99c Auction.

No Reserve.

No Returns.

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Federal Reserve Bank Notes Federal Reserve Bank Notes were legal tender issued in the United States between 1915 and 1934, alongside other forms of currency such as United States Notes, Silver Certificates, Gold Certificates, National Bank Notes, and Federal Reserve Notes. Specified in the Federal Reserve Act of 1913, these notes held the same value as other banknotes of similar denominations. However, unlike Federal Reserve Notes, which are backed by the twelve Federal Reserve Banks collectively, Federal Reserve Bank Notes were backed by a specific individual Federal Reserve Bank. Initially intended to replace National Bank Notes, Federal Reserve Bank Notes did not fulfill that role. Like National Bank Notes, they were secured by U.S. government bonds but were issued by the Federal Reserve Banks rather than by chartered National Banks. Federal Reserve Bank Notes are no longer in circulation, as the only U.S. banknotes still printed since 1971 are Federal Reserve Notes. Large-size Federal Reserve Bank Notes were first issued in 1915 in denominations of $5, $10, and $20, and featured a design that combined elements of both National Bank Notes and Federal Reserve Notes of the time. In 1918, additional denominations of $1, $2, and $50 were introduced as emergency replacements for Silver Certificates, which had been temporarily withdrawn from circulation under the Pittman Act. In 1933, small-size Federal Reserve Bank Notes were printed as an emergency issue using the same paper stock as the 1929 National Bank Notes. These notes, in denominations ranging from $5 to $100, included an additional phrase??Or by like deposit of other securities??following the statement about being secured by U.S. bonds deposited with the Treasurer of the United States. This emergency issuance was a response to widespread bank failures and the public?s hoarding of cash, which limited the ability of National Banks to issue their own notes. Small-size Federal Reserve Bank Notes were discontinued in 1934 and were no longer available from banks after 1945. Though they shared similarities with National Bank Notes, such as brown seals and serial numbers, they were issued by different entities and are considered distinct types of currency.

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