Series Of 1914 $20 Federal Reserve Note FRN Cleveland Fr#979a PMG VF25 Rust

Product Description

A Series of 1914 $20 Large Size Blue Seal Federal Reserve Note Cleveland, Ohio Fr#976 with signatures White/Mellon and Serial # D33110695A graded Very Fine 25 with an annotation for 'rust' by PMG. This note displays an original off white paper color with a tinge of yellowing, visible creases/folds, rust stains which appear on the obverse right hand side margin and bleed through the reverse 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.