Large-size notes

Series 1914 FRN were the first of two large-size issues. Denominations were $5, $10, $20, $50, and $100 printed first with a red seal and then continued with a blue seal. Series 1918 notes were issued in $500, $1,000, $5,000, and $10,000 denominations. The latter two denominations exist only in institutional collections. Series 1914 and 1918 notes in the following two tables are from the National Numismatic Collection at the
National Museum of American History The National Museum of American History: Kenneth E. Behring Center collects, preserves, and displays the heritage of the United States in the areas of social, political, cultural, scientific, and military history. Among the items on display is t ...
( Smithsonian Institution). Per the Treasury Department Appropriation Bill of 1929, notes issued 1928 and earlier were and later issues were to be , which allowed the Treasury Department to produce 12 notes per sheet of paper that previously would yield 8 notes at the old size. Modern measurements of these large size notes reveal an average dimension of . Small size notes (described as such due to their size relative to the earlier large-size notes) are an average , the size of modern U.S. currency. Each measurement is Β± to account for margins and cutting. (Note: differences in size may also involve in historical changes in the definition of the
inch Measuring tape with inches The inch (symbol: in or ″) is a unit of length in the British imperial and the United States customary systems of measurement. It is equal to yard or of a foot. Derived from the Roman uncia ("twelfth") ...
.)


Series 1914


Series 1918


Production and distribution

A commercial bank that maintains a reserve account with the Federal Reserve can obtain notes from the Federal Reserve Bank in its district whenever it wishes. The bank must pay the face value of the notes by debiting (drawing down) its reserve account. Smaller banks without a reserve account at the Federal Reserve can maintain their reserve accounts at larger "correspondent banks" which themselves maintain reserve accounts with the Federal Reserve. Federal Reserve Notes are printed by the Bureau of Engraving and Printing (BEP), a bureau of the Department of the Treasury. When Federal Reserve Banks require additional notes for circulation, they must post
collateral Collateral may refer to: Business and finance * Collateral (finance), a borrower's pledge of specific property to a lender, to secure repayment of a loan * Marketing collateral, in marketing and sales Arts, entertainment, and media * ''Collate ...
in the form of direct federal obligations, private bank obligations, or assets purchased through open market operations. If the notes are newly printed, they also pay the BEP for the cost of printing (about 4Β’ per note). This differs from the issue of coins, which are purchased for their face value. A Federal Reserve Bank can retire notes that return from circulation, which entitles it to recover collateral that it posted for an earlier issue. Retired notes in good condition are held in the bank's vault for future issues. Notes in poor condition are destroyed and replacements are ordered from the BEP. The Federal Reserve shreds 7,000 tons of worn out currency each year. As of 2018, Federal Reserve notes remain, on average, in circulation for the following periods of time: The Federal Reserve does not publish an average life span for the $2 bill. This is likely due to its treatment as a collector's item by the general public; it is, therefore, not subjected to normal circulation. Starting with the Series 1996 $100 note, bills $5 and above have a special letter in addition to the prefix letters which range from A-P. The first letter is A for series 1996; the first letter is B for series 1999; the first letter is C for series 2001; the first letter is D for series 2003; the first letter is F for series 2003A; the first letter is H for series 2006; and the first letter is K for series 2006A, L is for Series 2009 $100 bills, M is Series 2013, N is Series 2017 and P is Series 2017A. Series 2021 will likely use R. The Series 2004 $20, the first note in the second redesign, has kept the element of the special double prefix. The first letter is E for series 2004; the first letter is G for series 2004A; the first letter is I for series 2006; the first letter is J for series 2009; the first letter is L for series 2009A; and the first letter is M for series 2013. Federal Reserve Notes are made of 75% cotton and 25% linen fibers, supplied by Crane Currency of Dalton, Massachusetts specifically for that purpose.


