I purchased this 20$ note from my local dealer for 57$,It has a few problems but is crisp and clean. I'm considering collecting a full set from each federal reserve branch. I understand there are 12 branches,does anyone know if that's correct?
Silver Surfer; yes there are 12 districts in the Federal Reserve system and all 12 issued the type of note you have. The note you have however is a Federal Reserve Bank note and is an obligation of that individual bank (Cleveland) rather than of the Federal Reserve system itself. Federal Reserve notes are obligations of the Federal Reserve system and are redeemable by any Federal Reserve Bank. FRBN's like your are also much scarcer than FRN's and values reflect this fact. Many people confuse them with national bank notes because of the brown seals and serial numbers as well as the words National Currency in the obverse frame. Thats because these were rushed into service as emergency currency during the great depression, to provide liquidity to the banking system.
Silverdollerman-Thanks,Interesting information. I used the wrong terminology with national bank note. So if i understand correctly my FRBN is only redeemable at the Cleveland branch and cannot be used as currency(not that i would of course). As you can probably guess i'm just getting into note collecting but i find it pretty addicting.
Silver Surfer; your note is redeemable anywhere U.S. currency is accepted. The book-keeping that kept track of these obligations closed in 1935. It's kind of like the silver certificates still being legal tender but not for exchange in silver dollars.
