Series Of 1914 $5 Federal Reserve Note Philadelphia Fr#855a Circulated #6

Product Description

A Series of 1914 $5 Large Size Federal Reserve Note Philadelphia Fr#855a with signatures White/Mellon and Serial # C78281723A in circulated condition. This note displays light graying/browning of the paper color, visible folds/creases and fairly even margins. A moderate sized pinhole appears to the right of the top left obverse '5' as well as 2 small tears on the obverse right margin. 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.