Nicknames

U.S. paper currency has had many nicknames and slang terms. The notes themselves are generally referred to as ''bills'' (as in " five-dollar bill"). Notes can be referred to by the first or last name of the person on the portrait ( George for one dollar, or even more popularly, "
Benjamins John Benjamins Publishing Company is an independent academic publisher in social sciences and humanities with its head office in Amsterdam, Netherlands. The company was founded in the 1960s by John and Claire Benjamins and is currently managed ...
" for $100 notes). * Greenbacks, any amount in any denomination of Federal Reserve Note (from the green ink used on the back). The
Demand Note A Demand Note is a type of United States paper money that was issued between August 1861 and April 1862 during the American Civil War in denominations of 5, 10, and 20 . Demand Notes were the first issue of paper money by the United States ...
s issued in 1861 had green-inked backs, and the Federal Reserve Note of 1914 copied this pattern. *''Buck'' for a one-dollar bill *''Fin'' is a slang term for a five-dollar bill, from Yiddish "finf" meaning five. *'' Sawbuck'' is a slang term for a ten-dollar bill, from the image of the Roman numeral X and its resemblance to the carpentry implement. * ''Double sawbuck'' is slang term for a twenty-dollar bill, from the image of the Roman numeral XX. * One hundred dollar bills are sometimes called "Benjamins" (in reference to their portrait of Benjamin Franklin) or ''C-Notes'' (the letter "C" is the Roman numeral 100). *''Dead presidents'', referring to the portraits that feature on the front of each bill. (Note that this colloquialism is partially incorrect; neither
Alexander Hamilton Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was an American military officer, statesman, and Founding Father who served as the first United States secretary of the treasury from 1789 to 1795. Born out of wedlock in Charlest ...
nor Benjamin Franklin, who appear on the ten-dollar and one hundred-dollar bills respectively, ever served as president.)


