Series 1914 $10 Large Federal Reserve Note Philadelphia Fr#912 PMG XF40 Stained

Product Description

A Series of 1914 $10 Large Size Blue Seal Federal Reserve Note Philadelphia, Pennsylvania Fr#912 with signatures Burke/McAdoo and Serial # C8242273A graded Extremely Fine 40 with an annotation for 'stained' by PMG. This note displays an excellent original paper color with light yellow/brown staining throughout, visible folds and uneven reverse margins. Please view our photos for additional information and ask any questions prior to purchase.

Federal Reserve Notes otherwise referred to as United States banknotes are banknotes used primarily in the United States of America and are denominated using the United States dollar (USD). Official legislation enacted by Congress known as the Federal Reserve Act of 1913 established the Federal Reserve System in addition to a centralized banking system. In effect, the ability to issue Federal Reserve Notes as legal tender was created. Prior to the formation of centralized banking, commercial banks issued their own notes. The first institution that acted as a central bank was the First Bank of the United States and was charted by Alexander Hamilton in 1791. Starting in 1914, the first large sized notes ‘Series of 1914’ were printed in denominations of $5, $10, $20, $50 & $100 initially with red seals and later blue seals. Their average dimensions were: 7.375 x 3.125 inches (187 x 79 mm). It wouldn’t be until 1928 that cost cutting measures were taken to reduce the size of these notes.