Incredible and gorgeous San Francisco $20 Reserve note. Gem 65PQ with crisp and solid looking color.
Federal Reserve Notes, also United States banknotes or U.S. banknotes, are the banknotes currently used in the United States of America. Federal Reserve Notes are legal tender, with the words "this note is legal tender for all debts, public and private" printed on each note. They have replaced United States Notes, which were once issued by the Treasury Department.
Prior to centralized banking, each commercial bank issued its own notes. The first institution with responsibilities of a central bank in the U.S. was the First Bank of the United States, chartered in 1791 by Alexander Hamilton. Its charter was not renewed in 1811. In 1816, the Second Bank of the United States was chartered; its charter was not renewed in 1836, after President Andrew Jackson campaigned heavily for its disestablishment. From 1837 to 1862, in the Free Banking Era there was no formal central bank, and banks issued their own notes again. From 1862 to 1913, a system of national banks was instituted by the 1863 National Banking Act. The first printed notes were Series 1914. In 1928, cost-cutting measures were taken to reduce the note to the size it is today.
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