Criticisms


Security

Despite the relatively late addition of color and other anti-
counterfeiting To counterfeit means to imitate something authentic, with the intent to steal, destroy, or replace the original, for use in illegal transactions, or otherwise to deceive individuals into believing that the fake is of equal or greater value tha ...
features to U.S. currency, critics hold that it is still a straightforward matter to counterfeit these bills. They point out that the ability to reproduce color images is well within the capabilities of modern color printers, most of which are affordable to many consumers. These critics suggest that the Federal Reserve should incorporate holographic features, as are used in most other major currencies, such as the
pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: Β£) is the main unit of sterling, and t ...
,
Canadian dollar The Canadian dollar ( symbol: $; code: CAD; french: dollar canadien) is the currency of Canada. It is abbreviated with the dollar sign $, there is no standard disambiguating form, but the abbreviation Can$ is often suggested by notable style ...
and
euro banknotes Banknotes of the euro, the common currency of the Eurozone (euro area members), have been in circulation since the first series (also called ''ES1'') was issued in 2002. They are issued by the national central banks of the Eurosystem or the Eur ...
, which are more difficult and expensive to forge. Another robust technology, the polymer banknote, has been developed for the Australian dollar and adopted for the
New Zealand dollar The New Zealand dollar ( mi, tāra o Aotearoa; sign: $, NZ$; code: NZD) is the official currency and legal tender of New Zealand, the Cook Islands, Niue, the Ross Dependency, Tokelau, and a British territory, the Pitcairn Islands. Within New ...
,
Romanian leu The Romanian leu (, plural lei ; ISO code: RON; numeric code: 946) is the currency of Romania. It is subdivided into 100 (, singular: ), a word that means "money" in Romanian. Etymology The name of the currency means "lion", and is derive ...
,
Papua New Guinea kina The Kina (ISO 4217 currency code: ''PGK'', the currency symbol: ''K'') is the currency of Papua New Guinea. It is divided into 100 ''toea''. The name ''Kina'' is derived from Kuanua language of the Tolai region, referring to a callable pearl ...
,
Canadian dollar The Canadian dollar ( symbol: $; code: CAD; french: dollar canadien) is the currency of Canada. It is abbreviated with the dollar sign $, there is no standard disambiguating form, but the abbreviation Can$ is often suggested by notable style ...
, and other circulating, as well as commemorative, banknotes of a number of other countries. They are said to be more secure, cleaner and more durable than paper notes but that is not the case with U.S. banknotes which are already designed to be more durable than traditional cotton-based banknotes, circulation life shows this to be the case. One major issue with implementing these or any new counterfeiting countermeasures, however, is that (other than under Executive Order 6102) the United States has never demonetized or required a mandatory exchange of any existing currency. Consequently, would-be counterfeiters can easily circumvent any new security features simply by counterfeiting older designs, although once a new design is launched, the older designs are usually withdrawn from circulation as they cycle through the Federal Reserve Banks. U.S. currency does, however, bear several anti-counterfeiting features. Two of the most critical anti-counterfeiting features of U.S. currency are the paper and the ink. The ink and paper combine to create a distinct texture, particularly as the currency is circulated. The paper and the ink alone have no effect on the value of the dollar until post print. These characteristics can be hard to duplicate without the proper equipment and materials. Furthermore, recent redesigns of the $5, $10, $20, and $50 notes have added EURion constellation patterns which can be used by scanning software to recognize banknotes and refuse to scan them. The differing sizes of other nations' banknotes is a security feature that eliminates one form of counterfeiting to which U.S. currency is prone: Counterfeiters can simply bleach the ink off a low-denomination note, such as a $1 or $5 bill, and reprint it as a higher-value note, such as a $100 bill. To counter this, the U.S. government has included in all $5 and higher denominated notes since the 1990 series a
security thread A security thread is a security feature of many banknotes to protect against counterfeiting, consisting of a thin ribbon that is threaded through the note's paper. Usually, the ribbon runs vertically, and is "woven" into the paper, so that it at ...
, which is a vertical laminate strip imprinted with denomination information. Under ultraviolet light, the security thread fluoresces a different color for each denomination ($5 note: blue; $10 note: orange; $20 note: green; $50 note: yellow; $100 note: red). Additionally the newly designed $100 launched in 2013 has a 3D security ribbon which has proven to be highly resistant to counterfeiting, yet easily understood by the public without special tools or lights. According to the central banks, the number of counterfeited bank notes seized annually is about 10 in one million of real bank notes for the
Swiss franc The Swiss franc is the currency and legal tender of Switzerland and Liechtenstein. It is also legal tender in the Italian exclave of Campione d'Italia which is surrounded by Swiss territory. The Swiss National Bank (SNB) issues banknotes and the f ...
, of 50 in one million for the Euro, of 100 in one million for United States dollar and of 300 in one million for
pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: Β£) is the main unit of sterling, and t ...
(old style).


