Series of 1914 $5 Federal Reserve Note St. Louis Fr#874 Ch UNC 63 PMG

Product Description

A Series of 1914 $5 Large Size Federal Reserve Note St. Louis Fr#874 Burke/Houston graded Choice Uncirculated 63 by PMG. This note displays a very nice color (minor browning at top obverse margin) and fairly even margins. Please view our photos for additional information. The total quantity printed for this series: Unknown.

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.