Federal Reserve Bank Notes 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 any one of the individual 12 Federal Reserve Banks instead of by the group of them collectively, sort of like National Bank Notes, but using Federal Reserve banks instead of chartered National banks. No non-Federal Reserve Notes have been issued by banks since 1971. The only type of banknote still in production is the Federal Reserve Note.
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... Read More