Differentiation

Critics, such as the
American Council of the Blind The American Council of the Blind (ACB) is a nationwide organization in the United States. It is an organization mainly made up of blind and visually impaired people who want to achieve independence and equality (although there are many sighted m ...
, note that U.S. bills are relatively hard to tell apart: they use very similar designs, they are printed in the same colors (until the 2003 banknotes, in which a faint secondary color was added), and they are all the same size. The American Council of the Blind has argued that American paper currency design should use increasing sizes according to value or raised or indented features to make the currency more usable by the vision-impaired, since the denominations cannot currently be distinguished from one another non-visually. Use of Braille codes on currency is not considered a desirable solution because these markings would only be useful to people who know how to read Braille, and one Braille symbol can become confused with another if even one bump is rubbed off. Though some blind individuals say that they have no problems keeping track of their currency because they fold their bills in different ways or keep them in different places in their wallets, they nevertheless must rely on sighted people or
currency-counting machine A currency-counting machine is a machine that counts moneyβ€”either stacks of banknotes or loose collections of coins. Counters may be purely mechanical or use electronic components. The machines typically provide a total count of all money, or ...
s to determine the value of each bill before filing it away using the system of their choice. This means that no matter how organized they are, blind people still have to trust sighted people or machines each time they receive U.S. banknotes. By contrast, other major currencies, such as the
pound sterling Sterling (abbreviation: stg; Other spelling styles, such as STG and Stg, are also seen. ISO code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound ( sign: Β£) is the main unit of sterling, and t ...
and euro, feature notes of differing sizes: the size of the note increases with the denomination and different denominations are printed in different, contrasting colors. This is useful not only for the vision-impaired; they nearly eliminate the risk that, for example, someone might fail to notice a high-value note among low-value ones. Multiple currency sizes were considered for U.S. currency, but makers of vending and
change machine A change machine is a vending machine that accepts large denominations of currency and returns an equal amount of currency in smaller bills or coins. Typically these machines are used to provide coins in exchange for paper currency, in which ca ...
s successfully argued that implementing such a wide range of sizes would greatly increase the cost and complexity of such machines. Similar arguments were unsuccessfully made in Europe prior to the introduction of multiple note sizes. Alongside the contrasting colors and increasing sizes, many other countries' currencies contain tactile features missing from U.S. banknotes to assist the blind. For example, Canadian banknotes have a series of raised dots (not Braille) in the upper right corner to indicate denomination.
Mexican peso The Mexican peso (Currency symbol, symbol: $; ISO 4217, code: MXN) is the currency of Mexico. Modern peso and dollar currencies have a common origin in the 16th–19th century Spanish dollar, most continuing to use dollar sign, its sign, "$". ...
banknotes also have raised patterns of dashed lines. The Indian rupee has raised patterns of different shapes printed for various denominations on the left of the watermark window (20: vertical rectangle; 50: square; 100: triangle; 500: circle; 1,000: diamond).


Suit by the blind over U.S. banknote design

Ruling on a lawsuit filed in 2002 (''
American Council of the Blind The American Council of the Blind (ACB) is a nationwide organization in the United States. It is an organization mainly made up of blind and visually impaired people who want to achieve independence and equality (although there are many sighted m ...
v. Paulson''), on November 28, 2006, U.S. District Judge James Robertson ruled that the American bills gave an undue burden to the blind and denied them "meaningful access" to the U.S. currency system. In his ruling, Robertson noted that the United States was the only nation out of 180 issuing paper currency that printed bills that were identical in size and color in all their denominations and that the successful use of such features as varying sizes, raised lettering and tiny perforations used by other nations is evidence that the ordered changes are feasible. The plaintiff's attorney was quoted as saying "It's just frankly unfair that blind people should have to rely on the good faith of people they have never met in knowing whether they've been given the correct change." Government attorneys estimated that the cost of such a change ranges from $75 million in equipment upgrades and $9 million annual expenses for punching holes in bills to $178 million in one-time charges and $50 million annual expenses for printing bills of varying sizes. Robertson accepted the plaintiff's argument that current practice violates Section 504 of the Rehabilitation Act. The judge ordered the United States Department of the Treasury to begin working on a redesign within 30 days, but the Treasury appealed the decision. On May 20, 2008, in a 2-to-1 decision, the United States Court of Appeals for the District of Columbia Circuit upheld the earlier ruling, pointing out that the cost estimates were inflated and that the burdens on blind and visually impaired currency users had not been adequately addressed. On October 3, 2008, on remand from the D.C. Circuit, D.C. District Court Judge Robertson granted the injunction. As a result of the court's injunction, the Bureau of Engraving and Printing is planning to implement a raised tactile feature in the next redesign of each note, except the $1 bill (which is not allowed to be redesigned, ), though the version of the $100 bill already is in progress. It also plans larger, higher-contrast numerals, more color differences, and distribution of currency readers to assist the visually impaired during the transition period. The Bureau received a comprehensive study on accessibility options in July 2009, and solicited public comments from May to August 2010.


