Series Of 1918 $1 Federal Reserve Bank Note Chicago Fr#729 PMG Choice UNC 63 EPQ

Product Description

A Series of 1918 $1 Federal Reserve Bank Note of Chicago, Illinois Fr#729 with signatures Elliott/Burke/Cramer/McDougal and Serial # G44193822A graded Choice Uncirculated 63 Exceptional Paper Quality (EPQ) by PMG. This note displays a very nice original white paper color 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.