Series 1981 $20 FRN New York Fr#2073-B Ink Smear Error Note PMG Gem UNC 65 EPQ

Product Description

A Series Of 1981 $20 Federal Reserve Bank Note Of New York, New York Fr#2073-B (BE Block) with signatures Buchanan/Regan and Serial # B35006731E graded Gem Uncirculated 65 Exceptional Paper Quality (EPQ) with an annotation specifying "Ink Smear Error" by PMG. This note displays an original white paper color, vivid green seal, very nice large, visible ink smear on the left hand reverse side and slightly uneven margins on the reverse. The total # of notes printed in this series: 559,360,000. 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.