Legal authorizations for currency, and limitations on design

The Secretary of the Treasury is charged with the obligation to produce currency and bonds.
31 U.S.C. Β§ 5114
Treasury Department regulations further specify the quality of paper and ink to be used.
31 C.F.R. Part 601
The denominations and design of currency are not further specified by law; for example, the choice of $1, $5, $10, $20, $50, and $100, and the portraits on each, are largely left to the discretion of the Secretary of the Treasury. There are few requirements set by Congress. The national motto "
In God We Trust "In God We Trust" (also rendered as "In God we trust") is the United States national motto, official motto of the United States and of the U.S. state of Florida. It was adopted by the U.S. Congress in 1956, replacing ("Out of many, one"), whic ...
" must appear on all U.S. currency and coins. Though the motto had periodically appeared on coins since 1865, it did not appear on currency (other than interest-bearing notes in 1861) until a law passed in 1956 required it. It began to appear on Federal Reserve Notes delivered from 1964 to 1966, depending on denomination. The portraits appearing on the U.S. currency can feature only people who have died, whose names should be included below each of the portraits. Since the standardization of the bills in 1928, the Department of the Treasury has chosen to feature the same portraits on the bills. These portraits were decided upon in 1929 by a committee appointed by the Treasury. Originally, the committee had decided to feature U.S. presidents because they were more familiar to the public than other potential candidates. The Treasury altered this decision, however, to include three statesmen who were also well known to the public:
Alexander Hamilton Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was an American military officer, statesman, and Founding Father who served as the first United States secretary of the treasury from 1789 to 1795. Born out of wedlock in Charlest ...
(the first Secretary of the Treasury who appears on the $10 bill),
Salmon P. Chase Salmon Portland Chase (January 13, 1808May 7, 1873) was an American politician and jurist who served as the sixth chief justice of the United States. He also served as the 23rd governor of Ohio, represented Ohio in the United States Senate, a ...
(the Secretary of the Treasury during the American Civil War who appeared on the now obsolete $10,000 bill), and Benjamin Franklin (a signer of the Declaration of Independence and of the Constitution, who appears on the $100 bill). In 2016, the Treasury announced a number of design changes to the $5, $10 and $20 bills; to be introduced over the next ten years. The redesigns include: * The back of the $5 bill will be changed to showcase historical events at the pictured
Lincoln Memorial The Lincoln Memorial is a U.S. national memorial built to honor the 16th president of the United States, Abraham Lincoln. It is on the western end of the National Mall in Washington, D.C., across from the Washington Monument, and is in the ...
by adding portraits of Marian Anderson (due to her famous performance there after being barred from Constitution Hall because of her race), Martin Luther King Jr. (due to his famous
I Have A Dream "I Have a Dream" is a public speech that was delivered by American civil rights activist and Baptist minister, Martin Luther King Jr., during the March on Washington for Jobs and Freedom on August 28, 1963. In the speech, King called ...
speech), and Eleanor Roosevelt (who arranged Anderson's performance). * The back of the $10 bill will be changed to show a 1913 march for women's
suffrage Suffrage, political franchise, or simply franchise, is the right to vote in representative democracy, public, political elections and referendums (although the term is sometimes used for any right to vote). In some languages, and occasionally i ...
in the United States, plus portraits of
Sojourner Truth Sojourner Truth (; born Isabella Baumfree; November 26, 1883) was an American abolitionist of New York Dutch heritage and a women's rights activist. Truth was born into slavery in Swartekill, New York, but escaped with her infant daughter to f ...
, Lucretia Mott, Susan B. Anthony,
Alice Paul Alice Stokes Paul (January 11, 1885 – July 9, 1977) was an American Quaker, suffragist, feminist, and women's rights activist, and one of the main leaders and strategists of the campaign for the Nineteenth Amendment to the U.S. Constitution, ...
, and
Elizabeth Cady Stanton Elizabeth Cady Stanton (November 12, 1815 – October 26, 1902) was an American writer and activist who was a leader of the women's rights movement in the U.S. during the mid- to late-19th century. She was the main force behind the 1848 Seneca ...
. * On the $20 bill, Andrew Jackson will move to the back (reduced in size, alongside the White House) and Harriet Tubman will appear on the front. After an unsuccessful attempt in the proposed
Legal Tender Modernization Act The Legal Tender Modernization Act () was a bill proposed by United States Representative Jim Kolbe of Arizona in 2002. Its main goal was to stop the continual production of pennies. The bill also mentions other provisions including: * Allows the Bu ...
of 2001, the
Omnibus Appropriations Act The Omnibus Appropriations Act, 2009 (, ) is an Act for the United States government that combines bills funding the operations of each of the Cabinet departments, except Defense, Homeland Security, and Veteran Affairs into a single appropria ...
of 2009 required that none of the funds set aside for either the Treasury or the Bureau of Engraving and Printing may be used to redesign the $1 bill. This is because any change would affect vending machines and the risk of counterfeiting is low for this small denomination. This superseded the Federal Reserve Act (Section 16, Paragraph 8) which gives the Treasury permission to redesign any banknote to prevent counterfeiting.


