This is NOT a National but a Federal Reserve Note as it states ! A nice one at that New Yorks are pretty common though .
Yes this is true but all of the Federal Reserve Notes Have the district Letter instead of a charter # .
You are right again. I was just going by what my deceased great uncle wrote on the bank envelopes in regard to each note. He must have misnamed this note. Thanks for straightening me out. I will take pictures of the 1928's tomorrow and post them on here. Man, there are 16 1928 billls and you want me to post all of them. I hope everybody else on here doesnt mind all the bills I post. If they arent Gold Certificates what are they called? My great uncle wrote Gold Certificates on the bank envelope, but they arent Gold Certificates. I have so much to learn about bills now that I have some.
They are just redeemable in gold by , so and so act of whatever . During the printings of all currency of earlier times they had to be backed by something otherwise the public would have never trusted the gov. and kept all of the gold and silver coins from those days .
Actually, it's neither a National Banknote nor a Federal Reserve Note. It's a Federal Reserve Banknote. Issued only in 1933 as a neither-fish-nor-fowl emergency measure.
IT is a FEDERAL RESERVE BANK NOTE, with the BROWN SEAL AND NUMBERS, not a Federal Reseve note. NO, they ARE NOT COMMON The highest printing district for the $100 FRBN`s of 1929 was indeed the NY note. There were a whopping 480,000 notes printed. These notes were pressed into service during the currency crisis precipitated by the stock market crash of 1929. These were originally National Bank Note plates used for emergency purposes to crank out currency. Note the blocked out marks next to the Deputy Gov and Gov on the lower signatures. I forget what the origanal designations were. Some notes of diffferent districts, have one, the other, or both blocked out with alternate titles. They were already printing regular Federal Reserve Notes Series of 1928, and I havn`t researched why the had to print these FRBN`s in an emergancy capacity, instead of cranking out the common Federal Reserve notes of 1928 in denominations of $5-$10,000......... The 1928 series of Federal Reserve Notes had a redemption clause "payable in gold". I think this may have been the reason. The FRBN`s are the true predecessor of our current non redeemable Federal Reserve Notes.......
At the time FRBNs were printed, mid-1933, there were legal restrictions on the amount of FRNs that could be issued, relative to the amount of gold on hand in the Treasury and the Federal Reserve System. People had drained the gold from the banking system to the extent no more FRNs could be issued, and in fact there were already too many outstanding to be in compliance with the law. By threatening to release the names of those who had withdrawn large quantities of gold from banks in the early months of the year, and by issuance of an executive order forbidding private ownership of gold coins, save with certain restrictions, the Roosevelt administration got about $100 million in gold returned to the system by mid-April. By issuing FRBNs rather than FRNs against that amount (FRBNs could be issued at a ratio of five-to-one, while FRNs could not), they were able to issue $500 million worth, enough to restore the banking system, which had collapsed in February and March, and to avoid monetizing the various local emergency scripts then in circulation, and without resorting to other, more radical solutions. Interestingly, the majority of FRBNs were not placed in circulation in 1933, but instead sat around in Federal Reserve branch banks providing liquidity and meeting reserve requirements. The rest were finally issued in 1944, when World War II was producing spot shortages of currency in various parts of the country. When so issued, their oddity was noted, and many got saved, accounting for the relative abundance of examples of this one-off emergency issue.
I'm collecting the $20 denonination of the FRBN's,i have 6 of 12 and it's taken over two yrs to get half way there. My collection spans the VF-XF range, while not extreamly rare,they can be hard to find(in any grade) and AU-UNC examples are quite expensive. One cool thing about them is the govenor's signiture on each bill.
Thanks for that info jakeen!!!! I thought they were all released in the 1933 timefrime, hence the emergency nature of their printing. I kinda figured that the gold clause in the 1928 FRN`s (as per my previous post) had something to do with the necessity for the printing of the FRBN`s. I did not know that many were not released until 1944. I still believe they are as rare as their low printing numbers indicate. Whether it was 1933 (when the whole country had no money) or 1944 (in the midst of WWII and rationing), it is my opinion that these were not saved in massive quantities. I will say that you do not find many G-VG rags for the FRBN`s. Mosts notes you see are in the F-XF catagory, which leads credence to the observance that many were saved, and most were not circulated to the point of being worn out in everyday commerce. I will also say, despite the low book value and prices for the FRBN`s, they are vastly underated and underpriced. And not so easy to find even at the cheap for F-VF $20`s. Try and find quality circulated FRBN`s. I`ll steal all I can at today`s prices. Trying for the $100`s. Nice $20`s when I can. The $5 , $10, and $50`s are in my radar.....................
Just recieved my CU $100 KC FRBN J00032614A 96,000 Printed!!! RARE whether realeased in 1933 or 1944!!!!!! LOOKS LIKE A CU 63+ Nice crisp paper, nice corners, no detrimental handling marks, or minus factors. Centering is OK left to right, margin short on top. "120011715821" ebay number. I will buy these, the $20`s, and the $5 and $10 when appropriate......
It's a lovely note, bz. Very nicely centered, too. I like the bit of a registration mark on the right margin.
Just got my VF Plus Minneapolis $100 FRBN a week or so after My KC Note. Cost me a whopping $125 plus $7.00 S+H.......... SERIAL # I00092599A Post Pics soon