Series detail


Series overview


Series 1914 (district seals)

File:Federal Reserve Note Seal (Boston).tif,
Federal Reserve Bank of Boston The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers New England: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and all of Connecticut except ...
File:Federal Reserve Note Seal (New York).tif,
Federal Reserve Bank of New York The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is responsible for the Second District of the Federal Reserve System, which encompasses the State of New York, the 12 northern counties of New ...
File:Federal Reserve Note Seal (Philadelphia).tif, Federal Reserve Bank of Philadelphia File:Federal Reserve Note Seal (Cleveland).tif, Federal Reserve Bank of Cleveland File:Federal Reserve Note Seal (Richmond).tif, Federal Reserve Bank of Richmond File:Federal Reserve Note Seal (Atlanta).tif, Federal Reserve Bank of Atlanta File:Federal Reserve Note Seal (Chicago).tif, Federal Reserve Bank of Chicago File:Federal Reserve Note Seal (St. Louis).tif,
Federal Reserve Bank of St. Louis The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks (Ka ...
File:Federal Reserve Note Seal (Minneapolis).tif, Federal Reserve Bank of Minneapolis File:Federal Reserve Note Seal (Kansas City).tif, Federal Reserve Bank of Kansas City File:Federal Reserve Note Seal (Dallas).tif, Federal Reserve Bank of Dallas File:Federal Reserve Note Seal (San Francisco).tif, Federal Reserve Bank of San Francisco


Series 1928–1995


Series 1996–2003 (new currency design)

Note: The series 2006A was produced from 2011 to 2013 due to issues with the printing process for the colorized (NextGen) $100 notes.


Post-2004 redesigned series

Beginning in 2003, the Federal Reserve introduced a new series of bills, featuring images of national symbols of freedom. The new $20 bill was first issued on October 9, 2003; the new $50 on September 28, 2004; the new $10 bill on March 2, 2006; the new $5 bill on March 13, 2008; the new $100 bill on October 8, 2013. The one and two dollar bills still remain small portrait, unchanged, and not watermarked. All small-sized bills measure , with thickness of . While the series 2009A was the first series of these $100 bills released for circulation, the first printing was series 2009 printed in 2010 and 2011. These were withheld from circulation due to issues with the printing process and none were released until 2016.


See also

* Coins of the United States dollar


References


Citations


General and cited sources

* ''This article incorporates text from the website of th
US Treasury
which is in the public domain.'' * * Jakab, Z.; Kumhof, M. (2015)
''Banks are not Intermediaries of Loanable Funds - And Why this Matters''
Bank of England. Retrieved February 1, 2021.


External links


Bureau of Engraving and Printing




€”The Federal Reserve Board
'Grand' referring to $1,000 (Word-Detective.com)

Know Your Money
€”2016 guide by the Secret Service about the features of the newer notes {{Federal Reserve System Banknotes of the United States Note